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Evidence Guide: PSPFIN603A - Develop public sector financial strategies

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

 

PSPFIN603A - Develop public sector financial strategies

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

Develop linkages between strategic planning outcomes and financial management processes

  1. Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved
  2. Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures
  3. Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy
  4. Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans
Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Establish and maintain a financial risk management strategy

  1. Current and potential risk exposures are identified and measured, including alternative profiles
  2. Cost effective policies and procedures for minimising and managing exposures are implemented and monitored
  3. Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements
  4. Learning, development and support needs are identified and resourced to assist staff to effectively manage risk
Current and potential risk exposures are identified and measured, including alternative profiles

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Cost effective policies and procedures for minimising and managing exposures are implemented and monitored

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Learning, development and support needs are identified and resourced to assist staff to effectively manage risk

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Establish and maintain a taxation strategy

  1. Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements
  2. Timely strategic taxation advice is sourced/provided and used in the development of the strategy
  3. A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law
Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Timely strategic taxation advice is sourced/provided and used in the development of the strategy

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Establish resource requirements in financial terms

  1. Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements
  2. Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals
  3. Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans
  4. Service delivery requirements are established in accordance with program requirements
  5. A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements
Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Service delivery requirements are established in accordance with program requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop financial bids and estimates

  1. Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements
  2. Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs
  3. Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates
  4. Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines
Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop linkages between strategic planning outcomes and financial management processes

  1. Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved.
  2. Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures.
  3. Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy.
  4. Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans.
Financial management authority and autonomy are provided within organisational and program structures to enable outcomes to be achieved.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Financial processes are structured to ensure manageable linkages to program outputs while retaining internal controls in accordance with organisational policy and procedures.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Activities to be funded/managed are organised into programs and sub-programs to reflect logical groupings of organisational objectives that address current government policy and strategy.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Linkages to outputs and outcomes are developed in accordance with the organisation's business and longer term plans.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Establish and maintain a financial risk management strategy

  1. Current and potential risk exposures are identified and measured, including alternative profiles.
  2. Cost effective policies and procedures for minimising and managing exposures are implemented and monitored.
  3. Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements.
  4. Learning, development and support needs are identified and resourced to assist staff to effectively manage risk.
Current and potential risk exposures are identified and measured, including alternative profiles.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Cost effective policies and procedures for minimising and managing exposures are implemented and monitored.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Financial risk management policies and practices are documented and reviewed in accordance with organisational requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Learning, development and support needs are identified and resourced to assist staff to effectively manage risk.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Establish and maintain a taxation strategy

  1. Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements.
  2. Timely strategic taxation advice is sourced/provided and used in the development of the strategy.
  3. A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law.
Exposure to applicable State/Territory and Federal taxes is determined and a strategy to increase taxation awareness within the organisation is developed in accordance with organisational requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Timely strategic taxation advice is sourced/provided and used in the development of the strategy.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

A cost effective strategy is established/maintained to capture, quantify, minimise and pay taxation liabilities in accordance with law.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Establish resource requirements in financial terms

  1. Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements.
  2. Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals.
  3. Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans.
  4. Service delivery requirements are established in accordance with program requirements.
  5. A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements.
Resource requirements are determined in terms of physical assets and human resources in accordance with program requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Financial analysis techniques are used to evaluate and approve alternative and new resource allocation proposals.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Processes are established to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Service delivery requirements are established in accordance with program requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

A strategic asset plan is developed, submitted for approval and maintained in accordance with organisational requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Develop financial bids and estimates

  1. Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements.
  2. Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs.
  3. Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates.
  4. Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines.
Organisational initiatives are costed and bids/estimates are prepared in accordance with budgetary processes and requirements.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Bids/estimates are linked to organisational priorities, based on substantiated information and logical assumptions and take account of resource constraints and organisational needs.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Bids/estimates are developed to reflect outstanding liabilities and receipt collections and are prepared to meet critical submission dates.

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Supporting documentation is prepared to justify bids/estimates in accordance with budget guidelines.

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)

development of public sector financial strategies in a range of (2 or more) contexts (or occasions, over time)

Resources required to carry out assessment

These resources include:

public sector and organisational financial policies procedures and protocols

case studies and scenarios to capture the range of situations likely to be encountered when developing public sector financial strategies

financial legislation and guidelines such as central agency guidelines

budget process and guidelines

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 developing financial strategies, including coping with difficulties, irregularities and breakdowns in routine

development of public sector financial strategies in a range of (2 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 organisational information in financial terms

adjusting communication to suit different audiences

preparing strategies and reports requiring precision of expression

undertaking financial analysis

costing and preparing bids and estimates

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

ethics/codes of conduct

operational planning processes

financial risk management

applicable State/Territory and Commonwealth taxes

government budget cycle including budget and additional estimates, budget processes and guidelines

Senate committee hearings

appropriation structure/funding mechanisms (for example, those including Commonwealth/State/Territory relationships)

costing policies and procedures

principles of accrual accounting

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.

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 Financial Statistics (GFS) requirements

corporate planning

whole-of-government/agency systems and reporting

Linkages may be:

cross-government

inter-agency

Financial risk management policies should cover:

insurable risks

non-insurable risks

State/Territory and Federal taxesmay include:

goods and services tax

fringe benefits tax

payroll tax

other taxes and duties and taxation equivalents

Service delivery requirementsare established in terms of:

outputs and outcomes

quantity

quality

timeliness

cost

location (point of delivery)

Approvals of strategic asset planmay include:

program or sub-program level or output/outcome

business unit

organisational level:

chief executive

head office

board of management

director general

central agency such as Treasury

government level:

Cabinet Budget Committee

Minister

Parliamentary committees

Maintenance of strategic assetplan may be:

annually

for future requirements projected 3-5 years

Bids may include:

program discretionary bids

program, sub-program, section, business unit bids

portfolio managed bids

Estimates may include:

budget estimates

additional estimates

forward estimates

long-term estimates

revised estimates, both current and forward

Budgetary requirements may include:

zero-based budgeting

accrual budgeting

activity-based costing

output and outcome-based budgeting

top-down/bottom-up approach

base plus increment

cash flow management

Information may include:

historical information

cost-benefit analyses

staff requirements

contractual information

Supporting documentation may include:

phasing for liability and expenditure

impact statements

reasons for major variations

significant variations to financial guidance

staffing resources