Elements and Performance Criteria

The Range Statement provides information about the context in which the unit of competency is carried out. The variables cater for differences between States and Territories and the Commonwealth, and between organisations and workplaces. They allow for different work requirements, work practices and knowledge. The Range Statement also provides a focus for assessment. It relates to the unit as a whole. Text in bold italics in the Performance Criteria is explained here.
Bids may include:
program discretionary bids
program, sub-program, section, business unit bids
portfolio managed bids
Estimates may include:
budget estimates
additional estimates
forward estimates
long-term estimates
forecasts
Information may include:
historical information
cost-benefit analysis
staff requirements
contractual information
efficiency/sustainability requirements
Budgetary requirements may include:
zero-based budgeting
accrual budgeting
activity-based costing/management
output-based budgeting
top-down/bottom-up approach
base plus increment
Supporting documentation may include:
phasing for liability and expenditure/cash flow implications
impact statements
reasons for major variations to financial guidance
staffing resources
Budgets may include:
capital expenses
recurrent expenses
staffing costs
cash flow
forward estimates
Corrective action may include:
re-prioritising activities
funds transfer
re-phasing liability/expenditure
Delegations are:
functions or powers (under an act) assigned to others
limited to specified powers or amounts
made to persons in specified positions
Financial controls should:
identify, record and measure revenue, expenses, assets, liabilities and equity
ensure assets are safeguarded and used to avoid waste, extravagance, loss and misuse
ensure liabilities are not incurred without proper authority
ensure correct valuation, cut-off, presentation and disclosure of financial balances and transactions
be linked to the organisation's risk management strategy
Financial reports may include:
program, sub-program, section, business unit financial reports
accrual reports
monthly/quarterly financial reports including cost/unit, costs incurred compared with share of program delivered
annual reports
Elements of the public sector financial management framework may include:
internal controls
segregation of duties
delegations
corporate governance requirements
service level agreements
internal and external reporting
risk management
Public sector financial policies and procedures may include:
financial management acts and regulations
financial administration and audit acts
Treasury guidelines
public sector finance standards
financial management benchmarking studies
the organisation's:
financial management practice manual
delegation manual
budget manual/instructions
style manual
quality manual
government financial policy statements

The Evidence Guide specifies the evidence required to demonstrate achievement in the unit of competency as a whole. It must be read in conjunction with the Unit descriptor, Performance Criteria, the Range Statement and the Assessment Guidelines for the Public Sector Training Package.
Units to be assessed together
Pre-requisite units that must be achieved prior to this unit:Nil
Co-requisite units that must be assessed with this unit:Nil
Co-assessed units that may be assessed with this unit to increase the efficiency and realism of the assessment process include, but are not limited to:
PSPETHC601B Maintain and enhance confidence in public service
PSPLEGN601B Manage compliance with legislation in the public sector
PSPMNGT603B Facilitate people management
PSPMNGT602B Manage resources
PSPMNGT608B Manage risk
PSPMNGT609B Formulate business strategies
PSPPOL603A Manage policy implementation
Overview of evidence requirements
In addition to integrated demonstration of the elements and their related performance criteria, look for evidence that confirms:
the knowledge requirements of this unit
the skill requirements of this unit
application of the Employability Skills as they relate to this unit (see Employability Summaries in Qualifications Framework)
management of public sector financial resources in a range of (2 or more) contexts (or occasions, over time)
Resources required to carry out assessment
These resources include:
public sector and organisational financial procedures and protocols
workplace scenarios and case studies to capture the range of situations likely to be encountered when managing public sector financial resources
financial legislation and guidelines such as central agency guidelines
budget process and guidelines
Where and how to assess evidence
Valid assessment of this unit requires:
a workplace environment or one that closely resembles normal work practice and replicates the range of conditions likely to be encountered when managing public sector financial resources, including coping with difficulties, irregularities and breakdowns in routine
management of public sector financial resources in a range of (2 or more) contexts (or occasions, over time)
Assessment methods should reflect workplace demands, such as literacy, and the needs of particular groups, such as:
people with disabilities
people from culturally and linguistically diverse backgrounds
Aboriginal and Torres Strait Islander people
women
young people
older people
people in rural and remote locations
Assessment methods suitable for valid and reliable assessment of this competency may include, but are not limited to, a combination of 2 or more of:
case studies
portfolios
projects
questioning
scenarios
authenticated evidence from the workplace and/or training courses
For consistency of assessment
Evidence must be gathered over time in a range of contexts to ensure the person can achieve the unit outcome and apply the competency in different situations or environments