Required skills

Ability to

identify and analyse potential risks of any type

identify financial information and to follow relevant accounting procedures

apply decision making skills

use interpersonal skills to

maintain appropriate relationships with colleagues

establish trust

value and be open to the opinions of others

work as part of a team

listening actively

negotiate effectively

timetable and schedule reports and lodgements

use problemsolving initiative and enterprise skills to prepare budgets and to monitor their implementation

use research skills to identify asset management valuations

apply applicable professional standards

manage risk

Required knowledge

Knowledge of

accounting financial statements and cash flow

communication processes and methods

compliance requirements

cost of capital capital structure and working capital

finance and investment decisions

goal of financial resource management

legislation codes and bylaws relevant to the organisations operations

principles of finance management

relevant legislation

risk and return

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

preparing a financial resource planbudget

monitoring and managing financial resources over a full planning cycle

effectively communicating financial reports and operational execution

making adjustments to changing circumstances and responding to unusual situations

knowledge of relevant legislation

Context of and specific resources for assessment

Assessment must ensure

access to workplace contractual and procurement documentation

competence is consistently demonstrated over time and over a range and variety of situations

access to appropriate documentation and resources normally used in the workplace

access to an appropriate operating environment

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

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

completion of applied projects or learning activities such as budget preparation analysis and reporting preparation of financial forecasts and review and analysis of costs

direct observation of contextual application of skills

oral or written questioning to assess knowledge of risk and return

review of documentation displaying compliance with professional and regulatory standards for financial management

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector workplace and job role is recommended for example with other units in the qualification in which this unit is packaged

Systems are defined as:

Financial data may include:

Statutory requirements may include:

Standard accounting reports may include:

Management responsibilities may include:

Legal requirements may include:

Key information may include:

A specific activity might include:

A specified time frame may:

Comparative and trend information includes:

Organisational requirements may include:

Risks may include:

Risk management is:

Financial documentation may include: