What evidence is required to demonstrate competence for this standard as a whole

Competence in preparing and monitoring budgets and financial reports requires evidence that budgets have been successfully and appropriately developed and monitored in an enterprise and that financial reports meet industry standards in their content and structure The skills and knowledge required to prepare and monitor budgets and financial reports must be transferable to a range of work environments and contexts For example this could include different enterprises budgetary processes and financial reporting requirements and recipients

What specific knowledge is needed to achieve the performance criteria

Knowledge and understanding are essential to apply this standard in the workplace to transfer the skills to other contexts and to deal with unplanned events The knowledge requirements for this unit are listed below

budget formulation

financial information systems

business transactions

banking and reconciliation

standards for organisational recordkeeping and audit requirements

What specific skills are needed to achieve the performance criteria

To achieve the performance criteria some complementary skills are required These skills include the ability to

prepare a budget

implement and monitor a budget

prepare financial reports

What processes should be applied to this competency standard

There are a number of processes that are learnt throughout work and life which are required in all jobs They are fundamental processes and generally transferable to other work functions Some of these are covered by the key competencies although others may be added The questions below highlight how these processes are applied in this competency standard Following each question a number in brackets indicates the level to which the key competency needs to be demonstrated where not required perform the process perform and administer the process and perform administer and design the process

How can communication of ideas and information be applied

Through preparation of budgets and financial reports

How can information be collected analysed and organised

Through monitoring of budget performance

How are activities planned and organised

Through consultation with others in preparation and monitoring of budgets

How can team work be applied

Through working with others to review budget performance

How can the use of mathematical ideas and techniques be applied

Through measuring budget performance calculating variances and presenting outcomes

How can problemsolving skills be applied

Through identifying and addressing budget irregularities and noncompliance

How can the use of technology be applied

Through use of computers and communication systems

Are there other competency standards that could be assessed with this one

This competency standard could be assessed on its own or in combination with other competencies relevant to the job function

There is essential information about assessing this competency standard for consistent performance and where and how it may be assessed in the Assessment Guidelines for this Training Package All users of these competency standards must have access to the Assessment Guidelines Further advice may also be sought from the relevant sector booklet

What budgets may be relevant to this competency standard?

How might records be kept?

What report recipients may be relevant to this competency standard?

Which non-financial objectives might also be reported?