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Evidence Guide: TLIP5035A - 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

 

TLIP5035A - 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

  1. Budget/financial plan communication package is reviewed by finance specialists
  2. Package is amended/revised where appropriate
  3. Training activities are undertaken with users of the budget and plans across the organisation
  4. All data and terms are defined and understood by the users of the plans
  5. Communication outcomes are tested to ensure clear understanding of objectives, processes and accountabilities
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:

 

 

 

 

 

 

 

All data and terms are defined and understood by the users of the plans

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control activities against plans

  1. Delegations and budget accountabilities are confirmed in writing prior to budget period
  2. Funds are allocated in accordance with budget objectives and parameters
  3. Recording systems and documentation meet all audit requirements and legal obligations
  4. Risk management plans are implemented and contingency plans are in place for all financial plans
  5. Performance is monitored and variances identified on a real time basis
  6. Variances are analysed in conjunction with relevant experts to determine cause and effect
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:

 

 

 

 

 

 

 

Recording systems and documentation meet all audit requirements and legal obligations

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 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

  1. Records of financial performance are properly maintained within organisational systems
  2. Financial performance is analysed and reported in a form and language appropriate to the audience
  3. Non financial objectives are reported in the context of overall organisational performance
  4. Strategies and plans are reviewed and updated to optimise organisational performance
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

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required knowledge and skills, the range statement and the assessment guidelines for this Training Package.

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

The evidence required to demonstrate competency in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria of this unit and include demonstration of applying:

the underpinning knowledge and skills

relevant legislation and workplace procedures

other relevant aspects of the range statement

Context of and specific resources for assessment

Performance is demonstrated consistently over a period of time and in a suitable range of contexts

Resources for assessment include:

a range of relevant exercises, case studies and/or other simulated practical and knowledge assessment, and/or

access to an appropriate range of relevant operational situations in the workplace

In both real and simulated environments, access is required to:

relevant and appropriate materials and equipment, and

applicable documentation including workplace procedures, regulations, codes of practice and operation manuals

Method of assessment

Assessment of this unit must be undertaken by a registered training organisation

As a minimum, assessment of knowledge must be conducted through appropriate written/oral tests

Practical assessment must occur:

through activities in an appropriately simulated environment at the registered training organisation, and/or

in an appropriate range of situations in the workplace

Required Skills and Knowledge

REQUIRED KNOWLEDGE AND SKILLS

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

Required knowledge:

Budgetary procedures and policies

Workplace processes for setting and achieving budgets

Accountancy practices relevant to budgetary control

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

Risks that may exist when setting and achieving budgets and ways of controlling the risks involved

Focus of operation of budgetary systems, resources, management and workplace operating systems

Limits of authorised expenditure and who has budget authorities

Quality and customer service standards, policies and procedures

Required skills:

Communicate effectively with others when completing work activities

Work collaboratively with others

Access, read and interpret budgetary documents, financial statements and reports and workplace policies and procedures

Apply basic accounting principles to budgetary processes

Apply calculation skills sufficient for setting and achieving budgets

Prioritise work and coordinate self and others in relation to workplace activities

Identify and solve problems that may arise when setting and achieving budgets

Select and apply appropriate technology, information systems and procedures

Modify budgets and plans as required to cater for changes

Adapt appropriately to cultural differences in the workplace, including modes of behaviour and interactions with others

Monitor work activities in terms of planned schedule

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.

Delegations and budget accountabilities may include:

monitoring expenditure

authorising expenditure within limits

reporting on variances to budget/plan

taking remedial action within budget authority

Depending on the organisation concerned, workplace procedures may be called:

standard operating procedures (SOPs)

company procedures

enterprise procedures

organisational procedures

established procedures

Documentation and records may include:

quality assurance procedures

relevant Australian Standards and certification requirements

Applicable legislation and regulations may include:

relevant legislation from all levels of government that affects business operation, especially in regard to the maintenance of up-to-date, accurate financial information

relevant industry codes of practice