Unit of competency Outline

Date retreived
22/07/2026 7:43 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Manage financial resources

Manage financial resources

Unit of competency
National Code
PUAMAN007B
State Code
AVM94
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
3.00
Current Release Date
02/05/2013
View on TGA
State Implementation and Classification
Approved Date
Field of Education
080101 - Accounting
Original Release Date
Nominal Hours
80
Description
This unit covers the competency to manage financial resources to achieve organisation and operational objectives.
Notes
Elements and Performance Criteria
1. Develop a budget
  • 1.1 Budgets are developed in the required format and consistent with organisation's guidelines and procedures.
  • 1.2 Cost elements are identified and quantified to eliminate/reduce wastage.
  • 1.3 Cost-benefit analyses are prepared for major cost items in accordance with the organisation's policy and procedures.
  • 1.4 Sub-budgets prepared by other staff are coordinated in order that desired objectives are achieved.
  • 1.5 Implications of major shifts in proposed or actual budget expenditures are analysed, determined and taken into account.
  • 1.6 Performance indicators are developed and agreement reached based on the budget.
2. Allocate, authorise and monitor expenditure
  • 2.1 Financial resources are allocated as agreed to in the operational plan and the budget negotiation process (as appropriate).
  • 2.2 Expenditure management meets the financial accountability requirements of the organisation.
  • 2.3 Expenditure is kept within budget or any potential over-runs identified and budget renegotiated accordingly.
  • 2.4 Expenditure is authorised within financial authority limits established by the organisation.
  • 2.5 Supply and expenditure processes are in accordance with corporate governance and organisational protocols.
  • 2.6 Financial reports are produced when and in a format required by the organisation.
  • 2.7 Sub-budgets are continuously monitored to ensure appropriate controls and authorisations are observed.
  • 2.8 Finance allocation is continually monitored against organisational objectives and priorities ensuring optimum service delivery.
  • 2.9 Re-allocation of resources is undertaken taking account of needs and priorities.
3. Utilise relevant financial management information systems
  • 3.1 Management information systems are used for planning, implementing and monitoring the financial resources usage.
  • 3.2 Management information system reports are produced, verified and interpreted.
The Range Statement relates to the Unit of Competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the Performance Criteria is detailed below.
Budget formats may include:
zero based budgeting
program budgeting
line item budgeting
Operating budget may include:
staffing costs
capital expenditure/income
recurrent expenditure/income
forward estimates
cash flow
Policy may include:
supply
procurement
expenditure
audit
reporting and recording policies
Financial reports may include:
annual reports
program financial statements
accrual reports
monthly/quarterly financial reports
Management information systems may include:
computers
communication channels
records management data
procedures
protocol
legislation
guidelines and awards
organisation
legal and policy materials
client information
market trends
registries and file records
library
financial records
basic statistical information
personnel records
Critical aspects for assessment and evidence required to demonstrate competency in this unit
It is essential for this unit that competence be demonstrated in application of financial resource management in a wide range of contexts in achieving the organisation's financial objectives.
Consistency in performance
Evidence should be gathered over a period of time in a range of actual or simulated workplace environments.
Context of and specific resources for assessment
Context of assessment
Evidence of competent performance by observing an individual in a financial management role within the workplace or exercise or operational environment Knowledge may be assessed through:
written assignments
projects reports
debriefings and action learning projects
Specific resources for assessment
No special requirements.
Replaced By
State Code National Code Title Type
OAY20 PUAMAN007 Manage financial resources Unit of competency
No information