Unit of competency Outline

Date retreived
23/07/2026 8:38 PM AWST

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Prepare and monitor budgets and financial reports

Prepare and monitor budgets and financial reports

Unit of competency
National Code
AHCBUS518
State Code
OBK26
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
21/10/2019
View on TGA
State Implementation and Classification
Approved Date
28/01/2020
Field of Education
080101 - Accounting
Original Release Date
28/01/2020
Nominal Hours
60
Description
This unit of competency describes the skills and knowledge required to prepare and monitor budgets and produce financial reports.This unit applies to individuals who take personal responsibility and exercise autonomy in undertaking complex work. They must analyse information and exercise judgement to complete a range of advanced skilled activities when preparing and monitoring budgets and financial reports.All work must be carried out to comply with organisational requirements, work health and safety legislation and codes and in consultation with the management team.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Prepare a budget
  • 1.1 Obtain information on past receipts and payments and compare to current prices and cost trends
  • 1.2 Prepare gross margin projections for each production enterprise of the business
  • 1.3 Identify projected non-enterprise income and overhead costs for the business
  • 1.4 Identify projected capital-based income and costs for the business
  • 1.5 Prepare a plan for a period which allows for expected income and expenditure, using the 'most likely' prices and costs
  • 1.6 Ensure the plan allows the business to meet financial reporting requirements
2. Implement and monitor a budget
  • 2.1 Monitor receipts and payments and reconcile against the original budget
  • 2.2 Allocate funds in accordance with budget objectives and parameters
  • 2.3 Identify variances against the original plan and calculate the impact on overall profit and loss and cash flow
  • 2.4 Make adjustments to the original plan for the remainder of the budget period where necessary to respond to unacceptable variations
  • 2.5 Renegotiate and restructure budgets and plans to optimise enterprise performance
3. Prepare financial report
  • 3.1 Maintain records of financial performance
  • 3.2 Assemble information with source documents according to the requirements of the report recipient
  • 3.3 Prepare financial reports to meet both management and legislative requirements
  • 3.4 Forward documentation to management in a timely and efficient manner
No information
No information
Replaces
State Code National Code Title Type
BAO59 AHCBUS508 Prepare and monitor budgets and financial reports Unit of competency
State Code National Code Title Type
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