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 strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.
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. Establish financial system requirements |
1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration 1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference 1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications 1.4 Identify risks to financial viability and cost contingency strategies to manage risk |
2. Design financial management systems |
2.1 Access sources of competent assistance and use advice to secure financial records and assets 2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow 2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions 2.4 Ensure financial reporting requirements are known and used by relevant personnel 2.5 Ensure established financial reports provide accurate and timely data required for financial decision making 2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions 2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards 2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements |
3. Prepare and review financial plans |
3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments 3.2 Maintain probity in planning and implementation of financial management activities 3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation |
4. Monitor and review financial reporting systems |
4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments 4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances |
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, 2.5, 2.7, 4.1, 4.2 |
|
Writing |
1.1-1.4, 2.4, 2.8 |
|
Oral Communication |
1.1, 1.2, 2.4, 3.2 |
|
Numeracy |
1.1-1.4, 2.2, 2.7, 2.8, 3.1, 3.3 |
|
Navigate the world of work |
1.2, 1.3, 2.7-2.8, 3.1-3.3, 4.1, 4.2 |
|
Interact with others |
1.1, 2.1, 2.4 |
|
Get the work done |
1.1-1.4, 2.2, 2.3, 2.5-2.8, 3.1-3.3, 4.1 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSORG602 Develop and manage financial systems |
FNSORG602A Develop and manage financial systems |
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