Unit of competency Outline
Date retreived
22/07/2026 9:57 AM AWST
22/07/2026 9:57 AM 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 budgets and financial plans
Manage budgets and financial plans
Unit of competency
National Code
TLIP5035A
TLIP5035A
State Code
D5315
D5315
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
21/03/2014
Field of Education
080101 - Accounting
Original Release Date
21/03/2014
Nominal Hours
50
Description
This unit involves the skills and knowledge required to manage budgets and financial plans. It covers all of the significant aspects of financial management for operational managers who are not financial specialists. It emphasises the preparation of users of budgets/financial plans through communication and training and consistent surveillance over budget performance, with early intervention where required. This unit derives from BSBMGT504A Manage budgets and financial plans. Licensing, legislative, regulatory or certification requirements are applicable to this unit.
Notes
Elements and Performance Criteria
1Communicate 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 All data and terms are defined and understood by the users of the plans
- 1.5 Communication outcomes are tested to ensure clear understanding of objectives, processes and accountabilities
2Monitor 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 Recording systems and documentation meet all audit requirements and legal obligations
- 2.4 Risk management plans are implemented and contingency plans are in place for all financial plans
- 2.5 Performance is monitored and variances identified on a real time basis
- 2.6 Variances are analysed in conjunction with relevant experts to determine cause and effect
3Report 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
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance.
Delegations and budget accountabilities may include:
monitoring expenditure
authorising expenditure within limits
reporting on variances to budget/plan
taking remedial action within budget authority
Depending on the organisation concerned, workplace procedures may be called:
standard operating procedures (SOPs)
company procedures
enterprise procedures
organisational procedures
established procedures
Documentation and records may include:
quality assurance procedures
relevant Australian Standards and certification requirements
Applicable legislation and regulations may include:
relevant legislation from all levels of government that affects business operation, especially in regard to the maintenance of up-to-date, accurate financial information
relevant industry codes of practice
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance.
Delegations and budget accountabilities may include:
monitoring expenditure
authorising expenditure within limits
reporting on variances to budget/plan
taking remedial action within budget authority
Depending on the organisation concerned, workplace procedures may be called:
standard operating procedures (SOPs)
company procedures
enterprise procedures
organisational procedures
established procedures
Documentation and records may include:
quality assurance procedures
relevant Australian Standards and certification requirements
Applicable legislation and regulations may include:
relevant legislation from all levels of government that affects business operation, especially in regard to the maintenance of up-to-date, accurate financial information
relevant industry codes of practice
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required knowledge and skills, the range statement and the assessment guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate competency in this unit
The evidence required to demonstrate competency in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria of this unit and include demonstration of applying:
the underpinning knowledge and skills
relevant legislation and workplace procedures
other relevant aspects of the range statement
Context of and specific resources for assessment
Performance is demonstrated consistently over a period of time and in a suitable range of contexts
Resources for assessment include:
a range of relevant exercises, case studies and/or other simulated practical and knowledge assessment, and/or
access to an appropriate range of relevant operational situations in the workplace
In both real and simulated environments, access is required to:
relevant and appropriate materials and equipment, and
applicable documentation including workplace procedures, regulations, codes of practice and operation manuals
Method of assessment
Assessment of this unit must be undertaken by a registered training organisation
As a minimum, assessment of knowledge must be conducted through appropriate written/oral tests
Practical assessment must occur:
through activities in an appropriately simulated environment at the registered training organisation, and/or
in an appropriate range of situations in the workplace
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required knowledge and skills, the range statement and the assessment guidelines for this Training Package.
Critical aspects for assessment and evidence required to demonstrate competency in this unit
The evidence required to demonstrate competency in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria of this unit and include demonstration of applying:
the underpinning knowledge and skills
relevant legislation and workplace procedures
other relevant aspects of the range statement
Context of and specific resources for assessment
Performance is demonstrated consistently over a period of time and in a suitable range of contexts
Resources for assessment include:
a range of relevant exercises, case studies and/or other simulated practical and knowledge assessment, and/or
access to an appropriate range of relevant operational situations in the workplace
In both real and simulated environments, access is required to:
relevant and appropriate materials and equipment, and
applicable documentation including workplace procedures, regulations, codes of practice and operation manuals
Method of assessment
Assessment of this unit must be undertaken by a registered training organisation
As a minimum, assessment of knowledge must be conducted through appropriate written/oral tests
Practical assessment must occur:
through activities in an appropriately simulated environment at the registered training organisation, and/or
in an appropriate range of situations in the workplace
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| S5868 | TLIQ1407A | Manage budgets and financial plans | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AVI02 | TLIP5035 | Manage budgets and financial plans | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| J808 | TLI50713 | Diploma of Bus and Coach Operations | Qualification |
| W942 | TLI50410 | Diploma of Logistics | Qualification |
| J807 | TLI50613 | Diploma of Rail Operations Management | Qualification |