Application
Not applicable.
Prerequisites
Not applicable.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Interpret and apply complex public sector financial requirements | 1.1 Public sector financial requirements are identified in accordance with legislation, policy and instructions. 1.2 Public sector financial management compliance framework hierarchy is interpreted and explained to others in accordance with their needs, to ensure the organisation's compliance with the framework's requirements. 1.3 Advice regarding interpretation of public sector financial policies and procedures and accounting standards is provided in accordance with organisational requirements. 1.4 Information on the organisation's financial controls and accountabilities is interpreted and provided to management and staff in accordance with organisational requirements. 1.5 Business solutions are developed/refined for the organisation in accordance with financial management standards and public sector financial policies and procedures. |
2. Establish and apply internal financial controls | 2.1 Current internal controls are analysed for improvement and revised or replaced in accordance with organisational requirements. 2.2 Controls are reviewed to ensure these include effective delegation levels, lines of responsibility, and associated accountabilities. 2.3 Controls are checked for consistency with government policy and organisational structure. 2.4 Systems and surrounding control procedures are implemented, documented and made accessible in accordance with organisational policy and procedures. |
3. Formulate and maintain financial policy and procedures | 3.1 Public sector financial policies and procedures are interpreted and advice is provided on the implications for the organisation's financial policy and procedures. 3.2 Organisational financial policy and procedures are developed/approved in accordance with organisational requirements and government policy. 3.3 Input is provided to inter-departmental accounting groups responsible for policy development in accordance with organisational requirements to maintain and improve financial policy outcomes. 3.4 Policies are developed to meet regulatory and legislative requirements and cost effective best practice. |
Required Skills
This section describes the essential skills and knowledge and their level, required for this unit. |
Skill requirements Look for evidence that confirms skills in: interpreting complex and formal documents such as legislation, policies, procedures, and accounting standards, and providing advice on their interpretation and application adjusting communication to suit different audiences preparing reports and policies requiring precision of expression setting industry benchmarks and influencing policy responding to diversity, including gender and disability synthesising and applying information and legislation accessed electronically or in hard copy applying environmental and occupational health and safety procedures relating to working in the public sector |
Knowledge requirements Look for evidence that confirms knowledge and understanding of: legislation, policies and processes relating to public sector finance public sector financial management compliance framework (intimate knowledge) and the relationship of the elements of the framework internal control principles and how these have been applied to financial processes corporate governance requirements/relationship of financial management compliance framework to organisational structures service level agreements internal and external reporting requirements industry and accounting standards public sector standards and codes of conduct/ethics legislation related to work in the public sector such as environmental and occupational health and safety requirements |
Evidence Required
The Evidence Guide specifies the evidence required to demonstrate achievement in the unit of competency as a whole. It must be read in conjunction with the Unit descriptor, Performance Criteria, the Range Statement and the Assessment Guidelines for the Public Sector Training Package. | |
Units to be assessed together | Pre-requisite units that must be achieved prior to this unit:Nil Co-requisite units that must be assessed with this unit:Nil Co-assessed units that may be assessed with this unit to increase the efficiency and realism of the assessment process include, but are not limited to: PSPETHC601B Maintain and enhance confidence in public service PSPLEGN601B Manage compliance with legislation in the public sector PSPMNGT602B Manage resources PSPMNGT608B Manage risk PSPMNGT609B Formulate business strategies |
Overview of evidence requirements | In addition to integrated demonstration of the elements and their related performance criteria, look for evidence that confirms: the knowledge requirements of this unit the skill requirements of this unit application of the Employability Skills as they relate to this unit (see Employability Summaries in Qualifications Framework) application of complex public sector financial requirements in a range of (3 or more) contexts (or occasions, over time) |
Resources required to carry out assessment | These resources include: public sector and organisational financial procedures and protocols legislation, policy, procedures and guidelines relating to the public sector financial management compliance framework industry and accounting standards case studies and workplace scenarios to capture the range of situations likely to be encountered when applying complex public sector financial requirements |
Where and how to assess evidence | Valid assessment of this unit requires: a workplace environment or one that closely resembles normal work practice and replicates the range of conditions likely to be encountered when applying complex public sector financial requirements, including coping with difficulties, irregularities and breakdowns in routine application of complex public sector financial requirements in a range of (3 or more) contexts (or occasions, over time) Assessment methods should reflect workplace demands, such as literacy, and the needs of particular groups, such as: people with disabilities people from culturally and linguistically diverse backgrounds Aboriginal and Torres Strait Islander people women young people older people people in rural and remote locations Assessment methods suitable for valid and reliable assessment of this competency may include, but are not limited to, a combination of 2 or more of: case studies portfolios projects questioning scenarios authenticated evidence from the workplace and/or training courses |
For consistency of assessment | Evidence must be gathered over time in a range of contexts to ensure the person can achieve the unit outcome and apply the competency in different situations or environments |
Range Statement
The Range Statement provides information about the context in which the unit of competency is carried out. The variables cater for differences between States and Territories and the Commonwealth, and between organisations and workplaces. They allow for different work requirements, work practices and knowledge. The Range Statement also provides a focus for assessment. It relates to the unit as a whole. Text in bold italics in the Performance Criteria is explained here. | |
Elements of the public sector financial management compliance framework | Generally Accepted Accounting Practices (GAAP) financial management Acts and regulations financial administration and audit Acts central agency (such as Treasury) guidelines requirements for: internal controls separation of duties delegations corporate governance service level agreements internal and external reporting risk management |
Public sector financial policies and procedures | financial management Acts and regulations financial administration and audit Acts public sector finance standards financial management benchmarking studies the organisation's: financial management delegations budget guidelines/instructions style requirements quality requirements government financial policy statements and guidelines Australian Accounting Standards Generally Accepted Accounting Practices (GAAP) Australian Bureau of Statistics (ABS) requirements Government Finance Statistics (GFS) requirements corporate planning whole-of-government/agency systems and reporting |
Internal controls should: | identify, record and measure income, expenditure, assets, liabilities and equity ensure separation of duties ensure procedures are properly described incorporate other key organisations' guidelines such as banker's terms and conditions, guidelines for use of high risk equipment like EFTPOS and debit and credit transactions ensure all revenues are received ensure assets are safeguarded and efficiently and effectively used so as to avoid waste, extravagance, misuse and loss ensure liabilities are not incurred without proper authority ensure correct valuation, cut-off, presentation and disclosure of financial balances and transactions include contingency plans be linked to the organisation's risk management strategy be established to accord with the organisation's delegation framework be cost effective |
Delegations are: | functions or powers (under an Act) assigned to others made to specified limits made to specified positions and ex officio, i.e. not to specific people but to particular positions |
Documentation of internal controls | financial management practice manual intranet |
Sectors
Not applicable.
Competency Field
Financial Services.
Employability Skills
This unit contains employability skills.
Licensing Information
Not applicable.