Assessor Resource

BSBATSIM418
Oversee financial management

Assessment tool

Version 1.0
Issue Date: March 2024


This unit describes the skills and knowledge required to monitor and act on financial reports.

It applies to individuals who are responsible for monitoring and guiding financial management of Aboriginal and Torres Strait Islander organisations.

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

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1 Interpret financial reports

1.1 Ensure regular financial information is received from management in a form all board members can understand

1.2 Clarify purpose of financial reports and their key features with board members

1.3 Identify income shortfalls and expenditure overruns

2 Evaluate financial reports

2.1 Consider and discuss financial implications of reports with other board members and management

2.2 Compare data with previous reports and decisions

2.3 Compare year-to-date and end-of-financial-year data with budgeted outcomes

2.4 Seek independent advice where necessary

3 Recognise board responsibilities for assets

3.1 Identify statutory responsibilities of board members for assets

3.2 Identify funding body restrictions on the acquisition, use and disposal of assets

3.3 Comply with statutory responsibilities and funding body requirements on assets

4 Make decisions on finance

4.1 Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives

4.2 Prioritise financial decisions against organisational objectives

4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements

4.4 Ensure procedures are in place to document financial decisions

5 Approve expenditures

5.1 Check expenditure proposals are within budget and meet statutory and funding body requirements

5.2 Check the organisation’s current financial situation

5.3 Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation

6 Review financial decisions

6.1 Monitor outcomes and actions from decisions

6.2 Identify and monitor external influences on budgets and finances

6.3 Ensure procedures are in place to document variations to financial agreements


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1 Interpret financial reports

1.1 Ensure regular financial information is received from management in a form all board members can understand

1.2 Clarify purpose of financial reports and their key features with board members

1.3 Identify income shortfalls and expenditure overruns

2 Evaluate financial reports

2.1 Consider and discuss financial implications of reports with other board members and management

2.2 Compare data with previous reports and decisions

2.3 Compare year-to-date and end-of-financial-year data with budgeted outcomes

2.4 Seek independent advice where necessary

3 Recognise board responsibilities for assets

3.1 Identify statutory responsibilities of board members for assets

3.2 Identify funding body restrictions on the acquisition, use and disposal of assets

3.3 Comply with statutory responsibilities and funding body requirements on assets

4 Make decisions on finance

4.1 Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives

4.2 Prioritise financial decisions against organisational objectives

4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements

4.4 Ensure procedures are in place to document financial decisions

5 Approve expenditures

5.1 Check expenditure proposals are within budget and meet statutory and funding body requirements

5.2 Check the organisation’s current financial situation

5.3 Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation

6 Review financial decisions

6.1 Monitor outcomes and actions from decisions

6.2 Identify and monitor external influences on budgets and finances

6.3 Ensure procedures are in place to document variations to financial agreements

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Ensure regular financial information is received from management in a form all board members can understand 
Clarify purpose of financial reports and their key features with board members 
Identify income shortfalls and expenditure overruns 
Consider and discuss financial implications of reports with other board members and management 
Compare data with previous reports and decisions 
Compare year-to-date and end-of-financial-year data with budgeted outcomes 
Seek independent advice where necessary 
Identify statutory responsibilities of board members for assets 
Identify funding body restrictions on the acquisition, use and disposal of assets 
Comply with statutory responsibilities and funding body requirements on assets 
Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives 
Prioritise financial decisions against organisational objectives 
4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements 
Ensure procedures are in place to document financial decisions 
Check expenditure proposals are within budget and meet statutory and funding body requirements 
Check the organisation’s current financial situation 
Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation 
Monitor outcomes and actions from decisions 
Identify and monitor external influences on budgets and finances 
Ensure procedures are in place to document variations to financial agreements 

Forms

Assessment Cover Sheet

BSBATSIM418 - Oversee financial management
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Assessment Record Sheet

BSBATSIM418 - Oversee financial management

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Assessment task 1: [title] Result: Competent Not yet competent

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Overall assessment result: Competent Not yet competent

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