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Evidence Guide: BSBATSIM418 - Oversee financial management

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

 

BSBATSIM418 - Oversee financial management

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

Interpret financial reports

  1. Ensure regular financial information is received from management in a form all board members can understand
  2. Clarify purpose of financial reports and their key features with board members
  3. Identify income shortfalls and expenditure overruns
Ensure regular financial information is received from management in a form all board members can understand

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify purpose of financial reports and their key features with board members

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify income shortfalls and expenditure overruns

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate financial reports

  1. Consider and discuss financial implications of reports with other board members and management
  2. Compare data with previous reports and decisions
  3. Compare year-to-date and end-of-financial-year data with budgeted outcomes
  4. Seek independent advice where necessary
Consider and discuss financial implications of reports with other board members and management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare data with previous reports and decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare year-to-date and end-of-financial-year data with budgeted outcomes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek independent advice where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recognise board responsibilities for assets

  1. Identify statutory responsibilities of board members for assets
  2. Identify funding body restrictions on the acquisition, use and disposal of assets
  3. Comply with statutory responsibilities and funding body requirements on assets
Identify statutory responsibilities of board members for assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify funding body restrictions on the acquisition, use and disposal of assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comply with statutory responsibilities and funding body requirements on assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make decisions on finance

  1. Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives
  2. Prioritise financial decisions against organisational objectives
  3. 4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements
  4. Ensure procedures are in place to document financial decisions
Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prioritise financial decisions against organisational objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure procedures are in place to document financial decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Approve expenditures

  1. Check expenditure proposals are within budget and meet statutory and funding body requirements
  2. Check the organisation’s current financial situation
  3. Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation
Check expenditure proposals are within budget and meet statutory and funding body requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check the organisation’s current financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review financial decisions

  1. Monitor outcomes and actions from decisions
  2. Identify and monitor external influences on budgets and finances
  3. Ensure procedures are in place to document variations to financial agreements
Monitor outcomes and actions from decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and monitor external influences on budgets and finances

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure procedures are in place to document variations to financial agreements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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