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Evidence Guide: CUEFIN02C - Manage a budget

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

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

 

CUEFIN02C - Manage a budget

What evidence can you provide to prove your understanding of each of the following citeria?

Allocate funds

  1. Allocate funds in accordance with the budget and agreed priorities
  2. Keep all relevant personnel fully informed of budgetary decisions
  3. Make colleagues aware of the importance of budget control
  4. Accurately detail records of resource allocation in accordance with organisational control systems
Allocate funds in accordance with the budget and agreed priorities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Keep all relevant personnel fully informed of budgetary decisions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make colleagues aware of the importance of budget control

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Accurately detail records of resource allocation in accordance with organisational control systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and control expenditure

  1. Check actual income and expenditure against budgets at regular intervals
  2. Identify areas for improved budget performance and investigate options
  3. Prepare income and expenditure reports and present in the required format to relevant personnel
  4. Identify deviations from the budget, the reasons for deviation and take appropriate action
  5. Present recommendations clearly and logically to relevant personnel
  6. Advise relevant personnel of budget status in accordance with agreed timeframes
Check actual income and expenditure against budgets at regular intervals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify areas for improved budget performance and investigate options

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare income and expenditure reports and present in the required format to relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify deviations from the budget, the reasons for deviation and take appropriate action

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Present recommendations clearly and logically to relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Advise relevant personnel of budget status in accordance with agreed timeframes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete financial reports

  1. Accurately complete all required financial and statistical reports within designated timelines
  2. Make recommendations regarding future financial planning as appropriate
  3. Make reports clear and concise, and check for accuracy.
  4. Promptly forward reports to relevant personnel
Accurately complete all required financial and statistical reports within designated timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make recommendations regarding future financial planning as appropriate

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make reports clear and concise, and check for accuracy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly forward reports to relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

The following evidence is critical to the judgement of competence in this unit:

monitoring of income and expenditure in accordance with the budget and identifying ways of improving budget performance

knowledge of basic budget principles and structures

knowledge of budgeting terminology relevant to a specific industry context.

Context of and specific resources for assessment

The assessment context must provide for:

project or work activities that include the management of and reporting on a budget for a specific project/event/operational area over a period of time so that the monitoring and implementation aspects of the unit can be assessed.

Method of assessment

Assessment may incorporate a range of methods to assess performance and the application of essential underpinning knowledge, and might include:

evaluation of reports detailing financial performance of projects or activities conducted by the candidate

evaluation of reports prepared by the candidate detailing the processes undertaken to manage and monitor a budget

case studies and problem solving to assess application of principles of budget management to different workplace contexts

review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate.

Assessment methods should closely reflect workplace demands and the needs of particular groups (e.g. people with disabilities, and people who may have literacy or numeracy difficulties such as speakers of languages other than English, remote communities and those with interrupted schooling).

Guidance information for assessment

Assessment of this unit requires access to:

figures and data that reflect the financial operating conditions of industry.

Required Skills and Knowledge

Required skills

organisation or project's procedures for budgeting and financial reporting/management

legislative or other requirements (e.g. funding body guidelines) with regard to disbursement of funds and record keeping

Required knowledge

knowledge and understanding of budgets, including different types of budget, how a budget is structured and how to interpret a budget

financial reports, including structure, features and formats for specific purposes

financial reporting procedures and cycles relevant to the specific industry context

areas of financial responsibility specific to the industry context

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Budgets may include:

budgets for a small business

cash

departmental

event

grant funding

project

sales

Relevant personnel involved in budget development may include:

creative personnel

funding bodies

investors

management

sponsors

technical personnel

Resources include all financial resources such as:

bank accounts

cash

cheques

grants

investments

Financial reports may include:

balance sheets

cash flow reporting

profit and loss statements