Application
This unit describes the skills required to interpret complex financial policies and procedures and provision of advice on complex financial issues. It includes intimate, high-level knowledge of the public sector financial management compliance framework, external requirements, industry and accounting standards and the application of these to work in a specialist finance role in the public sector. It includes interpreting and applying complex public sector financial requirements, establishing and applying internal financial controls, and formulating/maintaining financial policy.
This unit applies to those working in the public sector in specialist financial roles.
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.
Those undertaking this unit would work autonomously, supervising others where necessary, performing complex tasks in a familiar context.
No licensing, legislative or certification requirements apply to 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. Where bold italicised text is used, further information is detailed in the range of conditions section. |
1. Interpret and apply complex public sector financial requirements | 1.1 Identify public sector financial requirements. 1.2 Interpret and explain public sector financial management compliance framework hierarchy to others in accordance with their needs, to ensure the organisation’s compliance with the framework’s requirements. 1.3 Provide advice regarding interpretation of public sector financial policies and procedures and accounting standards. 1.4 Interpret and provide information on the organisation’s financial controls and accountabilities to management and staff. 1.5 Develop and refine business solutions for the organisation. |
2. Establish and apply internal financial controls | 2.1 Analyse current internal controls for improvement and revise or replace as required. 2.2 Review controls to ensure they include effective delegation levels, lines of responsibility, and associated accountabilities. 2.3 Check controls for consistency with government policy and organisational structure. 2.4 Implement, document and make accessible systems and surrounding control procedures. |
3. Formulate and maintain financial policy and procedures | 3.1 Interpret public sector financial policies and procedures and provide advice on the implications for the organisation’s financial policy and procedures. 3.2 Develop and approve organisational financial policy and procedures. 3.3 Provide input to inter 3.4 Develop policies to meet regulatory and legislative requirements and cost-effective best practice. |
Evidence of Performance
Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the candidate must demonstrate evidence of performance of the following on at least one occasion.
interpreting complex and formal documents, including legislation, policies, procedures, and accounting standards, and providing advice on their interpretation and application
adjusting communication to suit different audiences
preparing reports and policies requiring precision of expression
setting industry benchmarks and influencing policy
synthesising and applying information and legislation accessed electronically or in hard copy
applying environmental and work health and safety procedures relating to working in the public sector
Evidence of Knowledge
Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the depth of knowledge demonstrated must be appropriate to the job context of the candidate.
public sector legislation including work health and safety and environment, policies and processes relating to public sector finance
public sector financial management compliance framework (intimate knowledge) and the relationship of the elements of the framework
internal control principles and how these have been applied to financial processes
corporate governance requirements/relationship of financial management compliance framework to organisational structures
service level agreements
internal and external reporting requirements
industry and accounting standards
public sector standards and codes of conduct/ethics
Assessment Conditions
This unit contains no specific industry-mandated assessment conditions. Guidance on suggested and recommended conditions and methods can be found in the Implementation Guide.
Assessors must satisfy the NVR/AQTF mandatory competency requirements for assessors.
Foundation Skills
Foundation skills are embedded within the elements and performance criteria of this unit.
Competency Field
General