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
What evidence can you provide to prove your understanding of each of the following citeria?
Plan for financial management
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Review and analyse previous financial data to establish areas which have generated a profit or loss Completed |
Evidence:
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Undertake research to review reasons for previous profit and loss Completed |
Evidence:
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Review business plan to establish critical dates and initiatives that will require or generate resources in next financial cycle Completed |
Evidence:
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Analyse cash flow trends Completed |
Evidence:
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Review statutory requirements for compliance and liabilities for tax Completed |
Evidence:
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Review existing software and its suitability for financial management Completed |
Evidence:
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Establish budgets and allocate funds
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Use previous financial data to determine allocations for resources Completed |
Evidence:
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Make informed estimates of new items for inclusion in budget Completed |
Evidence:
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Prepare budgets in accordance with organisational requirements and statutory requirements Completed |
Evidence:
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Implement budgets
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Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations Completed |
Evidence:
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Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions Completed |
Evidence:
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Review profit and loss statements, cash flows and ageing summaries Completed |
Evidence:
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Revise budgets, as required, to deal with contingencies Completed |
Evidence:
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Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations Completed |
Evidence:
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Ensure compliance with due diligence Completed |
Evidence:
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Report on finances
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Ensure structure and format of reports are clear and conform to organisational and statutory requirements Completed |
Evidence:
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Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making Completed |
Evidence:
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Prepare recommendations to ensure financial viability of the organisation Completed |
Evidence:
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Evaluate the effectiveness of financial management processes Completed |
Evidence:
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