Unit of competency Outline

Date retreived
22/07/2026 5:09 AM AWST

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Manage a budget

Manage a budget

Unit of competency
National Code
CUEFIN02C
State Code
D1646
TGA Status
Deleted
DTWD Status
Deleted
Current Release Number
1.00
Current Release Date
05/04/2004
View on TGA
State Implementation and Classification
Approved Date
23/03/2011
Field of Education
080101 - Accounting
Original Release Date
23/03/2011
Nominal Hours
30
Description
This unit describes the skills and knowledge required to take responsibility for the management of a budget others may have developed. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Allocate funds
  • 1.1. Allocate funds in accordance with the budget and agreed priorities
  • 1.2. Keep all relevant personnel fully informed of budgetary decisions
  • 1.3. Make colleagues aware of the importance of budget control
  • 1.4. Accurately detail records of resource allocation in accordance with organisational control systems
2. Monitor and control expenditure
  • 2.1. Check actual income and expenditure against budgets at regular intervals
  • 2.2. Identify areas for improved budget performance and investigate options
  • 2.3. Prepare income and expenditure reports and present in the required format to relevant personnel
  • 2.4. Identify deviations from the budget, the reasons for deviation and take appropriate action
  • 2.5. Present recommendations clearly and logically to relevant personnel
  • 2.6. Advise relevant personnel of budget status in accordance with agreed timeframes
3. Complete financial reports
  • 3.1. Accurately complete all required financial and statistical reports within designated timelines
  • 3.2. Make recommendations regarding future financial planning as appropriate
  • 3.3. Make reports clear and concise, and check for accuracy.
  • 3.4. Promptly forward reports to relevant personnel
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Budgets may include:
budgets for a small business
cash
departmental
event
grant funding
project
sales
Relevant personnel involved in budget development may include:
creative personnel
funding bodies
investors
management
sponsors
technical personnel
Resources include all financial resources such as:
bank accounts
cash
cheques
grants
investments
Financial reports may include:
balance sheets
cash flow reporting
profit and loss statements
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
The following evidence is critical to the judgement of competence in this unit:
monitoring of income and expenditure in accordance with the budget and identifying ways of improving budget performance
knowledge of basic budget principles and structures
knowledge of budgeting terminology relevant to a specific industry context.

Context of and specific resources for assessment
The assessment context must provide for:
project or work activities that include the management of and reporting on a budget for a specific project/event/operational area over a period of time so that the monitoring and implementation aspects of the unit can be assessed.

Method of assessment
Assessment may incorporate a range of methods to assess performance and the application of essential underpinning knowledge, and might include:
evaluation of reports detailing financial performance of projects or activities conducted by the candidate
evaluation of reports prepared by the candidate detailing the processes undertaken to manage and monitor a budget
case studies and problem solving to assess application of principles of budget management to different workplace contexts
review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate.

Assessment methods should closely reflect workplace demands and the needs of particular groups (e.g. people with disabilities, and people who may have literacy or numeracy difficulties such as speakers of languages other than English, remote communities and those with interrupted schooling).

Guidance information for assessment
Assessment of this unit requires access to:
figures and data that reflect the financial operating conditions of industry.
Replaces
State Code National Code Title Type
C5795 CUEFIN02B Manage a budget Unit of competency