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Unit of competency details

PSPGEN109 - Apply public sector financial policies and processes (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to PSPGEN077 - Apply public sector financial policies and processesEquivalent. Unit Code changed. Minor changes to Application, FS added. PE and KE amended for clarity and to remove duplication. AC expanded for clarification. 02/Apr/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 03/Apr/2022

Companion volumes:
Unit of competency Assessment requirements

Delivery:
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  03/Apr/2022 
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Unit of competency

Modification History

Supersedes and is equivalent to PSPGEN077 Apply public sector financial policies and processes.

Application

This unit describes the performance outcomes, skills and knowledge required to apply a detailed understanding of the public sector financial framework and external requirements to finance activities.

This unit applies to those working in the public sector in specialist finance roles. Those undertaking this unit work autonomously with some supervision of others, performing complex tasks in a familiar context.

The skills in this unit must be applied in accordance with Commonwealth and State or Territory legislation, Australian standards and industry codes of practice.

No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.

Pre-requisite Unit

Nil

Competency Field

General

Elements and Performance Criteria

ELEMENTS 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify public sector requirements for financial management.

1.1. Identify the elements of the public sector financial management compliance framework relevant to the organisation and confirm requirements regarding their application.

1.2. Identify organisational work function delegations.

1.3. Identify and clarify organisational financial control principles and operational mechanisms.

1.4. Identify and access public sector financial policies and procedures that relate to the work role and the organisation.

2. Implement public sector financial management requirements.

2.1. Provide financial services in accordance with public sector financial policy and procedures, and organisational requirements.

2.2. Provide advice, within the limits of responsibility, regarding public sector financial policies and procedures and accounting standards.

2.3. Develop and review organisational procedures to reflect the requirements of public sector financial policy, guidelines and procedures.

2.4. Differentiate levels of delegation, assess work situations and explain and implement delegation requirements relating to functions.

2.5. Apply internal control mechanisms within an organisational context.

Foundation Skills

Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement.

SKILLS 

DESCRIPTION 

Oral communication skills to:
  • explain financial management requirements to different audiences, varying structure, content and language to suit the requirements of audience members.

Reading skills to:
  • access and understand complex formal documents applicable to the financial reporting framework.

Numeracy skills to:
  • interpret financial information.

Unit Mapping Information

Supersedes and is equivalent to PSPGEN077 Apply public sector financial policies and processes.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=bebbece7-ff48-4d2c-8876-405679019623

 

Assessment requirements

Modification History

Supersedes and is equivalent to PSPGEN077 Apply public sector financial policies and processes.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and on at least one occasion:

  • provide advice on the interpretation and application of complex and formal documents, including legislation, policies, procedures, and accounting standards
  • use financial applications for entering data and preparing accurate reports in required formats
  • apply delegations
  • access information and legislation that applies to financial policies and processes electronically or in hard copy.

Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

  • public sector legislation, policies and processes relating to public sector finance
  • the public sector financial management compliance framework and the relationship between elements of the framework, including:
  • documents that make up the financial management compliance framework
  • delegations and why the public sector uses them
  • internal controls, mechanisms for internal controls and why these are used
  • separation of duties
  • corporate governance requirements/relationship of financial management compliance framework to organisational structures
  • service level agreements
  • accrual accounting principles
  • ethics and code of conduct.

Assessment Conditions

Skills must be demonstrated in the workplace or in a simulated environment that reflects workplace conditions.

Assessment must ensure access to:

  • public sector legislation, policies and processes relating to public sector finance
  • public sector financial management compliance frameworks
  • resources and equipment of the working environment.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=bebbece7-ff48-4d2c-8876-405679019623

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