Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to interpret the types of financial information used by operational supervisors and managers in their day-to-day work activities. The unit focuses on understanding key financial terminology, different types of financial reports and on how financial information is used in the management of a business. This unit is therefore related to other financial units such as: SITXFIN004A Manage finances within a budget, SITXFIN005A Prepare and monitor budgets, and SITXFIN008A Manage financial operations. |
Application of the Unit
Application of the unit |
This unit applies in any industry context and to a wide range of individuals who need to interpret financial data to inform their work practice, including senior operational staff, supervisors and managers. This unit does not include the skills required to produce financial reports that would generally be created by senior managers, financial specialists or accountants. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
Nil |
Employability Skills Information
Employability skills |
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the required performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge and/or the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
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1 |
Access and interpret financial information. |
1.1 |
Identify and use relevant business performance indicators and benchmarks for decision-making purposes. |
1.2 |
Identify the range of financial information and reports required to monitor business performance effectively on a day-to-day operational management level. |
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1.3 |
Access and review relevant financial information at appropriate times according to organisation policy and financial reporting periods. |
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1.4 |
Interpret financial information correctly. |
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2 |
Apply financial information to work activities. |
2.1 |
Identify financial information that applies to particular areas of work operation. |
2.2 |
Review financial information in terms of its impact on day-to-day work operations and take action accordingly. |
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2.3 |
Share appropriate financial information with colleagues in a timely manner. |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the essential skills and knowledge and their level, required for this unit. |
The following skills must be assessed as part of this unit:
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The following knowledge must be assessed as part of this unit:
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Evidence Guide
EVIDENCE GUIDE |
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The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package. |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure:
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Methods of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
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Assessing employability skills |
Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts. Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role. |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. |
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Financial information : |
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Unit Sector(s)
Sector |
Cross-Sector |
Competency field
Competency field |
Finance |