Trainer/Assessor use only

Trainers and assessors must complete this section (where applicable) and provide adequate feedback to the students throughout the assessment. 

Assessments

Satisfactory (S)

Not Yet Satisfactory (NYS)

Date

Initial

Assessment 1

?

?

Assessment 2

?

?

Assessment 3

?

?

?The participant has been provided with feedback and informed of the assessment outcome.

Unit result

(If the unit consists of other forms of assessments, e.g. placements, clinical skills, demonstrations, roleplays, etc.), please do not deem them competent until they have been assessed)

Competent  ?

Not Yet Competent   ?

Trainer/Assessor signature:

Date:

Section 1: Unit details

About the unit

This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.

It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation. 

Pre-requisites

N/A

Relevant Legislation

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Section 2: Assessment Requirements

Performance evidence

Evidence of the ability to:

• use financial skills to work with and interpret budgets, ageing summaries, cash flow, petty cash, Goods and Services Tax (GST), and profit and loss statements

• communicate with relevant people to clarify budget/financial plans, negotiate changes and disseminate information

• prepare, implement and modify financial contingency plans

• monitor expenditure and control costs

• support and monitor team members 

• report on budget and expenditure

• review and make recommendations for improvements to financial processes

• meet record keeping requirements for the Australian Taxation Office (ATO) and for auditing purposes.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge evidence

• To complete the unit requirements safely and effectively, the individual must:

describe basic accounting principles

identify and explain the relevant legislation and current requirements of the Australian Taxation Office, including the Goods and Services Tax (GST)

explain the key requirements for financiall record keeping and auditing

• describe the principles and techniques involved in managing:

• budgeting

• cash flows

• electronic spreadsheets

• GST

• ledgers and financial statements

• profit and loss statements.

Assessment resources and conditions

All relevant assessment resources such as policies, templates, website links, articles and observation tools/checklists are made available separately or incorporated in the Assessment Pack itself. 

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to:

• resources and documentation used in the workplace

• workplace policies and procedures

• workplace budgets and financial plans

• business technology

• case studies and, where available, real situations. 

• Assessors must satisfy NVR/AQTF assessor requirements.

• Insert assessment conditions from training.gov.au

Assessment methods

ACU College ensures that the assessments are conducted in a fair, flexible, valid and reliable manner. The following assessment methods have been designed to include the performance and knowledge evidence and the performance criteria of the unit of competency. 

You must attempt to answer all questions/tasks, complete demonstrations, role plays and workplace observations/performances in order to demonstrate competency in this unit.

Assessments

Assessment 1: Online quiz

Assessment 2: Project

Assessment 3: 3rd party supervisor observation

Online quiz

• Each unit may also have online quiz on LEO. You must obtain a 100% result in the Online Quiz to be deemed competent in this unit. You have the opportunity for multiple attempts of the quiz until the due date. There will be no opportunities for further attempts after the due date.

Timings and Submission of Assessment/Exam

• All the assessments are due two weeks after the last day of face to face class. 

• All tasks must be completed by the due date and uploaded to LEO in the correct format. Assessments will close after the due date. 

• If you need time to submit your assessment, you must complete an extension request form 24 hours before the due date and have it approved by your Course Coordinator/Student Welfare and Support Coordinator. 

• Assessments submitted after the due date without extension approval are considered as second attempt.

• The assessments must be dropped in the correct drop boxes on LEO. 

• Assessments are submitted via Turnitin to maintain academic integrity and honesty. 

• The evidences submitted by you must be valid, current, sufficient and authentic, if not you will be required to provide more evidences or re-submit the assessment tasks. For more details on avoiding plagiarism, please go to the following:https://students.acu.edu.au/services_And_support/academic-skills/Academic-referencing

• You must submit all evidences specified in your assessment tasks. 

• Incomplete, incorrect format and assessments in the wrong drop boxes will result in you failing your first attempt. 

• For more details please read Policy 10 Academic Integrity and Progress Policy and Procedure

Reasonable adjustments

• If you have any special requirement, please discuss with your Trainer/Assessor or book an appointment with your Course Coordinatorfor a confidential discussion. Based on your requirements the following reasonable adjustments may be made:

• Breaking the assessment into appropriate components that can be undertaken separately or giving additional time to complete the tasks

• allowing alternative methods of competence demonstration, such as oral assessment or third?party evidence

Results, feedback and appeal

• Assessment results are made available on LEO after the “Post-date” which is three weeks after the due date. 

• Please take note of the “Post-dates” and check your results on LEO. You may also receive notifications about the availability of results. 

• You will be provided with sufficient feedback on your assessment document.

• If you are deemed Not Yet Competent (NYC)/ Not Yet Satisfactory (NYS)/ Did Not Submit (DNS), you will be allowed one additional attempt to prove competency.

• IF you are NYS in the first two attempts you will be allowed two additional attempts at a nominal cost. 

• Resubmissions must be submitted within a week from the date of the results availability.  

• If you do not agree with the outcome of your results, you can appeal to have your outcome reviewed and moderated by another Trainer/Assessor as per the Policy 3 Complaints and Appeals Policy and Procedure available on LEO https://leo.acu.edu.au

Student Engagement through the assessments

• You will be given access to Assessment Pack in the first week of your training or as appropriate to the unit in discussion. Your Trainer/Assessor will explain the assessment requirements in the class. Trainer/Assessor will also be available either via email or in person by appointment to provide additional support. Please allow at least 48 hours for the Trainer/Assessor to respond to you.

• You can also engage with your trainer through “Discussion Forum” and “Chat” sessions on LEO.

Other relevant policies and forms

Relevant policies and forms are available for you on LEO https://leo.acu.edu.au. It is your responsibility to familiarise yourself with required policies and forms.

Instruction

• Please answer all the questions

• This assessment is divided into sections which focus on the different legislative, policy and industrial requirements for fulfilling competency in this unit

• Within each section all questions must be answered

• Ensure you answer each part of the question with required amount of details

Instruction

• Please read the scenario and respond to the points using examples where applicable

• This assessment is divided into sections which focus on the different legislative, policy and industrial requirements for fulfilling competency in this unit

• Within each section all questions must be answered

• Ensure you answer each part of the question with required amount of details

Conduct research or use an organisation that you know and get a copy of the annual report and answer the following questions:

Part 1:

1. To whom is this report disseminated and how is this done?

2. Why do these people need this information contained in the annual report?

3. What financial information does the report offer? Describe the contents of the report and explain what it tells about the business’ activities – successes and non-successes -during the year.

4. Examine the financial summaries for information about the fiscal condition of the company.  Did it show a profit?

5. What sorts of recommendations are made and what suggestions are made regarding business activities for the upcoming year

Part 2:

1. Find a copy of the Annual report from the previous year:

2. Compare the two and report on whether the projections from the first report were accurate

3. Were the recommended changes made and how did they impart on the next year’s report?

Part 3

Explain the following statement

“Ratio analysis can help in measuring business performance and setting objectives/goals”

Instruction

• Ask your manager to observe you in the performance criteria outlined in the 3rd party report and rate whether you meet each criteria. 

• You are required to: 

• hand the 3rd Party Guide to your Supervisor so that they may understand how to assess you in the workplace.  Kindly download this guide from LEO.

• scan a signed copy of the completed report (with signatures) and upload it to LEO for your assessor to mark.  Also hand in the original hard copy at your next contact session.