Unit of competency Outline

Date retreived
22/07/2026 10:50 AM AWST

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Oversee financial management

Oversee financial management

Unit of competency
National Code
BSBATSIM418
State Code
AUL31
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080101 - Accounting
Original Release Date
15/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to monitor and act on financial reports.It applies to individuals who are responsible for monitoring and guiding financial management of Aboriginal and Torres Strait Islander organisations.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Interpret financial reports
  • 1.1 Ensure regular financial information is received from management in a form all board members can understand
  • 1.2 Clarify purpose of financial reports and their key features with board members
  • 1.3 Identify income shortfalls and expenditure overruns
2 Evaluate financial reports
  • 2.1 Consider and discuss financial implications of reports with other board members and management
  • 2.2 Compare data with previous reports and decisions
  • 2.3 Compare year-to-date and end-of-financial-year data with budgeted outcomes
  • 2.4 Seek independent advice where necessary
3 Recognise board responsibilities for assets
  • 3.1 Identify statutory responsibilities of board members for assets
  • 3.2 Identify funding body restrictions on the acquisition, use and disposal of assets
  • 3.3 Comply with statutory responsibilities and funding body requirements on assets
4 Make decisions on finance
  • 4.1 Analyse recommendations on finances in terms of their impact on the organisation and its vision and objectives
  • 4.2 Prioritise financial decisions against organisational objectives
  • 4.3 Make decisions in accordance with the organisation's policy and legal and funding requirements
  • 4.4 Ensure procedures are in place to document financial decisions
5 Approve expenditures
  • 5.1 Check expenditure proposals are within budget and meet statutory and funding body requirements
  • 5.2 Check the organisation’s current financial situation
  • 5.3 Approve expenditure only if it is consistent with budget, statutory and funding body requirements, and the organisation’s financial situation
6 Review financial decisions
  • 6.1 Monitor outcomes and actions from decisions
  • 6.2 Identify and monitor external influences on budgets and finances
  • 6.3 Ensure procedures are in place to document variations to financial agreements
No information
No information
Replaces
State Code National Code Title Type
D4850 BSBATSIM418A Oversee financial management Unit of competency
Replaced By
State Code National Code Title Type
ODR75 BSBFNG406 Assist in developing and implementing Aboriginal and Torres Strait Islander organisational policies Unit of competency