Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.
It applies to individuals who use a range of specialist and managerial techniques to plan, monitor and control budgetary work.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Organisational skills
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Plan for and collect information for budget |
1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget 1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel 1.3 Consult relevant colleagues in budget planning process as required |
2. Develop budget |
2.1 Draft budget based on analysis of all available information in accordance with organisational policy 2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment |
3. Finalise budget and allocate resources |
3.1 Provide final budget which incorporates agreed modifications to appropriate personnel 3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities 3.3 Obtain agreement to budget priorities and allocate resources |
4. Monitor and control budget |
4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel 4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status |
5. Complete financial and statistical reports |
5.1 Complete all required financial and statistical reports accurately within designated timelines 5.2 Make appropriate recommendations about future financial planning 5.3 Provide clearly presented and accurate reports to appropriate personnel |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.2, 2.1, 2.2, 4.1, 4.2 |
|
Writing |
1.1, 1.3, 2.1, 2.2, 3.1, 3.2, 4.2, 5.1, 5.2, 5.3 |
|
Oral Communication |
1.1 -1.3, 3.2, 3.3, 4.1, 4.2, 5.2 |
|
Numeracy |
1.1, 1.2, 2.1, 2.2, 3.1, 4.1, 4.2, 5.1, 5.3 |
|
Navigate the world of work |
2.1, 3.2, 5.1 |
|
Interact with others |
1.1-1.3, 2.2, 3.1, 3.2, 4.1, 5.3 |
|
Get the work done |
1.1, 1.2, 2.1, 3.3, 4.1, 4.2, 5.1, 5.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSORG501 Develop and manage a budget |
FNSORG501A Develop and manage a budget |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe