Required skills

communication skills to

determine and confirm budgeting requirements and deal with clients using questioning and active listening as required

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

research skills for accessing and managing financial services information

literacy skills for analysingbudget needs and preparing clear written advice for organisational clients

numeracy skills for financial calculations and analysis estimating and forecasting

IT skills for developing and using spreadsheets and databases and using internet information

learning skills to maintain knowledge of budgeting principles and procedures

problem solving skills to identify any budgeting issues that have the potential to impact on clients and to develop options to resolve these issues when they arise

organisational skills including the ability to plan and sequence work and correctly schedule budget monitoring and reporting

Required knowledge

ethical considerations for budgetary forecasting and projections such as

strength of assumptions

forecast reliabilities

forecasting techniques

organisational procedures and policies

principles and practices of accrual accounting

principles of budgetary control

principles of corporate governance

principles of doubleentry bookkeeping

principles of statistical analysis and measures of variance

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 ability to

prepare and document budgets and forecasting estimates

monitor budget outcomes periodically

apply accounting principles and practices and organisational policies and procedures

use an organisational chart of accounts

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

Method of assessment

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

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Expenditure and revenue items may include:

Budgets may include:

Budget objectives may include:

Stakeholders may include:

Milestones and performance indicators may include:

Verifiable evidence and source documentation may include:

Data may include:

Assumptions and parameters may include: