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1 Communicate budget and financial plans 1.1 Budget/financial plan communication package is reviewed by finance specialists
01 / 10 / 2021
Essays & Coursework 1
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Unit Sector
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Elements and Performance Criteria
ELEMENT S | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1 | Communicate budget and financial plans | 1.1 | Budget/financial plan communication package is reviewed by finance specialists |
1.2 | Package is amended/revised where appropriate |
1.3 | Training activities are undertaken with users of the budget and plans across the organisation |
1.4 | Data and terms are defined to assist users of the plans |
1.5 | Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities |
2 | Monitor and control activities against plans | 2.1 | Delegations and budget accountabilities are confirmed in writing prior to budget period |
2.2 | Funds are allocated in accordance with budget objectives and parameters |
2.3 | Audit requirements and legal obligations are met through recording systems and documentation |
2.4 | Risk management plans are implemented and contingency plans are in place for all financial plans |
2.5 | Performance is monitored and variances are identified on a real time basis |
2.6 | Variances are analysed in conjunction with relevant experts to determine cause and effect |
3 | Report outcomes of financial plans | 3.1 | Records of financial performance are properly maintained within organisational systems |
3.2 | Financial performance is analysed and reported in a form and language appropriate to the audience |
3.3 | Non-financial objectives are reported in the context of overall organisational performance |
3.4 | Strategies and plans are reviewed and updated to optimise organisational performance |