Unit of competency Outline

Date retreived
22/07/2026 9:14 AM AWST

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Oversee financial management

Oversee financial management

Unit of competency
National Code
BSBATSIM418A
State Code
D4850
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
10/03/2009
View on TGA
State Implementation and Classification
Approved Date
12/08/2014
Field of Education
080101 - Accounting
Original Release Date
12/08/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to monitor and act on financial reports.Some aspects of governance activities may be subject to legislation, rules, regulations and codes of practice relevant to different job roles and jurisdictions.
Notes
Elements and Performance Criteria
1. Interpret financial reports
  • 1.1. Ensure regular financial information is received from management in a form that 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 with respect to 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 with respect to 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
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.
Financial reports may refer to:
annual audited financial statements
asset registers
balance sheets
bank accounts
budgets
expenditure
income
loans
profit and loss statements.
Independent advisers may include:
accountants
business advisers.
Statutory responsibilities may relate to:
annual reporting
acquittal reporting
fees and taxes
funding agreements
procurement and disposal.
External influences may include:
awards
costs
environmental factors
funding sources
government policy
inflation rate
interest rate
markets
supplies.
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
Evidence of the ability to:
understand a variety of financial reports
monitor the financial status of the organisation
make financial decisions according to organisational vision and objectives that comply with legal and contractual requirements
responsibly manage organisational assets.

Context of and specific resources for assessment
Assessment must ensure:
participation on an actual or simulated board
access to examples of financial reports and other relevant documents
knowledge and performance are assessed over time to confirm consistency in performance.

Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
observation of performance on a board or simulated board
direct questioning combined with reflection of practical board performance by the candidate
analysis of responses to case studies and scenarios
observation of presentations and group discussions
oral or written questioning to assess knowledge
observation of performance in role plays.

Guidance information for assessment
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
BSBATSIM414C Oversee the organisation's annual budget
BSBATSIM420A Oversee asset management.
Replaces
State Code National Code Title Type
D0587 BSBATSIM406B Manage assets Unit of competency
D0586 BSBATSIM405B Monitor financial management and budgets Unit of competency
Replaced By
State Code National Code Title Type
AUL31 BSBATSIM418 Oversee financial management Unit of competency