BSB61015 Advanced Diploma of Leadership and Management
Assessment Resource – BSBFIM601 Manage finances | Page 1 of 55
V 3.1: May 2020, Approved: QAC, Next Review: December 2020
International College of Tasmania Pty Ltd trading as: TasCollege
RTO Code: 45352 | CRICOS Code: 03683K
Assessment Resource Summary
Unit Details BSBFIM601 Manage finances
Assessment Type
This is a summative assessment, this assessment
need adequate practice prior to undertaking this
assessment.
Assessment Methods
Questions and Answers Assessment 1
Project and Role-Play Assessment 2
Project and PowerPoint
Presentation
Assessment 3
Assessment Resource – BSBFIM601 Manage finances | Page 2 of 55
V 3.1: May 2020, Approved: QAC, Next Review: December 2020
International College of Tasmania Pty Ltd trading as: TasCollege
RTO Code: 45352 | CRICOS Code: 03683K
Unit Summary
This unit describes the skills and knowledge required to undertake budgeting, financial
forecasting and reporting and to allocate and manage resources to achieve the
equired outputs for the business unit. It includes contributing to financial bids and
estimates, allocating funds, managing budgets and reporting on financial activity.
It applies to individuals who have managerial responsibilities which include overseeing
the management of financial and other resources across a business unit, a series of
usiness units or teams, or an organisation. It covers all areas of
oad financial
management. In a larger organisation this work would be supported by specialists in
financial management.
Prerequisite Units
There are no recommended pre-requisite units for this competency.
ELEMENT PERFORMANCE CRITERIA
Elements describe the
essential outcomes.
Performance criteria describe the performance needed to
demonstrate achievement of the element.
1. Plan for financial
1.1 Review and analyse previous financial data to
establish areas which have generated a profit or loss
1.2 Undertake research to review reasons for previous
profit and loss
1.3 Review business plan to establish critical dates and
initiatives that will require or generate resources in the
next financial cycle
1.4 Analyse cash flow trends
1.5 Review statutory requirements for compliance and
liabilities for tax
1.6 Review existing software and its suitability for financial
management
2. Establish budgets and
allocate funds
2.1 Use previous financial data to determine allocations
for resources
2.2 Make informed estimates of new items for inclusion in
udget
2.3 Prepare budgets in accordance with organisational
equirements and statutory requirements
Assessment Resource – BSBFIM601 Manage finances | Page 3 of 55
V 3.1: May 2020, Approved: QAC, Next Review: December 2020
International College of Tasmania Pty Ltd trading as: TasCollege
RTO Code: 45352 | CRICOS Code: 03683K
3. Implement budgets
3.1 Circulate budgets and ensure managers and
supervisors are clear about budgets, reporting
equirements and financial delegations
3.2 Manage risks by checking there are no opportunities
for misappropriation of funds and that systems are in
place to properly record all financial transactions
3.3 Review profit and loss statements, cash flows and
ageing summaries
3.4 Revise budgets, as required, to deal with
contingencies
3.5 Maintain audit trails to ensure accurate tracking and to
identify discrepancies between agreed and actual
allocations
3.6 Ensure compliance with due diligence
4. Report on finances
4.1 Ensure structure and format of reports are clear and
conform to organisational and statutory requirements
4.2 Identify and prioritise significant issues in statements,
including comparative financial performances for review
and decision making
4.3 Prepare recommendations to ensure financial viability
of the organisation
4.4 Evaluate the effectiveness of financial management
processes
Foundation Skills
This section describes language, literacy, numeracy and employment skills
incorporated in the performance criteria that are required for competent performance.
Skill Performance
Criteria
Description
Reading XXXXXXXXXX, XXXXXXXXXX,
3.2-3.5, XXXXXXXXXX
▪ Interprets, analyses and evaluates complex
information to determine and adhere to
organisational or legislative requirements
and to assist with financial decision making
Assessment Resource – BSBFIM601 Manage finances | Page 4 of 55
V 3.1: May 2020, Approved: QAC, Next Review: December 2020
International College of Tasmania Pty Ltd trading as: TasCollege
RTO Code: 45352 | CRICOS Code: 03683K
Writing XXXXXXXXXX, 2.1-
2.3, XXXXXXXXXX,
4.1-4.3
▪ Develops and records information which
incorporates a detailed analysis of factual
and forecasted information
▪ Prepares documents using format, content
and layout appropriate to audience, purpose
and regulatory requirements
Oral
Communication
3.1 ▪ Explains financial decisions and outcomes
clearly and uses listening and questioning
techniques to exchange information and
obtain agreement
Numeracy XXXXXXXXXX, XXXXXXXXXX,
3.2-3.5, XXXXXXXXXX
▪ Reviews and analyses numerical data
embedded in organisational documentation
and legislation
▪ Compares and contrasts complex numerical
data to analyse and evaluate financial
position and processes.
▪ Uses appropriate formulae to analyse
financial data to assess and manage risk
and identify discrepancies
Navigate the
world of work
1.5, 2.3, 3.6, 4.1 ▪ Recognises, understands and adheres to
legislative and organisational requirements
in undertaking own work
Interact with
others
3.1 ▪ Selects and uses appropriate conventions
and protocols when communicating with
supervisors and managers to share
information or seek agreement
Get the work
done
1.1-1.6, XXXXXXXXXX,
3.1-3.5, XXXXXXXXXX
▪ Uses logical processes in planning,
implementing and evaluating complex tasks
to achieve stated goals
▪ Uses formal analytical thinking techniques to
identify issues, investigate underlying
causes and generate possible solutions,
seeking input from others as required
▪ Uses a range of digital technology to
access, filter, compile, integrate and
logically present complex information from
multiple sources
▪ Investigates new digital technologies and
applications to manage and manipulate data
Assessment Resource – BSBFIM601 Manage finances | Page 5 of 55
V 3.1: May 2020, Approved: QAC, Next Review: December 2020
International College of Tasmania Pty Ltd trading as: TasCollege
RTO Code: 45352 | CRICOS Code: 03683K
Assessment requirements
Performance Evidence
Evidence of the ability to:
▪ plan for financial management
▪ read and review profit and loss statements, cash flows and aging summaries
▪ prepare, implement and revise a budget which aligns with the business plan, is
ased on research and analysis of previous financial data and cash flow trends,
and meets all compliance requirements
▪ contribute to financial bids and estimates
▪ establish a budget and allocate funds in accordance with statutory and
organisational requirements
▪ communicate with other people including:
▪ reporting on financial activity and making recommendations
▪ identifying and prioritising significant issues
▪ ensuring managers and supervisors are clear about budgets.
▪ analyse the effectiveness of existing financial management approaches
including reviewing financial management software, managing risks of
misappropriation of funds, ensuring systems are in place to record all
transactions, maintaining an audit trail and complying with due diligence.
Knowledge Evidence
To complete the unit requirements safely and effectively, the individual must:
▪ identify the requirements for financial probity
▪ describe the principles of accounting and financial systems
▪ explain Australian, international and local legislation and conventions that are
elevant to financial management in the organisation
▪ outline the requirements of the Australian Tax Office, including Goods and
Services Tax, Company Tax, Pay As You Go.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered
demonstrates consistent performance of typical activities experienced in the
management and leadership field of work and include access to:
▪ financial data
▪ relevant legislation and Australian Tax Office requirements
▪ examples of business plans, profit and loss statements, cash flows and aging
summaries
▪ organisational financial policies and procedures
▪ financial management software.
Assessment Resource – BSBFIM601 Manage finances | Page 6 of 55
V 3.1: May 2020, Approved: QAC, Next Review: December 2020
International College of Tasmania Pty Ltd trading as: TasCollege
RTO Code: 45352 | CRICOS Code: 03683K
Assessment Resource – BSBFIM601 Manage finances | Page 7 of 55
V 3.1: May 2020, Approved: QAC, Next Review: December 2020
International College of Tasmania Pty Ltd trading as: TasCollege
RTO Code: 45352 | CRICOS Code: 03683K
VERSION HISTORY
Version Number Date Reason for revision Who Approved By
TAS-AT-V XXXXXXXXXX2018 IBSA Material CEO
TAS-AT-V XXXXXXXXXX2018 Contextualized IBSA Material A.C CEO
TAS-AT-V XXXXXXXXXX2018 Version Control updated to
align with other material
A.C CEO
TAS-AT-V XXXXXXXXXX2018 Re-formatted assessment tool A.C CEO
3.1 May 2020 Re-formatted to standardize AC CEO
Reassessment of Result and Academic appeal procedure
If a student is not happy with his/ her results, that student may appeal against their
grade via a written letter, clearly stating the grounds of appeal to the Director of
Studies. This should be submitted after completion of the subject and within fourteen
days of commencement of the new term.
Reassessment:
If a student does not qualify for resubmission or is still deemed Not Yet Competent
(NYC) after the resubmission, they will need to go through the reassessment
process. To qualify for reassessment, the student must have completed and
submitted the required assessments for the unit of competency as per the unit
assessment schedule. Student will get three reassessments attempt, without any
additional penalty/ fee.
Reassessment will occur only for those assessment tasks in which the student is
deemed NYC. Reassessment is a formal process and student must apply for
eassessment through Request for Reassessment Form available from the
eception. ON approval and payment of reassessment fees, a reassessment
schedule will be advised.
If still failed in three reassessment attempts, the student will