Application
This unit describes the skills required to monitor and manage Defence financial governance requirements. This unit applies to those working in the public sector Finance Domain who would be required to undertake financial administration activities. The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to, particularly those related to financial management. Those undertaking this unit would be working under minimal supervision and/or supervising small teams while undertaking financial management tasks. They would perform complex tasks in familiar context. No licensing, legislative or certification requirements apply to this unit at the time of publication. |
Elements and Performance Criteria
ELEMENTS | PERFORMANCE CRITERIA | ||
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. | ||
1 | Review financial governance requirements | 1.1 | Identify and analyse corporate governance and ethical requirements to determine application to operations |
1.2 | Review internal control procedures | ||
2 | Monitor adherence to compliance requirements | 2.1 | Monitor and evaluate organisation operations to identify incidences of non-compliance |
2.2 | Review and evaluate sources of information on potential non-compliance | ||
2.3 | Interrogate financial management information system to identify any indication of non-compliance | ||
3 | Liaise with others during breach management | 3.1 | Maintain liaison with relevant regulatory authorities and other organisations |
3.2 | Seek advice from relevant internal and external personnel on the classification and management of non-compliance | ||
4 | Monitor policy | 4.1 | Develop and report on performance indicators to evaluate compliance with internal control procedures |
4.2 | Identify and evaluate variations in adoption of financial governance requirements in operations | ||
4.3 | Develop and implement solutions to facilitate compliance with internal control procedures |
Evidence of Performance
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: developing processes for managing financial non-compliance implementing control measures to address non-compliances monitoring the financial compliance to requirements, including: interrogating information systems identifying and informing senior management and regulatory authorities of non-compliance seeking advice from internal and external personnel investigating incidences of non-compliance obtaining and keeping up to date with financial compliance requirements reporting non-compliances identified. |
Evidence of Knowledge
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: analysis techniques relevant to review and interpret an identified non-compliance compliance requirements applicable to the organisation elements of a compliance management system financial compliance responsibilities organisational standards for operations and ethics potential incidences of non-compliance procedures for managing incidences of non-compliance requirements relevant legislation and organisational policies and procedures reporting processes on compliance management, including reports on non-compliance and remediation. |
Assessment Conditions
As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment. As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment. Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions. Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate. Resources for assessment must include access to: a range of relevant exercises, case studies and/or other simulations relevant and appropriate materials, tools, equipment and personal protective equipment (PPE) currently used in industry applicable documentation, including workplace procedures, regulations, codes of practice and operation manuals acceptable means of simulated assessment. |
Foundation Skills
Foundation skills essential to performance are explicit in the performance criteria of this unit of competency. |
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. |
Sectors
Not applicable. |
Competency Field
Financial Management |