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Evidence Guide: PSPFIN501A - Apply public sector financial policies and processes

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

 

PSPFIN501A - Apply public sector financial policies and processes

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

Identify public sector requirements for financial management

  1. The elements of the public sector financial management compliance framework as these relate to the organisation are identified, and requirements regarding the application of these are confirmed.
  2. Delegation requirements relating to work functions throughout the organisation are identified in accordance with the organisation's delegation framework.
  3. Internal financial control principles and operational mechanisms within the organisation are identified and clarified with senior finance staff.
  4. Public sector financial policies and procedures relating to the work role and the organisation are located and the requirements of these are identified.
The elements of the public sector financial management compliance framework as these relate to the organisation are identified, and requirements regarding the application of these are confirmed.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Delegation requirements relating to work functions throughout the organisation are identified in accordance with the organisation's delegation framework.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal financial control principles and operational mechanisms within the organisation are identified and clarified with senior finance staff.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Public sector financial policies and procedures relating to the work role and the organisation are located and the requirements of these are identified.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement public sector financial management requirements

  1. Financial services are provided in accordance with public sector financial policy and procedures, organisational requirements and industry benchmarks.
  2. Advice regarding public sector financial policies and procedures and accounting standards is provided in accordance with organisational requirements and limits of responsibility.
  3. Organisational procedures are developed/reviewed to reflect the requirements of public sector financial policy, guidelines and procedures in accordance with organisational requirements.
  4. Different levels of delegation are differentiated, work situations are assessed and delegation requirements relating to functions are explained/implemented in accordance with organisational procedures.
  5. Internal control mechanisms are applied within an organisational context in accordance with organisational policy and procedures and audit requirements.
Financial services are provided in accordance with public sector financial policy and procedures, organisational requirements and industry benchmarks.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advice regarding public sector financial policies and procedures and accounting standards is provided in accordance with organisational requirements and limits of responsibility.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organisational procedures are developed/reviewed to reflect the requirements of public sector financial policy, guidelines and procedures in accordance with organisational requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Different levels of delegation are differentiated, work situations are assessed and delegation requirements relating to functions are explained/implemented in accordance with organisational procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Internal control mechanisms are applied within an organisational context in accordance with organisational policy and procedures and audit requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide specifies the evidence required to demonstrate achievement in the unit of competency as a whole. It must be read in conjunction with the Unit descriptor, Performance Criteria, the Range Statement and the Assessment Guidelines for the Public Sector Training Package.

Units to be assessed together

Pre-requisite units that must be achieved prior to this unit:Nil

Co-requisite units that must be assessed with this unit:Nil

Co-assessed units that may be assessed with this unit to increase the efficiency and realism of the assessment process include, but are not limited to:

PSPETHC501B Promote the values and ethos of public service

PSPLEGN501B Promote compliance with legislation in the public sector

PSPGOV502B Develop client services

PSPGOV503B Coordinate resource allocation and usage

Overview of evidence requirements

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 the Employability Skills as they relate to this unit (see Employability Summaries in Qualifications Framework)

application of public sector financial policies or processes in a range of (3 or more) contexts (or occasions, over time)

Resources required to carry out assessment

These resources include:

public sector and organisational financial procedures and protocols

legislation, policy, procedures and protocols relating to public sector financial management compliance framework

delegation manual

budget manual/instructions

case studies and workplace scenarios to capture the range of situations likely to be encountered when applying public sector financial policies and processes

Where and how to assess evidence

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 applying public sector financial policies and processes, including coping with difficulties, irregularities and breakdowns in routine

application of public sector financial policies or processes in a range of (3 or more) contexts (or occasions, over time)

Assessment methods should reflect workplace demands, such as literacy, and the needs of particular groups, such as:

people with disabilities

people from culturally and linguistically diverse backgrounds

Aboriginal and Torres Strait Islander people

women

young people

older people

people in rural and remote locations

Assessment methods suitable for valid and reliable assessment of this competency may include, but are not limited to, a combination of 2 or more of:

case studies

portfolios

projects

questioning

scenarios

simulation or role plays

authenticated evidence from the workplace and/or training courses

For consistency of assessment

Evidence must be gathered over time in a range of contexts to ensure the person can achieve the unit outcome and apply the competency in different situations or environments

Required Skills and Knowledge

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

Skill requirements

Look for evidence that confirms skills in:

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

adjusting communication to suit different audiences

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

applying delegations

working in accordance with public sector industry benchmarks

responding to diversity, including gender and disability

accessing information and legislation electronically or in hard copy

applying environmental and occupational health and safety procedures relating to working in the public sector

Knowledge requirements

Look for evidence that confirms knowledge and understanding of:

legislation, policies and processes relating to public sector finance

public sector financial management compliance framework (detailed knowledge) and the relationship of the elements of the framework

documents that make up the financial management compliance framework

delegations and why the public sector uses them

internal controls, mechanisms for internal controls and why these are used

separation of duties

corporate governance requirements/relationship of financial management compliance framework to organisational structures

service level agreements

accrual accounting principles

ethics/code of conduct

legislation related to work in the public sector such as environmental and occupational health and safety requirements

Range Statement

The Range Statement provides information about the context in which the unit of competency is carried out. The variables cater for differences between States and Territories and the Commonwealth, and between organisations and workplaces. They allow for different work requirements, work practices and knowledge. The Range Statement also provides a focus for assessment. It relates to the unit as a whole. Text in italics in the Performance Criteria is explained here.

Elements of the public sector financial management compliance framework may include:

Generally Accepted Accounting Practices (GAAP)

financial management Acts and regulations

financial administration and audit Acts

central agency (such as Treasury) guidelines

requirements for:

internal controls

separation of duties

delegations

corporate governance

service level agreements

internal and external reporting

risk management

Delegations are:

functions or powers (under an Act) assigned to others

made to specified limits

made to specified positions and ex officio, i.e. not to specific people but to particular positions

Public sector financial policies and procedures may include:

financial management Acts and regulations

financial administration and audit Acts

public sector finance standards

financial management benchmarking studies

the organisation's:

financial management

delegations

budget guidelines/instructions

style requirements

quality requirements

government financial policy statements and guidelines

Australian Accounting Standards

Generally Accepted Accounting Practices (GAAP)

Australian Bureau of Statistics (ABS) requirements

Government Finance Statistics (GFS) requirements

corporate planning

whole-of-government/agency systems and reporting

Internal controls should:

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

ensure separation of duties

ensure procedures are properly described

incorporate other key organisations' guidelines such as banker's terms and conditions, guidelines for use of high risk equipment like EFTPOS and debit and credit transactions

ensure all revenues are received

ensure assets are safeguarded and efficiently and effectively used so as 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