Determine the effective use of financial resources

Unit of competency Outline

Date retreived
22/07/2026 3:48 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.

Unit of competency

National Code
CSCORG021

State Code
AUZ04

TGA Status
Deleted

DTWD Status
Deleted

Current Release Number
1.00

Current Release Date
03/08/2015

View on TGA

State Implementation and Classification

Approved Date

17/12/2015

Field of Education

080101 - Accounting

Original Release Date

17/12/2015

Nominal Hours

Description

This unit describes the skills required to identify financial resource requirements, establish budgets for activities and control expenditure and activities against budgets.This unit applies to those working in a management role assuming responsibility for allocation of finances within a range of occupational areas.The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to, particularly those related to preparation and implementation of financial budgets and plans.Those undertaking this unit work autonomously, occasionally accessing and evaluating support from a broad range of sources. The role requires analysis, communication and strong numeracy skills.No licensing, legislative or certification requirements apply to unit at the time of publication.

Notes

Elements and Performance Criteria

1. Identify financial resource requirements

1.1 Consult with key people to develop and endorse proposals for expenditure.
1.2 Ensure proposed expenditure takes into account factors likely to affect costs and returns.
1.3 Link proposed financed activities to organisational objectives and strategies.
1.4 Ensure proposed financed activities include targets, standards and monitoring methods.

2. Establish budgets for activities

2.1 Ensure relevant people participate in determining a budget that is clear, concise and presents a cost-benefit analysis.
2.2 Present budget proposals in the format required by your organisational management practices.
2.3 Conduct negotiations in a way that maintains good working relationships with the people involved.
2.4 Resolve and report areas of uncertainty or contention and negotiate and finalise agreements in the time required.
2.5 Provide relevant people with information about the budget decisions in a manner and timeframe that contribute to their cooperation and confidence.

3. Control expenditure and activities against budget

3.1 Ensure team members take individual responsibility for monitoring and controlling expenditure and activities against budgets.
3.2 Implement a method of regular monitoring of expenditure and activities against budgets that complies with the organisation’s requirements.
3.3 Take corrective action in response to actual or potential significant variation from budgets promptly and effectively and report outcomes.
3.4 Refer requests for expenditure outside the area of the budgets promptly to the relevant people.
3.5 Complete records of activities against budgets accurately and make available to authorised people.

No information

Replaces

State Code	National Code	Title	Type
S6001	CSCORG508A	Determine the effective use of financial resources	Unit of competency

State Code	National Code	Title	Type
AWH7	CSC50115	Diploma of Correctional Administration	Qualification