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Evidence Guide: CSCORG508A - Determine the effective use of financial resources

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

 

CSCORG508A - Determine the effective use of financial resources

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

Identify financial resource requirements.

  1. Consult with key people to develop and endorse proposals for expenditure.
  2. Ensure proposed expenditure takes into account factors likely to affect costs and returns.
  3. Link proposed financed activities to organisational objectives and strategies.
  4. Ensure proposed financed activities include targets, standards and monitoring methods.
Consult with key people to develop and endorse proposals for expenditure.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure proposed expenditure takes into account factors likely to affect costs and returns.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Link proposed financed activities to organisational objectives and strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure proposed financed activities include targets, standards and monitoring methods.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish budgets for activities.

  1. Ensure relevant people participate in determining a budget that is clear, concise and presents a cost-benefit analysis.
  2. Present budget proposals in the format required by your organisational management practices.
  3. Conduct negotiations in a way that maintains good working relationships with the people involved.
  4. Resolve and report areas of uncertainty or contention and negotiate and finalise agreements in the time required.
  5. Provide relevant people with information about the budget decisions in a manner and timeframe that contribute to their cooperation and confidence.
Ensure relevant people participate in determining a budget that is clear, concise and presents a cost-benefit analysis.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present budget proposals in the format required by your organisational management practices.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct negotiations in a way that maintains good working relationships with the people involved.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Resolve and report areas of uncertainty or contention and negotiate and finalise agreements in the time required.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide relevant people with information about the budget decisions in a manner and timeframe that contribute to their cooperation and confidence.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Control expenditure and activities against budget.

  1. Ensure team members take individual responsibility for monitoring and controlling expenditure and activities against budgets.
  2. Implement a method of regular monitoring of expenditure and activities against budgets that complies with the organisation's requirements.
  3. Take corrective action in response to actual or potential significant variation from budgets promptly and effectively and report outcomes.
  4. Refer requests for expenditure outside the area of the budgets promptly to the relevant people.
  5. Complete records of activities against budgets accurately and make available to authorised people.
Ensure team members take individual responsibility for monitoring and controlling expenditure and activities against budgets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement a method of regular monitoring of expenditure and activities against budgets that complies with the organisation's requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take corrective action in response to actual or potential significant variation from budgets promptly and effectively and report outcomes.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer requests for expenditure outside the area of the budgets promptly to the relevant people.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete records of activities against budgets accurately and make available to authorised people.

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, the range statement and the Assessment Guidelines for this Training Package.

Overview of assessment

Assessment of this unit will be applied in a range of applications reflecting the nature of the services provided by the organisation, the legal structure of the organisation, the management system and culture and the candidate's specific roles and responsibilities.

Evidence should be gathered over time and drawn from the range of routine and required work activities relevant to the performance criteria, the range statement and the organisational environment.

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

In addition to integrated demonstration of the elements and their related performance criteria, look for evidence that confirms:

the knowledge requirements of this unit

the skill requirements of this unit

application of employability skills as they relate to this unit

ability to determine the effective use of financial resources in a range of (two or more) contexts or occasions, over time.

Context of and specific resources for assessment

Valid assessment of this unit requires:

a workplace environment or one that closely resembles normal work practice and replicates the range of conditions likely to be encountered when determining financial resources, including coping with difficulties, irregularities and breakdowns in routine

copies of legislation, policies, procedures and guidelines relating to financial planning, management, reporting and accountability

access to appropriate learning and assessment support when required.

Method of assessment

Evidence must include observation and information generated in the workplace as well as observation of performance in routine work functions or, where this is not possible, in a simulated exercise only where necessary to confirm the transferability of the competencies.

The following assessment methods are suggested:

observation of performance in routine workplace activities within a range of agreed responsibilities and in various work locations

written and/or oral questioning to assess knowledge and understanding

completion of workplace documents and reports produced as part of routine work activities

third-party reports from experienced practitioners

completion of performance feedback from supervisors and colleagues

scenarios

simulations or role plays.

Guidance information for assessment

Assessment methods should reflect workplace demands, and any identified special needs of the candidate, including language and literacy implications and cultural factors that may affect responses to the questions.

In all cases where practical assessment is used it will be combined with targeted questioning to assess the underpinning knowledge.

Required Skills and Knowledge

This section describes the essential skills and knowledge and their level, required for this unit.

Required skills:

accessing and using legislation and guidelines relating to financial planning, management, reporting and accountability

reading complex and formal documents, such as legislation, policies, procedures and accounting standards and providing advice on their interpretation and application

detailing requirements, writing recommendations and preparing financial plans

using financial applications for entering data and preparing reports requiring accuracy of expression

communicating with key people using a range of communication styles to suit different audiences and purposes

using communication strategies involving exchanges of complex financial information.

Required knowledge:

legislation, regulations, organisational policies and procedures, strategic plans relevant to financial planning, management, reporting and accountability

Environmental or sustainability legislation, regulations and codes of practice applicable to industry

corporate governance requirements

relationships of financial management compliance framework to organisational structures

organisational general management and accountability structures and systems

methods of analysing and costing resource capacity and use

internal control mechanisms and accountability of processes and resources

accrual accounting principles

professional, ethical and business standards for financial management

financial recording and reporting requirements.

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 in the performance criteria is detailed below. Add any 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.

Proposals for expenditure may include demonstrating the need to:

expand the scope of current services

develop new services and products

identify where financial resources will come from i.e. from inside or outside the organisation

implement long-term programs (several years or more)

implement short-term programs (less than one year).

Factors likely to affect costs and returns may include:

need and demand

past financial experiences

accounting trends

cash flow patterns and financial position

benchmarking of services

program variations

changing risk profiles

developments

opportunities.

Budget proposals should include information drawn from:

current and past budgets and financial reports

data on service activities and outcomes

resource projections and costings

sources of funding and criteria for funds

real costing of services.

Regular monitoring should:

identify, record and measure income, expenditure, assets, liabilities and equity

ensure procedures are properly described

ensure all revenues are received

ensure assets are safeguarded and efficiently and effectively used, to avoid waste, extravagance, misuse and loss

ensure liabilities are not incurred without proper authority

ensure correct valuation, cut-off, presentation and disclosure of financial balances and transactions

include contingency plans

be linked to the organisation's risk management strategy

be established to accord with the organisation's delegation framework

be cost-effective.