Assessor Resource

FNSORG501A
Develop and manage a budget

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may apply to job roles dealing with budgetary control in a range of organisations.

This unit describes the performance outcomes, skills and knowledge required to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.

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

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

collect and accurately interpret relevant data to develop a budget

consult effectively and negotiate outcomes with others on budgetary issues

accurately complete financial and statistical reports related to budgeting.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to an integrated financial software system and data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for 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.

Required skills

well-developed communication skills to:

establish budget requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills to access, interpret and manage budget information

problem solving skills to address budget development and management issues

judgement skills for forming recommendations in operational situations

numeracy and IT skills such as:

calculating budget data

accessing and using appropriate software such as accounting systems, spreadsheets and databases

literacy skills for:

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating information

drafting reports and maintaining records

organisational skills, including the ability to plan and sequence work

Required knowledge

basic accounting and financial industry terminology

basic accounting techniques

budgeting techniques and tools

organisation and industry policies and procedures

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, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Areas may include:

an entire organisation

section of an organisation

particular project or other activity.

Budget will normally:

refer to an expenditure budget but may also include:

an income budget

sales budget

resource allocation and use budget.

Data will include, but is not restricted to, information relating to:

business plans

historical data

human resource plans

sales and marketing plans.

Budget parameters include:

availability of finance

organisation policy and directives

sales forecasts

timelines.

Relevant colleagues include:

all stakeholders who may be expected to need to approve the budget and key stakeholders who will be required to implement the budget.

Income and expenditure includes:

monetary and financial income and expenditure but may also include:

resources

materials

products

people or hours.

Financial and statistical reports include:

reports which may be required for:

regulatory compliance

to meet organisation procedure and policy requirements

to give useful information to a relevant person.

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
Areas for which the budget is being prepared are determined and confirmed with appropriate personnel, and data required for development of the budget are identified, accessed and analysed 
Budget parameters are determined with estimates based on research, consultation and negotiating with appropriate personnel 
Relevant colleagues are provided with the opportunity to contribute to the budget planning process 
Budget is drafted based on analysis of all available information in accordance with organisation policy 
Income and expenditure estimates are identified and supported by reliable information and the draft budget circulated for comment 
Modifications to the budget are agreed and incorporated as required and a final budget provided to the appropriate personnel 
Personnel affected by the budget are informed and its application to the area in which they work in terms of limits and goals, financial management and reporting responsibilities clarified 
Priorities within the budget are agreed and resources allocated 
Actual income and expenditure are checked against budget at regular intervals with budget reports prepared and presented to appropriate personnel 
Deviations and response to the deviations are identified and appropriate action taken with appropriate personnel advised on budget status 
All required financial and statistical reports are completed accurately within designated timelines 
Recommendations about future financial planning are made as appropriate 
Reports are clearly presented and checked for accuracy and provided to appropriate personnel 

Forms

Assessment Cover Sheet

FNSORG501A - Develop and manage a budget
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

FNSORG501A - Develop and manage a budget

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: