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Evidence Guide: BSBATSIM418A - 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

 

BSBATSIM418A - 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 that 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 that 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 with respect to assets
  2. Identify funding body restrictions on the acquisition, use and disposal of assets
  3. Comply with statutory responsibilities and funding body requirements with respect to assets
Identify statutory responsibilities of board members with respect to assets

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

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Comply with statutory responsibilities and funding body requirements with respect to assets

Completed
Date:

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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. 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:

 

 

 

 

 

 

 

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

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

Evidence of the ability to:

understand a variety of financial reports

monitor the financial status of the organisation

make financial decisions according to organisational vision and objectives that comply with legal and contractual requirements

responsibly manage organisational assets.

Context of and specific resources for assessment

Assessment must ensure:

participation on an actual or simulated board

access to examples of financial reports and other relevant documents

knowledge and performance are assessed over time to confirm consistency in performance.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

observation of performance on a board or simulated board

direct questioning combined with reflection of practical board performance by the candidate

analysis of responses to case studies and scenarios

observation of presentations and group discussions

oral or written questioning to assess knowledge

observation of performance in role plays.

Guidance information for assessment

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

BSBATSIM414C Oversee the organisation's annual budget

BSBATSIM420A Oversee asset management.

Required Skills and Knowledge

Required skills

numeracy skillsto read financial reports and calculations

culturally appropriate communication skills to relate to people from diverse backgrounds and with diverse abilities

communication and teamwork skills to work cooperatively with other board members, management and staff of the organisation, members, community and key stakeholders

evaluation and decision-making skills to monitor and review information presented to the board and enact decisions

initiative and enterprise skills to set priorities when making financial decisions

Required knowledge

concept of community control of organisations and how it may impact on financial decisions

cultural context in which Aboriginal and Torres Strait Islander boards operate, including their role in upholding traditional and cultural values, and how that might impact on financial decisions

geographic, social, economic and political contexts in which particular organisations operate and how these may impact on financial decisions

organisational procedures and processes regarding finances

organisationalvision and objectives

previous budget performance and financial reports

purpose and components of financial reports

relevant protocols and cultural responsibilities when making financial decisions

statutoryand funding body requirements relevant to the organisation's financial decisionmaking

statutory and funding body responsibilities in relation to financial reporting and assets

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Financial reports may refer to:

annual audited financial statements

asset registers

balance sheets

bank accounts

budgets

expenditure

income

loans

profit and loss statements.

Independent advisers may include:

accountants

business advisers.

Statutory responsibilities may relate to:

annual reporting

acquittal reporting

fees and taxes

funding agreements

procurement and disposal.

External influences may include:

awards

costs

environmental factors

funding sources

government policy

inflation rate

interest rate

markets

supplies.