ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Communicate budget and financial plans

1.1

Budget/financial plan communication package is reviewed by finance specialists

1.2

Package is amended/revised where appropriate

1.3

Training activities are undertaken with users of the budget and plans across the organisation

1.4

Data and terms are defined to assist users of the plans

1.5

Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities

2

Monitor and control activities against plans

2.1

Delegations and budget accountabilities are confirmed in writing prior to budget period

2.2

Funds are allocated in accordance with budget objectives and parameters

2.3

Audit requirements and legal obligations are met through recording systems and documentation

2.4

Risk management plans are implemented and contingency plans are in place for all financial plans

2.5

Performance is monitored and variances are identified on a real time basis

2.6

Variances are analysed in conjunction with relevant experts to determine cause and effect

3

Report outcomes of financial plans

3.1

Records of financial performance are properly maintained within organisational systems

3.2

Financial performance is analysed and reported in a form and language appropriate to the audience

3.3

Non-financial objectives are reported in the context of overall organisational performance

3.4

Strategies and plans are reviewed and updated to optimise organisational 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:

accessing, reading and interpreting budgetary documents, financial statements and reports, and workplace policies and procedures

applying basic accounting principles to budgetary processes

applying relevant legislation and workplace procedures

communicating and working effectively with others when completing work activities

identifying and solving problems that may arise when setting and achieving budgets

making calculations to set and achieve budgets

modifying budgets and plans as required to accommodate changes

monitoring work activities in terms of planned schedule

prioritising work and coordinating self and others in relation to workplace activities

selecting and applying appropriate technology, information systems and procedures.

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:

accountancy practices relevant to budgetary control

budgetary procedures and policies

budgetary systems, resources, management and workplace operating systems

limits of authorised expenditure and who has budget authorities

problems that may occur when setting and achieving budgets and action that can be taken to report or resolve these problems

quality and customer service standards, policies and procedures

risks that may exist when setting and achieving budgets and ways of controlling these risks

workplace processes for setting and achieving budgets.