Unit of competency Outline

Date retreived
24/07/2026 1:08 AM AWST

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Monitor organisational finances

Monitor organisational finances

Unit of competency
National Code
BSBGOV504
State Code
AWG27
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
14/01/2016
View on TGA
State Implementation and Classification
Approved Date
05/07/2016
Field of Education
080101 - Accounting
Original Release Date
05/07/2016
Nominal Hours
70
Description
This unit describes the skills and knowledge required for board or committee members to maintain effective organisational financial accountability systems in order to monitor organisational finances.It applies to members of committees or boards of governance.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Review organisational financial management processes
  • 1.1 Document respective financial management responsibilities of the board or committee, and management
  • 1.2 Explain legal responsibilities of individual board members and the board as a whole to the committee or board
  • 1.3 Determine financial information required by the board or committee from management
  • 1.4 Identify the statutory requirements of the board or the committee
  • 1.5 Seek advice on suitable financial management systems that will enable reporting against the organisation's overall financial health.
2. Apply financial management processes and systems
  • 2.1 Access appropriate policies and procedures to open and/or operate necessary bank accounts
  • 2.2 Identify approved signatories for the bank accounts
  • 2.3 Access finance procedures and reporting requirements specified by organisational stakeholders or funding bodies, and check that requirements for finance documentation are met
  • 2.4 Review timelines to ensure financial statements are completed within the timeframe required by relevant corporate authorities, organisational stakeholders and/or funding bodies
  • 2.5 Review documentation for authority and delegation between the board or committee and management for the management of finances
  • 2.6 Ensure statutory requirements with regard to financial management are followed
  • 2.7 Review policies and procedures to ensure they provide checks and balances to prevent, identify and deal with fraud
  • 2.8 Review organisational procedures and documentation for receiving and expending funds
  • 2.9 Review process for financial reporting against organisational budget and ensure established procedures and maintained by management
3. Meet financial reporting requirements
  • 3.1 Ensure financial information is made available to members as specified in the constitution
  • 3.2 Facilitate the clear presentation of financial information at meetings
  • 3.3 Identify the type and content of financial information that can be made publicly available
4. Monitor organisational expenditure
  • 4.1 Review and evaluate organisational budget and financial statements to ensure they meet requirements
  • 4.2 Compare income and expenditure to budget and previous periods and identify and investigate discrepancies
  • 4.3 Discuss achievement and variances to the budget in committee or board meetings
  • 4.4 Discuss the danger of being insolvent with board or committee members to ensure they understand their legal obligation not to trade while insolvent
  • 4.5 Document recommendations for action or variances
No information
No information
Replaced By
State Code National Code Title Type
OCG29 BSBFIN601 Manage organisational finances Unit of competency