Assessor Resource
SITXFIN005A
Prepare and monitor budgets
Assessment tool
Version 1.0
Issue Date: May 2024
This unit applies to individuals responsible for budget development in any industry context. A budget may be for an entire small organisation, for a section of a larger organisation, or for a particular project or activity. A person achieving this unit would be expected to have a sufficiently sound understanding of the budget development process to enable the transfer of skills across a range of workplace contexts.
Budget development is carried out autonomously but in consultation with others.
This unit describes the performance outcomes, skills and knowledge required to prepare and monitor budgets. It builds on the skills in unit SITXFIN004A Manage finances within a budget. While the nature of the budget may vary, the unit focuses on the key managerial skills of analysing financial information to inform developing a budget, drafting a budget and monitoring budget performance over time.
This unit requires researching and analysing financial and other business information and applying it to budget planning, development, negotiation and monitoring. It requires sound knowledge of accounting principles, budget development methods, and presentation formats for different types of budget.
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