NTISthis.com

Evidence Guide: PSPFIN601A - Apply complex public sector financial requirements

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

 

PSPFIN601A - Apply complex public sector financial requirements

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

Interpret and apply complex public sector financial requirements

  1. Public sector financial requirements are identified in accordance with legislation, policy and instructions.
  2. Public sector financial management compliance framework hierarchy is interpreted and explained to others in accordance with their needs, to ensure the organisation's compliance with the framework's requirements.
  3. Advice regarding interpretation of public sector financial policies and procedures and accounting standards is provided in accordance with organisational requirements.
  4. Information on the organisation's financial controls and accountabilities is interpreted and provided to management and staff in accordance with organisational requirements.
  5. Business solutions are developed/refined for the organisation in accordance with financial management standards and public sector financial policies and procedures.
Public sector financial requirements are identified in accordance with legislation, policy and instructions.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Public sector financial management compliance framework hierarchy is interpreted and explained to others in accordance with their needs, to ensure the organisation's compliance with the framework's requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information on the organisation's financial controls and accountabilities is interpreted and provided to management and staff in accordance with organisational requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Business solutions are developed/refined for the organisation in accordance with financial management standards and public sector financial policies and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and apply internal financial controls

  1. Current internal controls are analysed for improvement and revised or replaced in accordance with organisational requirements.
  2. Controls are reviewed to ensure these include effective delegation levels, lines of responsibility, and associated accountabilities.
  3. Controls are checked for consistency with government policy and organisational structure.
  4. Systems and surrounding control procedures are implemented, documented and made accessible in accordance with organisational policy and procedures.
Current internal controls are analysed for improvement and revised or replaced in accordance with organisational requirements.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Controls are reviewed to ensure these include effective delegation levels, lines of responsibility, and associated accountabilities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Controls are checked for consistency with government policy and organisational structure.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Systems and surrounding control procedures are implemented, documented and made accessible in accordance with organisational policy and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formulate and maintain financial policy and procedures

  1. Public sector financial policies and procedures are interpreted and advice is provided on the implications for the organisation's financial policy and procedures.
  2. Organisational financial policy and procedures are developed/approved in accordance with organisational requirements and government policy.
  3. Input is provided to inter-departmental accounting groups responsible for policy development in accordance with organisational requirements to maintain and improve financial policy outcomes.
  4. Policies are developed to meet regulatory and legislative requirements and cost effective best practice.
Public sector financial policies and procedures are interpreted and advice is provided on the implications for the organisation's financial policy and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Organisational financial policy and procedures are developed/approved in accordance with organisational requirements and government policy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Input is provided to inter-departmental accounting groups responsible for policy development in accordance with organisational requirements to maintain and improve financial policy outcomes.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Policies are developed to meet regulatory and legislative requirements and cost effective best practice.

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:

PSPETHC601B Maintain and enhance confidence in public service

PSPLEGN601B Manage compliance with legislation in the public sector

PSPMNGT602B Manage resources

PSPMNGT608B Manage risk

PSPMNGT609B Formulate business strategies

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 complex public sector financial requirements 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 guidelines relating to the public sector financial management compliance framework

industry and accounting standards

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

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 complex public sector financial requirements, including coping with difficulties, irregularities and breakdowns in routine

application of complex public sector financial requirements 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

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:

interpreting 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

preparing reports and policies requiring precision of expression

setting industry benchmarks and influencing policy

responding to diversity, including gender and disability

synthesising and applying information and legislation accessed 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 (intimate knowledge) and the relationship of the elements of the framework

internal control principles and how these have been applied to financial processes

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

service level agreements

internal and external reporting requirements

industry and accounting standards

public sector standards and codes of conduct/ethics

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 bold italics in the Performance Criteria is explained here.

Elements of the public sector financial management compliance frameworkmay 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

Public sector financial policies and proceduresmay 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

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

Documentation of internal controlsmay include:

financial management practice manual

intranet