Unit of competency Outline

Date retreived
22/07/2026 7:11 AM AWST

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Develop and manage financial systems

Develop and manage financial systems

Unit of competency
National Code
FNSORG602
State Code
AUS52
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Establish financial system requirements
  • 1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration
  • 1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference
  • 1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications
  • 1.4 Identify risks to financial viability and cost contingency strategies to manage risk
2. Design financial management systems
  • 2.1 Access sources of competent assistance and use advice to secure financial records and assets
  • 2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow
  • 2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions
  • 2.4 Ensure financial reporting requirements are known and used by relevant personnel
  • 2.5 Ensure established financial reports provide accurate and timely data required for financial decision making
  • 2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions
  • 2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards
  • 2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements
3. Prepare and review financial plans
  • 3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments
  • 3.2 Maintain probity in planning and implementation of financial management activities
  • 3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation
4. Monitor and review financial reporting systems
  • 4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments
  • 4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances
No information
No information
Replaces
State Code National Code Title Type
D4271 FNSORG602A Develop and manage financial systems Unit of competency