Unit of competency Outline

Date retreived
22/07/2026 8:47 AM AWST

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Manage budgets and financial plans

Manage budgets and financial plans

Unit of competency
National Code
TLIP5035
State Code
AVI02
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2015
View on TGA
State Implementation and Classification
Approved Date
23/02/2016
Field of Education
080101 - Accounting
Original Release Date
23/02/2016
Nominal Hours
50
Description
This unit involves the skills and knowledge required to manage budgets and financial plans in various contexts within the transport and logistics industry.It includes communicating budget and financial plans, monitoring and controlling activities, and reporting outcomes of financial plans.It covers all of the significant aspects of financial management for operational managers who are not financial specialists. It emphasises preparing users of budgets/financial plans through communication and training, and consistent surveillance over budget performance, with early intervention where required. The unit generally applies to those who lead individuals or teams.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Communicate budget and financial plans
  • 1.1 Budget/financial plan communication package is reviewed by finance specialists
  • 1.2 Package is amended/revised where appropriate
  • 1.3 Training activities are undertaken with users of the budget and plans across the organisation
  • 1.4 Data and terms are defined to assist users of the plans
  • 1.5 Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities
2 Monitor and control activities against plans
  • 2.1 Delegations and budget accountabilities are confirmed in writing prior to budget period
  • 2.2 Funds are allocated in accordance with budget objectives and parameters
  • 2.3 Audit requirements and legal obligations are met through recording systems and documentation
  • 2.4 Risk management plans are implemented and contingency plans are in place for all financial plans
  • 2.5 Performance is monitored and variances are identified on a real time basis
  • 2.6 Variances are analysed in conjunction with relevant experts to determine cause and effect
3 Report outcomes of financial plans
  • 3.1 Records of financial performance are properly maintained within organisational systems
  • 3.2 Financial performance is analysed and reported in a form and language appropriate to the audience
  • 3.3 Non-financial objectives are reported in the context of overall organisational performance
  • 3.4 Strategies and plans are reviewed and updated to optimise organisational performance
No information
No information
Replaces
State Code National Code Title Type
D5315 TLIP5035A Manage budgets and financial plans Unit of competency