PSPFIN603A - Develop public sector financial strategies Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
PSPFIN603A Mapping and Delivery Guide Develop public sector financial strategies
Version 1.0 Issue Date: April 2024
Qualification
-
Unit of Competency
PSPFIN603A - Develop public sector financial strategies
Description
This unit covers the translation of organisational strategic objectives into program and resource terms by specialist finance officers in the public sector. It includes developing linkages between strategic planning and financial management, establishing and maintaining strategies to address risk management and taxation, determining resource requirements in financial terms, and developing financial bids and estimates.In practice, development of financial strategies occurs in the context of other generalist or specialist work activities such as managing compliance with public sector legislation, managing resources, formulating business strategies etc.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication
Employability Skills
This unit contains employability skills.
Learning Outcomes and Application
Not applicable.
Duration and Setting
X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Not applicable.
Competency Field
Financial Services.
Development and validation strategy and guide for assessors and learners
Student Learning Resources
Handouts Activities
Slides PPT
Assessment 1
Assessment 2
Assessment 3
Assessment 4
Elements of Competency
Performance Criteria
Element: Develop linkages between strategic planning outcomes and financial management processes
Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved
Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures
Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy
Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans
Element: Establish and maintain a financial risk management strategy
Current and potential risk exposures are identified and measured, including alternative profiles
Cost effective policies and procedures for minimising and managing exposures are implemented and monitored
Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements
Learning, development and support needs are identified and resourced to assist staff to effectively manage risk
Element: Establish and maintain a taxation strategy
Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements
Timely strategic taxation advice is sourced/provided and used in the development of the strategy
A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law
Element: Establish resource requirements in financial terms
Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements
Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals
Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans
Service delivery requirements are established in accordance with program requirements
A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements
Element: Develop financial bids and estimates
Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements
Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs
Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates
Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines
Element: Develop linkages between strategic planning outcomes and financial management processes
Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved.
Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures.
Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy.
Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans.
Element: Establish and maintain a financial risk management strategy
Current and potential risk exposures are identified and measured, including alternative profiles.
Cost effective policies and procedures for minimising and managing exposures are implemented and monitored.
Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements.
Learning, development and support needs are identified and resourced to assist staff to effectively manage risk.
Element: Establish and maintain a taxation strategy
Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements.
Timely strategic taxation advice is sourced/provided and used in the development of the strategy.
A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law.
Element: Establish resource requirements in financial terms
Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements.
Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals.
Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans.
Service delivery requirements are established in accordance with program requirements.
A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements.
Element: Develop financial bids and estimates
Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements.
Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs.
Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates.
Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines.
Evidence Required
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
The Evidence Guide specifies the evidence required to demonstrate achievement in the unit of competency as a whole. It must be read in conjunction with the Unit descriptor, Performance Criteria, the Range Statement and the Assessment Guidelines for the Public Sector Training Package.
Units to be assessed together
Pre-requisite units that must be achieved prior to this unit:Nil
Co-requisite units that must be assessed with this unit:Nil
Co-assessed units that may be assessed with this unit to increase the efficiency and realism of the assessment process include, but are not limited to:
PSPETHC601B Maintain and enhance confidence in public service
PSPLEGN601B Manage compliance with legislation in the public sector
In addition to integrated demonstration of the elements and their related performance criteria, look for evidence that confirms:
the knowledge requirements of this unit
the skill requirements of this unit
application of the Employability Skills as they relate to this unit (see Employability Summaries in Qualifications Framework)
development of public sector financial strategies in a range of (2 or more) contexts (or occasions, over time)
Resources required to carry out assessment
These resources include:
public sector and organisational financial policies procedures and protocols
case studies and scenarios to capture the range of situations likely to be encountered when developing public sector financial strategies
financial legislation and guidelines such as central agency guidelines
budget process and guidelines
Where and how to assess evidence
Valid assessment of this unit requires:
a workplace environment or one that closely resembles normal work practice and replicates the range of conditions likely to be encountered when developing financial strategies, including coping with difficulties, irregularities and breakdowns in routine
development of public sector financial strategies in a range of (2 or more) contexts (or occasions, over time)
Assessment methods should reflect workplace demands, such as literacy, and the needs of particular groups, such as:
people with disabilities
people from culturally and linguistically diverse backgrounds
Aboriginal and Torres Strait Islander people
women
young people
older people
people in rural and remote locations
Assessment methods suitable for valid and reliable assessment of this competency may include, but are not limited to, a combination of 2 or more of:
case studies
portfolios
projects
questioning
scenarios
authenticated evidence from the workplace and/or training courses
For consistency of assessment
Evidence must be gathered over time in a range of contexts to ensure the person can achieve the unit outcome and apply the competency in different situations or environments
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Assessment Tasks
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
This section describes the essential skills and knowledge and their level, required for this unit.
Skill requirements
Look for evidence that confirms skills in:
interpreting organisational information in financial terms
adjusting communication to suit different audiences
preparing strategies and reports requiring precision of expression
undertaking financial analysis
costing and preparing bids and estimates
responding to diversity, including gender and disability
accessing information and legislation electronically or in hard copy
applying environmental and occupational health and safety procedures relating to working in the public sector
Knowledge requirements
Look for evidence that confirms knowledge and understanding of:
legislation, policies and processes relating to public sector finance
ethics/codes of conduct
operational planning processes
financial risk management
applicable State/Territory and Commonwealth taxes
government budget cycle including budget and additional estimates, budget processes and guidelines
Senate committee hearings
appropriation structure/funding mechanisms (for example, those including Commonwealth/State/Territory relationships)
costing policies and procedures
principles of accrual accounting
legislation related to work in the public sector such as environmental and occupational health and safety requirements
The Range Statement provides information about the context in which the unit of competency is carried out. The variables cater for differences between States and Territories and the Commonwealth, and between organisations and workplaces. They allow for different work requirements, work practices and knowledge. The Range Statement also provides a focus for assessment. It relates to the unit as a whole. Text in bold italics in the Performance Criteria is explained here.
Policies and proceduresmay include:
financial management Acts and regulations
financial administration and audit Acts
public sector finance standards
financial management benchmarking studies
the organisation's:
financial management
delegations
budget guidelines/instructions
style requirements
quality requirements
government financial policy statements and guidelines
Australian Accounting Standards
Generally Accepted Accounting Practices (GAAP)
Australian Bureau of Statistics (ABS) requirements
Government Financial Statistics (GFS) requirements
corporate planning
whole-of-government/agency systems and reporting
Linkages may be:
cross-government
inter-agency
Financial risk management policies should cover:
insurable risks
non-insurable risks
State/Territory and Federal taxesmay include:
goods and services tax
fringe benefits tax
payroll tax
other taxes and duties and taxation equivalents
Service delivery requirementsare established in terms of:
outputs and outcomes
quantity
quality
timeliness
cost
location (point of delivery)
Approvals of strategic asset planmay include:
program or sub-program level or output/outcome
business unit
organisational level:
chief executive
head office
board of management
director general
central agency such as Treasury
government level:
Cabinet Budget Committee
Minister
Parliamentary committees
Maintenance of strategic assetplan may be:
annually
for future requirements projected 3-5 years
Bids may include:
program discretionary bids
program, sub-program, section, business unit bids
portfolio managed bids
Estimates may include:
budget estimates
additional estimates
forward estimates
long-term estimates
revised estimates, both current and forward
Budgetary requirements may include:
zero-based budgeting
accrual budgeting
activity-based costing
output and outcome-based budgeting
top-down/bottom-up approach
base plus increment
cash flow management
Information may include:
historical information
cost-benefit analyses
staff requirements
contractual information
Supporting documentation may include:
phasing for liability and expenditure
impact statements
reasons for major variations
significant variations to financial guidance
staffing resources
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
Observation Checklist
Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice
Yes
No
Comments/feedback
Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved
Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures
Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy
Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans
Current and potential risk exposures are identified and measured, including alternative profiles
Cost effective policies and procedures for minimising and managing exposures are implemented and monitored
Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements
Learning, development and support needs are identified and resourced to assist staff to effectively manage risk
Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements
Timely strategic taxation advice is sourced/provided and used in the development of the strategy
A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law
Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements
Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals
Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans
Service delivery requirements are established in accordance with program requirements
A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements
Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements
Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs
Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates
Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines
Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved.
Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures.
Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy.
Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans.
Current and potential risk exposures are identified and measured, including alternative profiles.
Cost effective policies and procedures for minimising and managing exposures are implemented and monitored.
Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements.
Learning, development and support needs are identified and resourced to assist staff to effectively manage risk.
Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements.
Timely strategic taxation advice is sourced/provided and used in the development of the strategy.
A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law.
Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements.
Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals.
Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans.
Service delivery requirements are established in accordance with program requirements.
A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements.
Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements.
Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs.
Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates.
Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines.
Forms
Assessment Cover Sheet
PSPFIN603A - Develop public sector financial strategies
Assessment task 1: [title]
Student name:
Student ID:
I declare that the assessment tasks submitted for this unit are my own work.
Student signature:
Result: Competent Not yet competent
Feedback to student
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Signature:
Date:
Assessment Record Sheet
PSPFIN603A - Develop public sector financial strategies
Student name:
Student ID:
Assessment task 1: [title] Result: Competent Not yet competent
(add lines for each task)
Feedback to student:
Overall assessment result: Competent Not yet competent