Assessor Resource

SITXFIN004A
Manage finances within a budget

Assessment tool

Version 1.0
Issue Date: April 2024


This unit applies to individuals responsible for managing and controlling a budget in any industry context.

The budget may be for an entire small organisation, for a section of a larger organisation, or for a particular project or activity.

Senior operational personnel or supervisors undertake this role.

This unit describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. The skills and knowledge for budget development are found in unit SITXFIN005A Prepare and monitor budgets.

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

Prerequisites

Nil

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.



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, the range statement and the Assessment Guidelines for this Training Package.

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

Evidence of the following is essential:

knowledge of basic budget principles and structures

budgeting terminology relevant to a specific industry context

ability to monitor budgeted income and expenditure and to identify ways of improving budget performance

understanding of the main types of budgets that apply in the specific organisation or industry context

management of and reporting on a budget for a specific project or operational area over a period of time so that the monitoring and implementation aspects of managing finances within a budget can be assessed.

Context of and specific resources for assessment

Assessment must ensure:

use of figures and data that reflect the realistic financial operating conditions of industry.

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:

evaluation of financial reports detailing financial performance of projects or activities conducted by the candidate

evaluation of reports produced by the candidate detailing the processes undertaken to manage finances within a budget

case studies and problem-solving to assess application of the principles of budget management to different situations

review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate.

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

SITXFIN005A Prepare and monitor budgets.

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.

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 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:

research, critical thinking and problem-solving skills to investigate and develop options for potential budget performance improvements

communication skills to discuss budget requirements and to seek and provide feedback

literacy skills to interpret a wide range of business and financial documents, and to create accurate budget reporting and recommendations documentation

numeracy skills to interpret and use budget figures in day-to-day work operations, and to develop budget estimates and scenarios for performance improvement.

The following knowledge must be assessed as part of this unit:

knowledge and understanding of budgets, specifically how a budget is structured and how to interpret a budget

any legislative requirements in relation to disbursement of funds and record keeping

techniques related to maximising budget performance relevant to the organisation or industry sector

budgeting terminology relevant to a specific industry context

financial reporting procedures and cycles relevant to the organisation or industry sector.

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.

Budgets may include:

cash budgets

departmental budgets

wage budgets

project budgets

purchasing budgets

sales budgets

cash flow budgets

budgets for micro, small, medium or large businesses.

Appropriate colleagues may include:

operational staff

managers

internal or external financial specialists.

Research to investigate new approaches may include:

discussions with existing suppliers

sourcing new suppliers

evaluating staffing and rostering requirements

reviewing operating procedures

potential roster changes.

Financial and statistical reports may relate to:

daily, weekly and monthly transactions and reports

break-up by department

occupancy

sales performance

commission earnings

sales returns

yield management

commercial account activity.

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
Allocate funds according to budget and agreed priorities. 
Discuss changes in income and expenditure priorities with appropriate colleagues prior to implementation. 
Consult and inform all relevant personnel in relation to resource decisions. 
Promote awareness of the importance of budget control. 
Maintain detailed records of resource allocation according to organisation control systems. 
Check actual income and expenditure against budgets at regular intervals. 
Include financial commitments in all documentation to ensure accurate monitoring. 
Identify and report deviations according to organisation policy and significance of deviation. 
Investigate appropriate options for more effective management of deviations. 
Advise appropriate colleagues of budget status in relation to targets, within agreed timeframes. 
Assess existing costs and resources and proactively identify areas for improvement. 
Discuss desired budget outcomes with relevant colleagues. 
Undertake appropriate research toinvestigate new approaches to budget management. 
Define and communicate clearly the benefits and disadvantages of new approaches. 
Take account of impacts on customer service levels and colleagues in developing new approaches. 
Present recommendations for budget management clearly and logically to the appropriate person or department. 
Complete all required financial and statistical reports accurately and within designated timelines. 
Produce clear and concise information to enable informed decision making. 
Forward reports promptly to the appropriate person or department. 

Forms

Assessment Cover Sheet

SITXFIN004A - Manage finances within 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

SITXFIN004A - Manage finances within 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: