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Elements and Performance Criteria

Required Skills

Evidence Required

Underpinning skills and knowledge

Assessment must include evidence of the following knowledge and skills

knowledge and understanding of budgets including different types of budget how a budget is structured and how to interpret a budget

financial reports including structure features and formats for specific purposes

financial reporting procedures and cycles relevant to the specific industry context

areas of financial responsibility specific to the industry context

organisation or projects procedures for budgeting and financial reportingmanagement

legislative or other requirements eg funding body guidelines with regard to disbursement of funds and record keeping

Linkages to other units

This unit has very strong linkages to the following unit and combined assessment andor training is recommended

CUEFINB Develop a budget

CUEFIN01B - Develop a budget.

Critical aspects of evidence

The following evidence is critical to the judgement of competence in this unit

monitoring of income and expenditure in accordance with the budget and identifying ways of improving budget performance

knowledge of basic budget principles and structures

knowledge of budgeting terminology relevant to a specific industry context

Method and context of assessment

The assessment context must provide for

project or work activities that include the management of and reporting on a budget for a specific projecteventoperational area over a period of time so that the monitoring and implementation aspects of the unit can be assessed

Assessment may incorporate a range of methods to assess performance and the application of essential underpinning knowledge and might include

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

evaluation of reports prepared by the candidate detailing the processes undertaken to manage and monitor a budget

case studies and problem solving to assess application of principles of budget management to different workplace contexts

review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

Assessment methods should closely reflect workplace demands and the needs of particular groups eg people with disabilities and people who may have literacy or numeracy difficulties such as speakers of languages other than English remote communities and those with interrupted schooling

Resource requirements

Assessment of this unit requires access to

figures and data that reflect the financial operating conditions of industry

Key competencies in this unit

Key competencies are built into all workplace competencies The following table describes those applicable to this unit Trainers and assessors should ensure that they are addressed in training and assessment

Level Administer and Manage

Level Design and Evaluate

Collecting analysing and organising ideas and information

Researching a new supplier to reduce expenditure in a given budget area

Communicating ideas and information

Making recommendations on ways to improve budget performance

Planning and organising activities

Organising the regular flow of information to ensure effective reporting

Working with others and in teams

Liaising with colleagues to investigate ways of reducing expenditure

Solving problems

Making adjustments to solve reduction in income

Using mathematical ideas and techniques

Adjusting budget

Using technology

Interrogating a computerised accounting package

Underpinning skills and knowledge

Assessment must include evidence of the following knowledge and skills

knowledge and understanding of budgets including different types of budget how a budget is structured and how to interpret a budget

financial reports including structure features and formats for specific purposes

financial reporting procedures and cycles relevant to the specific industry context

areas of financial responsibility specific to the industry context

organisation or projects procedures for budgeting and financial reportingmanagement

legislative or other requirements eg funding body guidelines with regard to disbursement of funds and record keeping

Linkages to other units

This unit has very strong linkages to the following unit and combined assessment andor training is recommended

CUEFINB Develop a budget

CUEFIN01B - Develop a budget.

Critical aspects of evidence

The following evidence is critical to the judgement of competence in this unit

monitoring of income and expenditure in accordance with the budget and identifying ways of improving budget performance

knowledge of basic budget principles and structures

knowledge of budgeting terminology relevant to a specific industry context

Method and context of assessment

The assessment context must provide for

project or work activities that include the management of and reporting on a budget for a specific projecteventoperational area over a period of time so that the monitoring and implementation aspects of the unit can be assessed

Assessment may incorporate a range of methods to assess performance and the application of essential underpinning knowledge and might include

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

evaluation of reports prepared by the candidate detailing the processes undertaken to manage and monitor a budget

case studies and problem solving to assess application of principles of budget management to different workplace contexts

review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

Assessment methods should closely reflect workplace demands and the needs of particular groups eg people with disabilities and people who may have literacy or numeracy difficulties such as speakers of languages other than English remote communities and those with interrupted schooling

Resource requirements

Assessment of this unit requires access to

figures and data that reflect the financial operating conditions of industry

Key competencies in this unit

Key competencies are built into all workplace competencies The following table describes those applicable to this unit Trainers and assessors should ensure that they are addressed in training and assessment

Level Administer and Manage

Level Design and Evaluate

Collecting analysing and organising ideas and information

Researching a new supplier to reduce expenditure in a given budget area

Communicating ideas and information

Making recommendations on ways to improve budget performance

Planning and organising activities

Organising the regular flow of information to ensure effective reporting

Working with others and in teams

Liaising with colleagues to investigate ways of reducing expenditure

Solving problems

Making adjustments to solve reduction in income

Using mathematical ideas and techniques

Adjusting budget

Using technology

Interrogating a computerised accounting package

Range Statement

The following explanations identify how this unit may be applied in different workplaces, sectors and circumstances.

Budgets may include:

budgets for a small business.

Relevant colleagues/personnel involved in budget development may include:

creative personnel

technical personnel

Resources include all financial resources such as:

Financial reports may include:

profit and loss statements

cash flow reporting.

The following explanations identify how this unit may be applied in different workplaces, sectors and circumstances.

Budgets may include:

budgets for a small business.

Relevant colleagues/personnel involved in budget development may include:

creative personnel

technical personnel

Resources include all financial resources such as:

Financial reports may include:

profit and loss statements

cash flow reporting.