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Elements and Performance Criteria

1. Identify financial resource requirements
   • Consult with key people to develop and endorse proposals for expenditure.
   • Ensure proposed expenditure takes into account factors likely to affect costs and returns.
   • Link proposed financed activities to organisational objectives and strategies.
   • Ensure proposed financed activities include targets, standards and monitoring methods.
2. Establish budgets for activities
   • Ensure relevant people participate in determining a budget that is clear, concise and presents a cost-benefit analysis.
   • Present budget proposals in the format required by your organisational management practices.
   • Conduct negotiations in a way that maintains good working relationships with the people involved.
   • Resolve and report areas of uncertainty or contention and negotiate and finalise agreements in the time required.
   • Provide relevant people with information about the budget decisions in a manner and timeframe that contribute to their cooperation and confidence.
3. Control expenditure and activities against budget
   • Ensure team members take individual responsibility for monitoring and controlling expenditure and activities against budgets.
   • Implement a method of regular monitoring of expenditure and activities against budgets that complies with the organisation’s requirements.
   • Take corrective action in response to actual or potential significant variation from budgets promptly and effectively and report outcomes.
   • Refer requests for expenditure outside the area of the budgets promptly to the relevant people.
   • Complete records of activities against budgets accurately and make available to authorised people.
4. Identify financial resource requirements
   • Consult with key people to develop and endorse proposals for expenditure.
   • Ensure proposed expenditure takes into account factors likely to affect costs and returns.
   • Link proposed financed activities to organisational objectives and strategies.
   • Ensure proposed financed activities include targets, standards and monitoring methods.
5. Establish budgets for activities
   • Ensure relevant people participate in determining a budget that is clear, concise and presents a cost-benefit analysis.
   • Present budget proposals in the format required by your organisational management practices.
   • Conduct negotiations in a way that maintains good working relationships with the people involved.
   • Resolve and report areas of uncertainty or contention and negotiate and finalise agreements in the time required.
   • Provide relevant people with information about the budget decisions in a manner and timeframe that contribute to their cooperation and confidence.
6. Control expenditure and activities against budget
   • Ensure team members take individual responsibility for monitoring and controlling expenditure and activities against budgets.
   • Implement a method of regular monitoring of expenditure and activities against budgets that complies with the organisation’s requirements.
   • Take corrective action in response to actual or potential significant variation from budgets promptly and effectively and report outcomes.
   • Refer requests for expenditure outside the area of the budgets promptly to the relevant people.
   • Complete records of activities against budgets accurately and make available to authorised people.

Performance Evidence

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the candidate must demonstrate evidence of performance of the following on at least two occasions.

accessing and using legislation and guidelines relating to financial planning, management, reporting and accountability

reading complex and formal documents, such as legislation, policies, procedures and accounting standards and providing advice on their interpretation and application

detailing requirements, writing recommendations and preparing financial plans

using financial applications for entering data and preparing reports requiring accuracy of expression

communicating with key people using a range of communication styles to suit different audiences and purposes

using communication strategies involving exchanges of complex financial information

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Knowledge Evidence

Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the depth of knowledge demonstrated must be appropriate to the job context of the candidate.

organisation’s policies and procedures related to financial planning, management, reporting and accountability

corporate governance requirements

relationships of financial management compliance framework to organisational structures

organisation’s general management and accountability structures and systems

methods of analysing and costing resource capacity and use

internal control mechanisms and accountability of processes and resources

accrual accounting principles

professional, ethical and business standards for financial management

financial recording and reporting requirements

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