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Evidence Guide: AHCBUS508A - Prepare and monitor budgets and financial reports

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

AHCBUS508A - Prepare and monitor budgets and financial reports

What evidence can you provide to prove your understanding of each of the following citeria?

Prepare a budget

  1. Information on past receipts and payments is obtained from previous records, compared to current prices and cost trends, and compiled in a form that enables projections of future receipts and expenditures.
  2. A plan is prepared for a period which allows for expected expenditure and financial reporting requirements, using the 'most likely' prices and costs.
Information on past receipts and payments is obtained from previous records, compared to current prices and cost trends, and compiled in a form that enables projections of future receipts and expenditures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

A plan is prepared for a period which allows for expected expenditure and financial reporting requirements, using the 'most likely' prices and costs.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement and monitor a budget

  1. Receipts and payments are monitored and reconciled against the original budget.
  2. Variances against the original plan are identified, and the impact on overall profit/loss and cash flow is calculated.
  3. Funds are allocated in accordance with budget objectives and parameters.
  4. Adjustments are made where necessary to respond to unacceptable variations.
  5. Budgets and plans are renegotiated/ restructured where necessary to optimise enterprise performance.
Receipts and payments are monitored and reconciled against the original budget.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Variances against the original plan are identified, and the impact on overall profit/loss and cash flow is calculated.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Funds are allocated in accordance with budget objectives and parameters.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adjustments are made where necessary to respond to unacceptable variations.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Budgets and plans are renegotiated/ restructured where necessary to optimise enterprise performance.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare financial report

  1. Records of financial performance are properly maintained within enterprise systems.
  2. Information with source documents is assembled according to the requirements of the report recipient.
  3. Documentation is forwarded in a timely and efficient manner.
  4. Non-financial objectives are reported in the context of overall enterprise performance.
Records of financial performance are properly maintained within enterprise systems.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information with source documents is assembled according to the requirements of the report recipient.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Documentation is forwarded in a timely and efficient manner.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Competence in preparing and monitoring budgets and financial reports requires evidence that budgets have been successfully and appropriately developed and monitored in an enterprise, and that financial reports meet industry standards in their content and structure. The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy holistically all of the requirements of the performance criteria and required skills and knowledge and include achievement of the following:

prepare a budget using most likely costs and income

develop and monitor budgets in an enterprise

prepare financial reports to meet industry standards.

Context of and specific resources for assessment

Competency requires the application of work practices under work conditions. Selection and use of resources for some worksites may differ due to the regional or enterprise circumstances.

Required Skills and Knowledge

Required skills

prepare a budget

monitor receipts and payments

negotiate and restructure budgets

implement and monitor a budget

maintain financial records

use literacy skills to fulfil job roles as required by the organisation. The level of skill may range from reading and understanding documentation to completion of written reports

use oral communication skills/language competence to fulfil the job role as specified by the organisation including questioning, active listening, asking for clarification, negotiating solutions and responding to a range of views

use numeracy skills to estimate, calculate and record complex workplace measures

use interpersonal skills to work with others and relate to people from a range of cultural, social and religious backgrounds and with a range of physical and mental abilities.

Required knowledge

budget formulation

financial information systems

business transactions

banking and reconciliation

standards for organisational recordkeeping and audit requirements.

Range Statement

The range statement relates to the unit of competency as a whole.

Budgets may include:

recurrent operating or project based funds.

Financial reports may be:

prepared for Taxation Commissioner

financing agencies

boards of management

committees

councils

executive management.