Assessor Resource

DEFFIN005
Understand and comply with a financial management framework

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the skills required to navigate through and comply with the organisation’s financial management framework, and identify and act on non-compliance.

This unit applies to those working in the public sector Finance Domain who would be required to undertake financial management activities.

The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to, particularly those related to financial administration.

Those undertaking this unit would work independently or as part of a team, under direct supervision. They must be able to use discretion and judgement and take responsibility for the quality of their outputs. They would perform complex tasks in familiar context.

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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1

Develop understanding of the financial management framework

1.1

Maintain currency of knowledge of the financial management framework

1.2

Seek advice and guidance from colleagues to clarify financial management requirements

2

Comply with the financial management framework

2.1

Uphold financial management policies and principles

2.2

Promote compliance with financial management policies amongst colleagues

3

Manage compliance

3.1

Identify and report on instances of non-compliance

3.2

Make recommendations to management to reduce the risk of future non-compliance

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

accessing, interpreting and applying financial management policies

identifying financial non-compliance.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

financial statements

the Commonwealth budget cycle

financial systems

instructions relating to financial management activities

key deliverables and key performance indicators of the organisation

the organisation’s Delegations framework

the organisational structure

organisational roles and responsibilities

the purpose of the Portfolio Budget Statements (PBS) and Portfolio Additional Estimates Statements(PAES)

the relevant legislation and organisational accounting principles and policies

the role and purpose of:

Department of Treasury

Department of Finance.

As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.

Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.

Resources for assessment must include access to:

a range of relevant exercises, case studies and/or other simulations

relevant and appropriate materials, tools, equipment and personal protective equipment (PPE) currently used in industry

applicable documentation, including workplace procedures, regulations, codes of practice and operation manuals

acceptable means of simulated assessment.

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.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1

Develop understanding of the financial management framework

1.1

Maintain currency of knowledge of the financial management framework

1.2

Seek advice and guidance from colleagues to clarify financial management requirements

2

Comply with the financial management framework

2.1

Uphold financial management policies and principles

2.2

Promote compliance with financial management policies amongst colleagues

3

Manage compliance

3.1

Identify and report on instances of non-compliance

3.2

Make recommendations to management to reduce the risk of future non-compliance

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Non-essential conditions may be found in the Companion Volume Implementation Guide.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

accessing, interpreting and applying financial management policies

identifying financial non-compliance.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

financial statements

the Commonwealth budget cycle

financial systems

instructions relating to financial management activities

key deliverables and key performance indicators of the organisation

the organisation’s Delegations framework

the organisational structure

organisational roles and responsibilities

the purpose of the Portfolio Budget Statements (PBS) and Portfolio Additional Estimates Statements(PAES)

the relevant legislation and organisational accounting principles and policies

the role and purpose of:

Department of Treasury

Department of Finance.

As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.

Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.

Resources for assessment must include access to:

a range of relevant exercises, case studies and/or other simulations

relevant and appropriate materials, tools, equipment and personal protective equipment (PPE) currently used in industry

applicable documentation, including workplace procedures, regulations, codes of practice and operation manuals

acceptable means of simulated assessment.

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
Maintain currency of knowledge of the financial management framework 
Seek advice and guidance from colleagues to clarify financial management requirements 
Uphold financial management policies and principles 
Promote compliance with financial management policies amongst colleagues 
Identify and report on instances of non-compliance 
Make recommendations to management to reduce the risk of future non-compliance 

Forms

Assessment Cover Sheet

DEFFIN005 - Understand and comply with a financial management framework
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

DEFFIN005 - Understand and comply with a financial management framework

Student name:

Student ID:

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

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: