This unit describes the skills and knowledge required to evaluate returns to operations, determine short-term and long-term needs, and evaluate an organisation's financial position and performance.  It applies to experienced individuals who use specialised knowledge and skills to evaluate complex financial information and make recommendations relevant to strategic organisational activity.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit details

Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC608

Prerequisites

FNSACC511 - Provide financial and business performance information

Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines. Students will be expected to demonstrate the following required skills: - evaluate returns to operations using standard financial analysis and accounting techniques, and following organisational policy and procedures; - determine long-term and short-term organisational needs; - review and monitor financial performance across an organisation, and; - assess risk strategies and make recommendations regarding financial performance. Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.Students will also be expected to demonstrate the following knowledge: - discuss techniques for developing long-term and short-term plans, and determining financial priorities; - explain the purpose and key features of standard financial analysis techniques and business review processes; - explain the role of audits in evaluating financial performance; - discuss ethical considerations in evaluating financial performance; - identify and explain the key features of financial legislation relating to the evaluation of financial performance; - identify and explain the key principles of: cash flow and budgetary control; cost-benefit analysis and use of forecasting techniques; internal control, including statutory requirements; - outline the key features of organisational structures and lines of management authority, and; - discuss strategies for risk identification and management.

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

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