Required skills

numeracy skills to read and understand a budget and to update a budget

technology skills to use software associated with financial record keeping

Required knowledge

basic accounting principles

organisational requirements related to financial management

relevant legislation and current requirements of the Australian Taxation Office including GST

requirements for organisational record keeping and auditing

principles and techniques involved in

budgeting

cash flows

electronic spreadsheets

GST

ledgers and financial statements

profit and loss statements

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 following is essential

financial skills required to work with and interpret budgets ageing summaries cash flow petty cash GST and profit and loss statements

knowledge of the record keeping requirements for the ATO and for auditing purposes

Context of and specific resources for assessment

Assessment must ensure

access to appropriate documentation and resources normally used in the workplace

Method of assessment

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

assessment of written reports indicating broad knowledge of managing budgets and managing financial resources in the organisation

demonstration of techniques using financial record keeping software

direct questioning combined with review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

oral or written questioning to assess knowledge of requirements for organisational record keeping and auditing

review of contingency plans

review of identification of cost variations and expenditure overruns

evaluation of documentation reportingon budget and expenditure

review of documentation identifying and recommending improvements to financial management processes

Guidance information for assessment

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

other units from the Diploma of Management

Budget/financial plans may include:

Relevant personnel may include:

Contingency plans may include:

Support may include:

Required roles may include:

Resources and systems may include:

Processes to monitor actual expenditure and to control costs across the work team include:

Reporting may include data from:

Data and information on the effectiveness of financial management processes may include records (paper-based and electronic) related to: