Application
This unit describes the skills and knowledge required to monitor and act on financial reports.
It applies to individuals who are responsible for monitoring and guiding financial management of Aboriginal and Torres Strait Islander organisations.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1 Interpret financial reports | 1.1 Ensure regular financial information is received from management in a form all board members can understand 1.2 Clarify purpose of financial reports and their key features with board members 1.3 Identify income shortfalls and expenditure overruns |
2 Evaluate financial reports | 2.1 Consider and discuss financial implications of reports with other board members and management 2.2 Compare data with previous reports and decisions 2.3 Compare year-to-date and end-of-financial-year data with budgeted outcomes 2.4 Seek independent advice where necessary |
3 Recognise board responsibilities for assets | 3.1 Identify statutory responsibilities of board members for assets 3.2 Identify funding body restrictions on the acquisition, use and disposal of assets 3.3 Comply with statutory responsibilities and funding body requirements on assets |
4 Make decisions on finance | 4.1 Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives 4.2 Prioritise financial decisions against organisational objectives 4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements 4.4 Ensure procedures are in place to document financial decisions |
5 Approve expenditures | 5.1 Check expenditure proposals are within budget and meet statutory and funding body requirements 5.2 Check the organisation’s current financial situation 5.3 Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation |
6 Review financial decisions | 6.1 Monitor outcomes and actions from decisions 6.2 Identify and monitor external influences on budgets and finances 6.3 Ensure procedures are in place to document variations to financial agreements |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.3, 2.2, 2.3, 3.1-3.3, 4.1, 4.2, 4.4, 5.1-5.3, 6.1-6.3 | Utilises understanding of distinguishing structures and features of a range of textual information and reflects on context, purpose and audience |
Writing | 4.2, 4.4, 5.3, 6.3 | Prepares strategic business documentation incorporating appropriate vocabulary, grammatical structure and conventions appropriate to text and audience |
Oral Communication | 1.2, 2.1, 2.4 | Participates in verbal exchanges using clear language, suitable syntax and tone to address and disseminate information to a variety of individuals Uses active listening and questioning to convey and clarify information |
Numeracy | 1.2, 1.3, 2.1-2.4, 3.1-3.3, 4.1-4.3, 5.1-5.3, 6.1, 6.2 | Selects and uses mathematical problem-solving strategies to read financial reports and calculations and oversee financial management of an organisation |
Navigate the world of work | 3.1, 3.3, 4.3, 5.1, 5.3 | Keeps up-to-date with legislation or regulations relevant to own rights and responsibilities, and considers implications of these when planning and undertaking work Monitors adherence to organisational policies and procedures and considers own role in terms of its contribution to broader goals of work environment Understands how own role meshes with others and contributes to broader work goals |
Interact with others | 1.1, 1.2, 2.1, 2.4 | Selects appropriate form, channel and mode of communication for a specific purpose relevant to own role |
Get the work done | 3.2, 4.1-4.4, 6.1-6.3 | Applies formal processes when planning more complex tasks, producing plans with logically sequenced steps, reflecting an awareness of resource constraints and the needs of others In more complex non-routine situations, uses a formal decision-making process with support, setting or clarifying goals, gathering information and identifying and evaluating best options against predetermined criteria Evaluates effectiveness of decisions on how well they meet stated goals Applies formal problem-solving processes when tackling an unfamiliar problem, breaking complex issues into manageable parts and identifying and evaluating several options for action Understands and explicitly applies some basic principles of analytical and lateral thinking |
Sectors
Regulation, Licensing and Risk – ATSI Governance