The Evidence Guide provides advice to inform and support appropriate assessment of this unit. It contains an overview of the assessment requirements followed by identification of specific aspects of evidence that will need to be addressed in determining competence. The Evidence Guide is an integral part of the unit and should be read and interpreted in conjunction with the other components of competency.
Assessment must reflect the endorsed Assessment Guidelines of the parent Training Package.
A person who demonstrates competence in this unit must be able to provide evidence that they are able to manage finances for the work team effectively and efficiently and within organisational and legislative requirements. This may include evidence of managing the work of others whose roles are associated with financial management and record keeping.
Required knowledge and understanding include: | • relevant legislation from all levels of government that affects business operation, especially in regard to occupational health and safety and environmental issues, equal opportunity, industrial relations and anti-discrimination • organisational requirements related to financial management • organisation roles in respect to financial delegations, accountabilities and responsibilities • requirements for organisational record keeping and audit requirements • organisational objectives and plans • financial management requirements and performance measurement • basic accounting principles • consultative methods and processes • the principles and techniques involved in: - budgeting - cash flows - ledgers and financial statements - accrual accounting concepts - advanced numerical calculations - electronic spreadsheets |
Required skills and attributes include: | • ability to relate to people from a range of social, cultural and ethnic backgrounds and physical and mental abilities • communication and training skills • financial planning and management skills, including budgeting • contingency management skills • problem solving skills • leadership and personnel management • monitoring and review skills • skills in the use of specialist software for financial record keeping and management (if and as relevant) • attributes: - ethical - communicative - showing positive leadership |
Key competencies or generic skills relevant to this unit | The seven key competencies represent generic skills considered essential for effective work participation. Innovation skills represent a further area of generic competence. The bracketed numbering indicates the performance level required in this unit: Level (1) represents the competence to undertake tasks effectively Level (2) represents the competence to manage tasks Level (3) represents the competence to use concepts for evaluating and reshaping tasks. The bulleted points provide examples of how the key competencies can be applied for this unit. |
Communicating ideas and information (3) | • communicating verbally to lead a team including negotiating, training, participating in meetings, questioning and discussing • using written communication skills, including those involved in reporting, review and evaluation |
Collecting, analysing and organising information (3) | • tracking, monitoring and controlling financial data • reviewing and evaluating financial management |
Planning and organising activities (3) | • planning for delegation of tasks associated with financial management while managing own work |
Working in a team (3) | • working with team members and providing leadership to team • working with others involved in financial management from outside the team |
Using mathematical ideas and techniques (3) | • using calculation skills associated with data manipulation involved in financial data |
Solving problems (3) | • applying problem solving skills as required to address problems arising in managing finances |
Using technology (2) | • using word processing packages, spreadsheets, databases, and other packages to produce written correspondence and reports related to finances and data collation |
Innovation skills (3) | • using review process to improve financial management |
Products that could be used as evidence include: | • documentation produced in managing finances within the work team, such as: - revised budgets - cost estimates - cost management plans and strategies - cost breakdown structures - expenditure forecasts - records of cost management lessons learned and recommendations for improvements |
Processes that could be used as evidence include: | • how any required changes to budgets/financial plans were negotiated • how cost management plans and contingency plans were developed • how budgets/financial plans were communicated to team members • how team members were supported in undertaking roles associated with financial management • how problems and issues with respect to finances were identified and addressed • how financial management was reviewed and improvements acted upon |
Resource implications for assessment include: | • access by the learner and trainer to appropriate documentation and resources normally used in the workplace |
Validity and sufficiency of evidence requires: | • that this unit can be assessed in the workplace or in a closely simulated work environment • that where assessment is part of a learning experience, evidence will need to be collected over a period of time, involving both formative and summative assessment • that examples of actions taken by the candidate to manage finances across the work team are provided |
Integrated competency assessment means: | • that this unit should be assessed with other frontline management units taken as part of this qualification, as applicable to the candidate’s management role in work team and as part of an integrated assessment activity |