Unit of competency Outline
Date retreived
22/07/2026 7:47 AM AWST
22/07/2026 7:47 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.
Prepare and monitor budgets and financial reports
Prepare and monitor budgets and financial reports
Unit of competency
National Code
AHCBUS508A
AHCBUS508A
State Code
D6746
D6746
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
25/06/2014
Field of Education
080101 - Accounting
Original Release Date
25/06/2014
Nominal Hours
60
Description
This unit covers preparing and monitoring budgets and financial reports and defines the standard required to: prepare a budget using most likely costs and income; develop and monitor budgets in an enterprise; prepare financial reports to meet industry standards.
Notes
Elements and Performance Criteria
1. Prepare a budget
- 1.1. Information on past receipts and payments is obtained from previous records, compared to current prices and cost trends, and compiled in a form that enables projections of future receipts and expenditures.
- 1.2. A plan is prepared for a period which allows for expected expenditure and financial reporting requirements, using the 'most likely' prices and costs.
2. Implement and monitor a budget
- 2.1. Receipts and payments are monitored and reconciled against the original budget.
- 2.2. Variances against the original plan are identified, and the impact on overall profit/loss and cash flow is calculated.
- 2.3. Funds are allocated in accordance with budget objectives and parameters.
- 2.4. Adjustments are made where necessary to respond to unacceptable variations.
- 2.5. Budgets and plans are renegotiated/ restructured where necessary to optimise enterprise performance.
3. Prepare financial report
- 3.1. Records of financial performance are properly maintained within enterprise systems.
- 3.2. Information with source documents is assembled according to the requirements of the report recipient.
- 3.3. Documentation is forwarded in a timely and efficient manner.
- 3.4. Non-financial objectives are reported in the context of overall enterprise performance.
RANGE STATEMENT
The range statement relates to the unit of competency as a whole.
Budgets may include:
recurrent operating or project based funds.
Financial reports may be:
prepared for Taxation Commissioner
financing agencies
boards of management
committees
councils
executive management.
The range statement relates to the unit of competency as a whole.
Budgets may include:
recurrent operating or project based funds.
Financial reports may be:
prepared for Taxation Commissioner
financing agencies
boards of management
committees
councils
executive management.
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Competence in preparing and monitoring budgets and financial reports requires evidence that budgets have been successfully and appropriately developed and monitored in an enterprise, and that financial reports meet industry standards in their content and structure. The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy holistically all of the requirements of the performance criteria and required skills and knowledge and include achievement of the following:
prepare a budget using most likely costs and income
develop and monitor budgets in an enterprise
prepare financial reports to meet industry standards.
Context of and specific resources for assessment
Competency requires the application of work practices under work conditions. Selection and use of resources for some worksites may differ due to the regional or enterprise circumstances.
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Competence in preparing and monitoring budgets and financial reports requires evidence that budgets have been successfully and appropriately developed and monitored in an enterprise, and that financial reports meet industry standards in their content and structure. The evidence required to demonstrate competency in this unit must be relevant to workplace operations and satisfy holistically all of the requirements of the performance criteria and required skills and knowledge and include achievement of the following:
prepare a budget using most likely costs and income
develop and monitor budgets in an enterprise
prepare financial reports to meet industry standards.
Context of and specific resources for assessment
Competency requires the application of work practices under work conditions. Selection and use of resources for some worksites may differ due to the regional or enterprise circumstances.
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| S3610 | RTE5916A | Prepare and monitor budgets and financial reports | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| BAO59 | AHCBUS508 | Prepare and monitor budgets and financial reports | Unit of competency |