Assessor Resource

LGADMIN529A
Manage finances

Assessment tool

Version 1.0
Issue Date: April 2024


This unit supports the attainment of skills and knowledge required for competent workplace performance in councils of all sizes. Knowledge of the legislation and regulations within which councils must operate is essential. The unique nature of councils, as a tier of government directed by elected members and reflecting the needs of local communities, must be appropriately reflected.

This unit covers understanding the financial management and reporting processes for non-financial managers. The unit looks at the day-to-day financial management of a unit within the organisation and outlines the knowledge and skills required to interpret data and reports. It is suitable for team leaders and managers within the organisation who have responsibility for financial management and monitoring.

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

Prerequisites

Not applicable.

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.

Overview of assessment requirements

A person who demonstrates competency in this unit will be able to perform the outcomes described in the Elements to the required performance level detailed in the Performance Criteria. The knowledge and skill requirements described in the Range Statement must also be demonstrated. For example, knowledge of the legislative framework and safe work practices that underpin the performance of the unit are also required to be demonstrated.

Critical aspects of evidence to be considered

The demonstrated ability to:

interpret and evaluate financial reports to ensure financial management and budget are rigorously monitored

implement systems of financial management and reporting to ensure that accurate and comprehensive records of income and expenditure are appropriately maintained

manage the use of funds to ensure that actual income and expenditure are checked against budgets

monitor financial performance to establish the extent to which the financial plan has been met

Context of assessment

Competency is demonstrated by performance of all stated criteria, with particular attention to the critical aspects and the knowledge and skills elaborated in the Evidence Guide, and within the scope of the Range Statement.

Assessment must take account of the endorsed Assessment Guidelines in the Local Government Training Package.

Assessment of the performance requirements in this unit should be undertaken in an actual workplace or simulated environment.

Assessment should reinforce the integration of the key competencies for the particular AQF level. Refer to the key competency levels at the end of this unit.

Relationship to other units(prerequisite or co-requisite units)

To enable holistic assessment this unit may be assessed with other units that form part of the job role.

Method of assessment

The following assessment methods are suggested:

observation of the learner performing a range of workplace tasks over sufficient time to demonstrate handling of a range of contingencies

written and/or oral questioning to assess knowledge and understanding

completion of workplace documentation

third-party reports from experienced practitioners

completion of self-paced learning materials including personal reflection and feedback from trainer, coach or supervisor

Evidence required for demonstration of consistent performance

Evidence should be collected over a set period of time that is sufficient to include dealings with an appropriate range and variety of situations

Resource implications

The learner and trainer should have access to appropriate documentation and resources normally used in the workplace.

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.

This describes the essential skills and knowledge and their level, required for this unit

Required Skills

literacy skills to interpret legal requirements and company policies and procedures

written and oral communication

numeracy skills to undertake financial calculations

evaluation and decision making

computerised and manual accounting

budgeting

reconciliation

financial management

information technology application

Required Knowledge

awards and agreements

organisational guidelines

taxation requirements

insurance requirements

auditing procedures and requirements

organisational procedures and practices

principles and practices of effective resource management

budgeting and planning processes and procedures

financial management models and practices

financial reporting procedures

legal obligations for record keeping

processing financial transactions

basic accounting principles

purpose of financial reports

financial ratios

interpretation of comparative profit and loss statements

interpretation of comparative balance sheets

preparation and interpretation of budget and actual reports

benchmarking

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.

Legal requirements may include those relating to:

annual and other reports

audit processes

insurance

relevant awards

taxation and superannuation

acquittal of funds

Financial reports may include:

income

expenditure

loans

assets

bank accounts

Appropriate personnel may include:

management

other staff

government

regulatory bodies

funding providers

clients

Financial ratios may include:

gross profit percentage

net profit percentage

expenses percentage

staff productivity measures

return on investment and return on total assets

current ratio

liquid ratio

days debts are outstanding

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
Statistical financial reports are identified and analysed and the best methods of interpreting the data are determined. 
Financial reports are received and income shortfalls and expenditure runs are identified, documented and discussed. 
Financial reports are evaluated and financial impacts and implications are considered and documented. 
Financial management and reporting procedures are developed in accordance with organisational and legal requirements. 
Appropriate financial reports are prepared as required by the organisation. 
Bookkeeping and accounting systems are implemented to ensure that accurate and comprehensive records of income and expenditure are appropriately maintained for the business unit. 
Regular reconciliation against operational budgets is undertaken and any deviations are acted upon as appropriate. 
Actual income and expenditure is checked against budgets at regular, identified intervals. 
Expenditure is assessed as being within agreed limits, does not compromise future spending requirements and conforms to the organisation's policies and procedures. 
Actual or potential deviations from budget are reported to appropriate personnel and proposals for corrective action are developed and implemented. 
Financial budgets and projections are produced as required for each forward period and distributed to relevant personnel in accordance with legal and organisational requirements. 
Financial performance targets are regularly monitored and reported and data is gathered to establish the extent to which the financial plan has been met. 
Operational strategies are monitored for their effects on the financial plan. 
Financial ratios are calculated and evaluated according to organisational benchmarks. 
Financial plan is assessed to determine whether variations or alternative plans are indicated and changed as required. 
Appropriate action is taken to ensure the achievement of profit or designated target and return to the business unit in accordance with the business plan and legal requirements. 

Forms

Assessment Cover Sheet

LGADMIN529A - Manage finances
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

LGADMIN529A - Manage finances

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: