Unit of competency Outline

Date retreived
22/07/2026 3:35 PM AWST

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Apply complex public sector financial requirements

Apply complex public sector financial requirements

Unit of competency
National Code
PSPFIN601A
State Code
C8118
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
3.00
Current Release Date
01/11/2012
View on TGA
State Implementation and Classification
Approved Date
08/07/2014
Field of Education
080101 - Accounting
Original Release Date
08/07/2014
Nominal Hours
60
Description
This unit covers interpretation of complex financial policies and procedures and provision of advice on complex financial issues. It includes intimate, high-level knowledge of the public sector financial management compliance framework, external requirements, industry and accounting standards and the application of these to work in a specialist finance role in the public sector. It includes interpreting and applying complex public sector financial requirements, establishing and applying internal financial controls, and formulating/maintaining financial policy.In practice, the application of complex public sector financial requirements occurs in the context of other generalist or specialist work activities such as managing resources, managing risk, formulating business strategies etc.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication
Notes
Elements and Performance Criteria
1. Interpret and apply complex public sector financial requirements
  • 1.1 Public sector financial requirements are identified in accordance with legislation, policy and instructions.
  • 1.2 Public sector financial management compliance framework hierarchy is interpreted and explained to others in accordance with their needs, to ensure the organisation's compliance with the framework's requirements.
  • 1.3 Advice regarding interpretation of public sector financial policies and procedures and accounting standards is provided in accordance with organisational requirements.
  • 1.4 Information on the organisation's financial controls and accountabilities is interpreted and provided to management and staff in accordance with organisational requirements.
  • 1.5 Business solutions are developed/refined for the organisation in accordance with financial management standards and public sector financial policies and procedures.
2. Establish and apply internal financial controls
  • 2.1 Current internal controls are analysed for improvement and revised or replaced in accordance with organisational requirements.
  • 2.2 Controls are reviewed to ensure these include effective delegation levels, lines of responsibility, and associated accountabilities.
  • 2.3 Controls are checked for consistency with government policy and organisational structure.
  • 2.4 Systems and surrounding control procedures are implemented, documented and made accessible in accordance with organisational policy and procedures.
3. Formulate and maintain financial policy and procedures
  • 3.1 Public sector financial policies and procedures are interpreted and advice is provided on the implications for the organisation's financial policy and procedures.
  • 3.2 Organisational financial policy and procedures are developed/approved in accordance with organisational requirements and government policy.
  • 3.3 Input is provided to inter-departmental accounting groups responsible for policy development in accordance with organisational requirements to maintain and improve financial policy outcomes.
  • 3.4 Policies are developed to meet regulatory and legislative requirements and cost effective best practice.
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 frameworkmay 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
Public sector financial policies and proceduresmay 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
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
Documentation of internal controlsmay include:
financial management practice manual
intranet
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:
PSPETHC601B Maintain and enhance confidence in public service
PSPLEGN601B Manage compliance with legislation in the public sector
PSPMNGT602B Manage resources
PSPMNGT608B Manage risk
PSPMNGT609B Formulate business strategies
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 complex public sector financial requirements 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 guidelines relating to the public sector financial management compliance framework
industry and accounting standards
case studies and workplace scenarios to capture the range of situations likely to be encountered when applying complex public sector financial requirements
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 complex public sector financial requirements, including coping with difficulties, irregularities and breakdowns in routine
application of complex public sector financial requirements 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
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
Replaced By
State Code National Code Title Type
AWV26 PSPGEN078 Apply complex public sector financial requirements Unit of competency