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Elements and Performance Criteria

1. Develop understanding of the financial management framework
   • Maintain currency of knowledge of the financial management framework
   • Promote knowledge sharing of the financial management framework amongst colleagues
2. Comply with the financial management framework
   • Uphold financial management policies and principles
   • Monitor compliance with financial management policies and procedures
   • Implement strategies to ensure compliance with financial management policies and procedures within work area
3. Manage compliance
   • Identify and report on instances of non-compliance
   • Implement and monitor corrective action

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment. Non-essential conditions may be found in the Companion Volume Implementation Guide.

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Performance Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include: accessing, interpreting and applying financial management policies developing strategies to mitigate financial non-compliance providing technical advice on financial compliance reading and interpreting financial statements reading and interpreting Portfolio Budget Statements (PBS) and Portfolio Additional Estimates Statements (PAES).

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Knowledge Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of: relevant financial systems the Commonwealth budget cycle the organisation’s instructions relating to financial management activities the organisation’s Delegations framework the organisational structure, roles and responsibilities Portfolio Budget Statements (PBS) and Portfolio Additional Estimates Statements(PAES) relevant legislation and organisational accounting principles and policies the role and purpose of: Department of Treasury Department of Finance.

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