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Evidence Guide: TLIP5035 - Manage budgets and financial plans

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

 

TLIP5035 - Manage budgets and financial plans

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

Communicate budget and financial plans

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Budget/financial plan communication package is reviewed by finance specialists

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Package is amended/revised where appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Training activities are undertaken with users of the budget and plans across the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data and terms are defined to assist users of the plans

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control activities against plans

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Delegations and budget accountabilities are confirmed in writing prior to budget period

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Funds are allocated in accordance with budget objectives and parameters

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Audit requirements and legal obligations are met through recording systems and documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Risk management plans are implemented and contingency plans are in place for all financial plans

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Performance is monitored and variances are identified on a real time basis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Variances are analysed in conjunction with relevant experts to determine cause and effect

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report outcomes of financial plans

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Records of financial performance are properly maintained within organisational systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Financial performance is analysed and reported in a form and language appropriate to the audience

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Non-financial objectives are reported in the context of overall organisational performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Strategies and plans are reviewed and updated to optimise organisational performance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Communicate budget and financial plans

1.1

Budget/financial plan communication package is reviewed by finance specialists

1.2

Package is amended/revised where appropriate

1.3

Training activities are undertaken with users of the budget and plans across the organisation

1.4

Data and terms are defined to assist users of the plans

1.5

Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities

2

Monitor and control activities against plans

2.1

Delegations and budget accountabilities are confirmed in writing prior to budget period

2.2

Funds are allocated in accordance with budget objectives and parameters

2.3

Audit requirements and legal obligations are met through recording systems and documentation

2.4

Risk management plans are implemented and contingency plans are in place for all financial plans

2.5

Performance is monitored and variances are identified on a real time basis

2.6

Variances are analysed in conjunction with relevant experts to determine cause and effect

3

Report outcomes of financial plans

3.1

Records of financial performance are properly maintained within organisational systems

3.2

Financial performance is analysed and reported in a form and language appropriate to the audience

3.3

Non-financial objectives are reported in the context of overall organisational performance

3.4

Strategies and plans are reviewed and updated to optimise organisational performance

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Communicate budget and financial plans

1.1

Budget/financial plan communication package is reviewed by finance specialists

1.2

Package is amended/revised where appropriate

1.3

Training activities are undertaken with users of the budget and plans across the organisation

1.4

Data and terms are defined to assist users of the plans

1.5

Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities

2

Monitor and control activities against plans

2.1

Delegations and budget accountabilities are confirmed in writing prior to budget period

2.2

Funds are allocated in accordance with budget objectives and parameters

2.3

Audit requirements and legal obligations are met through recording systems and documentation

2.4

Risk management plans are implemented and contingency plans are in place for all financial plans

2.5

Performance is monitored and variances are identified on a real time basis

2.6

Variances are analysed in conjunction with relevant experts to determine cause and effect

3

Report outcomes of financial plans

3.1

Records of financial performance are properly maintained within organisational systems

3.2

Financial performance is analysed and reported in a form and language appropriate to the audience

3.3

Non-financial objectives are reported in the context of overall organisational performance

3.4

Strategies and plans are reviewed and updated to optimise organisational performance

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

accessing, reading and interpreting budgetary documents, financial statements and reports, and workplace policies and procedures

applying basic accounting principles to budgetary processes

applying relevant legislation and workplace procedures

communicating and working effectively with others when completing work activities

identifying and solving problems that may arise when setting and achieving budgets

making calculations to set and achieve budgets

modifying budgets and plans as required to accommodate changes

monitoring work activities in terms of planned schedule

prioritising work and coordinating self and others in relation to workplace activities

selecting and applying appropriate technology, information systems and procedures.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

accountancy practices relevant to budgetary control

budgetary procedures and policies

budgetary systems, resources, management and workplace operating systems

limits of authorised expenditure and who has budget authorities

problems that may occur when setting and achieving budgets and action that can be taken to report or resolve these problems

quality and customer service standards, policies and procedures

risks that may exist when setting and achieving budgets and ways of controlling these risks

workplace processes for setting and achieving budgets.

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Non-essential conditions can be found in the Companion Volume Implementation Guide.