This unit describes the skills required to navigate through and comply with the financial management framework, and identify and act on non-compliance.

This unit applies to those working in the public sector Finance Domain who would be required to undertake financial management activities.

The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to, particularly those related to financial management.

Those undertaking this unit would work independently or as part of a team, under indirect supervision. They must be able to use discretion and judgement and take responsibility for the quality of their outputs. They would perform complex tasks in familiar context.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1

Develop understanding of the financial management framework

1.1

Maintain currency of knowledge of the financial management framework

1.2

Promote knowledge sharing of the financial management framework amongst colleagues

2

Comply with the financial management framework

2.1

Uphold financial management policies and principles

2.2

Monitor compliance with financial management policies and procedures

2.3

Implement strategies to ensure compliance with financial management policies and procedures within work area

3

Manage compliance

3.1

Identify and report on instances of non-compliance

3.2

Implement and monitor corrective action

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, interpreting and applying financial management policies

developing strategies to mitigate financial non-compliance

providing technical advice on financial compliance

reading and interpreting financial statements

reading and interpreting Portfolio Budget Statements (PBS) and Portfolio Additional Estimates Statements (PAES).

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:

relevant financial systems

the Commonwealth budget cycle

the organisation’s instructions relating to financial management activities

the organisation’s Delegations framework

the organisational structure, roles and responsibilities

Portfolio Budget Statements (PBS) and Portfolio Additional Estimates Statements(PAES)

relevant legislation and organisational accounting principles and policies

the role and purpose of:

Department of Treasury

Department of Finance.

As a minimum, assessors must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

As a minimum, assessment must satisfy applicable regulatory requirements, which include requirements in the Standards for Registered Training Organisations, current at the time of assessment.

Assessment must occur in workplace operational situations where it is appropriate to do so; where this is not appropriate, assessment must occur in simulated workplace operational situations that replicate workplace conditions.

Assessment processes and techniques must be appropriate to the language, literacy and numeracy requirements of the work being performed and the needs of the candidate.

Resources for assessment must include access to:

a range of relevant exercises, case studies and/or other simulations

relevant and appropriate materials, tools, equipment and personal protective equipment (PPE) currently used in industry

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

acceptable means of simulated assessment.

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

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

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

Not applicable.

Financial Management