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.
Elements of the public sector financial management compliance framework may include:
Generally Accepted Accounting Practices (GAAP)
financial management Acts and regulations
financial administration and audit Acts
central agency (such as Treasury) guidelines
requirements for:
internal controls
separation of duties
delegations
corporate governance
service level agreements
internal and external reporting
risk management
Delegations are:
functions or powers (under an Act) assigned to others
made to specified limits
made to specified positions and ex officio, i.e. not to specific people but to particular positions
Public sector financial policies and procedures may include:
financial management Acts and regulations
financial administration and audit Acts
public sector finance standards
financial management benchmarking studies
the organisation's:
financial management
delegations
budget guidelines/instructions
style requirements
quality requirements
government financial policy statements and guidelines
Australian Accounting Standards
Generally Accepted Accounting Practices (GAAP)
Australian Bureau of Statistics (ABS) requirements
Government Finance Statistics (GFS) requirements
corporate planning
whole-of-government/agency systems and reporting
Internal controls should:
identify, record and measure income, expenditure, assets, liabilities and equity
ensure separation of duties
ensure procedures are properly described
incorporate other key organisations' guidelines such as banker's terms and conditions, guidelines for use of high risk equipment like EFTPOS and debit and credit transactions
ensure all revenues are received
ensure assets are safeguarded and efficiently and effectively used so as to avoid waste, extravagance, misuse and loss
ensure liabilities are not incurred without proper authority
ensure correct valuation, cut-off, presentation and disclosure of financial balances and transactions
include contingency plans
be linked to the organisation's risk management strategy
be established to accord with the organisation's delegation framework
be cost effective

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:
PSPETHC501B Promote the values and ethos of public service
PSPLEGN501B Promote compliance with legislation in the public sector
PSPGOV502B Develop client services
PSPGOV503B Coordinate resource allocation and usage
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)
application of public sector financial policies or processes in a range of (3 or more) contexts (or occasions, over time)
Resources required to carry out assessment
These resources include:
public sector and organisational financial procedures and protocols
legislation, policy, procedures and protocols relating to public sector financial management compliance framework
delegation manual
budget manual/instructions
case studies and workplace scenarios to capture the range of situations likely to be encountered when applying public sector financial policies and processes
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 applying public sector financial policies and processes, including coping with difficulties, irregularities and breakdowns in routine
application of public sector financial policies or processes in a range of (3 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
simulation or role plays
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