Unit of competency Outline

Date retreived
23/07/2026 4:57 PM AWST

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Set and achieve budgets

Set and achieve budgets

Unit of competency
National Code
TLIP5025
State Code
AVI03
TGA Status
Current
DTWD Status
Approved
Current Release Number
2.00
Current Release Date
26/07/2022
View on TGA
State Implementation and Classification
Approved Date
23/02/2016
Field of Education
080101 - Accounting
Original Release Date
23/02/2016
Nominal Hours
30
Description
This unit involves the skills and knowledge required to set and achieve workplace budgets in accordance with relevant regulatory requirements, financial standards, codes of practice and workplace procedures. It includes planning budget requirements, monitoring the budget and taking appropriate corrective actions when needed. It also includes monitoring expenditure and reviewing and appropriately modifying the budget.Work is under general guidance on progress and outcomes. It requires discretion and judgement for self and others in planning and using resources, services and processes to achieve required outcomes.The unit generally applies to those with responsibility for resource coordination and allocation who lead individuals or teams.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Plan budget requirements
  • 1.1 Financial flows for budgetary periods are planned and scheduled in accordance with workplace requirements
  • 1.2 Information on costs and resource utilisation is fully assessed and correctly interpreted
  • 1.3 Effective action is taken to reduce costs and enhance value to customer and/or workplace
2 Monitor budget and take corrective action
  • 2.1 Corrective action is taken in response to actual or potential significant deviations from financial plans
  • 2.2 Where a budget under- or over-spend is likely to occur, appropriate people are informed with minimum delay
  • 2.3 Prompt, corrective actions are taken in response to actual or potential significant deviations from budget
3 Monitor expenditure
  • 3.1 Expenditure made is within agreed limits and future spending requirements are not compromised, in accordance with workplace policy and procedures
  • 3.2 Requests for expenditure outside limits of responsibility are referred to appropriate persons
  • 3.3 Expenditure is phased, in accordance with a planned time scale, as required
4 Review and modify budget
  • 4.1 Actual income and expenditure are checked against agreed budgets at regular, appropriate intervals
  • 4.2 Necessary authority for changes in allocation between budget heads is obtained in advance of requirement
  • 4.3 Modifications made to agreed budgets during the accounting period are consistent with agreed guidelines and are correctly authorised
No information
No information
Replaces
State Code National Code Title Type
D5314 TLIP5025A Set and achieve budget Unit of competency
State Code National Code Title Type
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