Unit of competency Outline

Date retreived
23/07/2026 3:24 PM AWST

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Control organisational finances

Control organisational finances

Unit of competency
National Code
BSBATSIM505
State Code
AUL44
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
080399 - Business And Management, N.e.c.
Original Release Date
15/09/2015
Nominal Hours
100
Description
This unit describes the skills and knowledge required to establish and maintain effective financial management within the organisation to ensure board control of finances and external accountability to statutory authorities and funding bodies.It applies to individuals with a broad knowledge of the business or core functions of organisations, who have responsibilities for controlling an organisation’s finances.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Establish a financial management structure
  • 1.1 Establish a structure to undertake regular financial management responsibilities on behalf of the board
  • 1.2 Document respective responsibilities of the board and management
  • 1.3 Determine financial information required by the board from management
  • 1.4 Seek advice on suitable financial management systems for the organisation
  • 1.5 Identify relevant statutory requirements
2 Establish financial management processes and systems
  • 2.1 Ensure appropriate policies and procedures are in place to open and operate necessary bank accounts
  • 2.2 Identify approved signatories for bank accounts
  • 2.3 Ensure authority and delegation between the board and management for management of finances are documented
  • 2.4 Ensure statutory requirements on financial management are followed
  • 2.5 Ensure duties of finance staff are documented
  • 2.6 Ensure accepted procedures for receiving and expending funds are established and maintained by management
  • 2.7 Ensure accepted systems for financial reporting are established and maintained
3 Sign contracts on behalf of the organisation
  • 3.1 Ensure procedures for developing and documenting contracts are developed and followed
  • 3.2 Identify people authorised to sign contracts on behalf of the organisation
  • 3.3 Check proposed contractual arrangements are realistic for the organisation and in the organisation’s and community’s best interests
  • 3.4 Ensure contracts are signed according to organisational policies and procedures
4 Follow finance procedures specified by funding bodies
  • 4.1 Seek variations to financial agreements from relevant funding bodies if required
  • 4.2 Identify and follow purchasing and disposal procedures specified by funding bodies
  • 4.3 Check requirements for finance documentation specified by funding bodies are met
5 Advise the community of the financial situation of the organisation
  • 5.1 Identify type and content of financial information that can be made publicly available
  • 5.2 Ensure financial information is made available to members as specified in the constitution
  • 5.3 Present financial information at meetings in a clear and simple manner
6 Meet reporting requirements of relevant corporate authorities and funding bodies
  • 6.1 Identify reporting requirements by relevant corporate authorities and funding bodies
  • 6.2 Establish timelines to ensure financial statements are completed within timeframe required by relevant corporate authorities and funding bodies
  • 6.3 Ensure auditor is appointed at annual general meeting
  • 6.4 Review and evaluate financial statements to ensure they meet requirements
  • 6.5 Check financial reports are submitted to relevant corporate authorities and funding bodies within required timeframe
No information
No information
Replaces
State Code National Code Title Type
D4854 BSBATSIM505C Control organisational finances Unit of competency
Replaced By
State Code National Code Title Type
ODR62 BSBFNG407 Oversee asset management in an Aboriginal and Torres Strait Islander organisation Unit of competency