Unit of competency Outline
Date retreived
22/07/2026 9:09 PM AWST
22/07/2026 9:09 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Develop and manage a budget
Develop and manage a budget
Unit of competency
National Code
FNSORG501
FNSORG501
State Code
AUS35
AUS35
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.It applies to individuals who use a range of specialist and managerial techniques to plan, monitor and control budgetary work.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Plan for and collect information for budget
- 1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget
- 1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel
- 1.3 Consult relevant colleagues in budget planning process as required
2. Develop budget
- 2.1 Draft budget based on analysis of all available information in accordance with organisational policy
- 2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment
3. Finalise budget and allocate resources
- 3.1 Provide final budget which incorporates agreed modifications to appropriate personnel
- 3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities
- 3.3 Obtain agreement to budget priorities and allocate resources
4. Monitor and control budget
- 4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel
- 4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status
5. Complete financial and statistical reports
- 5.1 Complete all required financial and statistical reports accurately within designated timelines
- 5.2 Make appropriate recommendations about future financial planning
- 5.3 Provide clearly presented and accurate reports to appropriate personnel
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D4262 | FNSORG501A | Develop and manage a budget | Unit of competency |