Assessment Resource Summary€¦ · Student Assessment BSBFIM601 Student Assessment V4.0 April 2017...

Student Assessment

BSBFIM601 Student Assessment V4.0 April 2017 of 18

Assessment Resource Summary

Unit Details BSBFIM601 Manage finances

Assessment Methods

Project

Assessment Task 1

Activities

Assessment Task 2

Student Assessment


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 required 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 business units or teams, or an organization. It covers all areas of broad financial management. In a larger

organization this work would be supported by specialists in financial management.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Prerequisite Units

There are no recommended pre-requisite units for this competency.

Possible Co-requisite Units

There are no recommended co-requisite units for this competency.

All products purchased remain the intellectual property of St Peter Institute. All rights reserved; no part of any publication provided by St Peter Institute may be reproduced by any means for use outside the purchasing organisation, without the prior written

permission of St Peter Institute.

Student Assessment


Summative Assessment - Assessor Instructions

It is important that in conducting assessment, the assessor undertakes the following: Prior to conducting the assessment

Read the assessment tasks as detailed throughout this document

Contextualise the task (and checklist) to ensure it reflects the students working environment. (Be sure to check with the mapping document to ensure any contextualisation still covers the unit requirements)

Read the assessor instructions and checklist prior to commencing the assessment

Ensure the assessment environment is suitable for the parameters of the task, to ensure the students will have an appropriate opportunity to demonstrates their skills

Make suitable modifications to the assessment environment (if required), to allow all tasks to be observed

Ensure the student is allocated the appropriate time and resources for the task

If undertaken on the job - discuss the assessment with the workplace supervisor, to so they are aware of what will happen throughout the process

If undertaken on the job - Determine and agree with the supervisor an acceptable time frame for each assessment.

Advise the student prior to conducting the assessment of: o what will occur throughout the assessment process? o when the assessment will occur o the level of competency expected (review the checklist or the criteria for the task to ensure

the student understands the assessment process and the expectations) o the RTO reasonable adjustment process and offer adjustment for any students needing

assistance o the RTO re-assessment and appeals process

You should not tell the student how to undertake the task, as it would lead the student and render the assessment process invalid. The student should have been taught "How" to perform each task during the training stage, and is expected to know this prior to commencing the assessment.

Do not give the student a copy of the Assessor Checklist or Sample Answers prior to the assessment. The student instructions provide appropriate detail for the student on the expected level of competency for each task.

Conducting the assessment

Establish and oversee the evidence gathering process to ensure it remains valid, reliable, fair and flexible

Advise the student when to commence the assessment

Observe the student undertake the tasks as outlined

Record your observations in the assessor checklist

Where a checklist point is not observed due to an inappropriate environment, or for a reason outside the students control, modify the scenario to allow the student an opportunity to perform the associated task

Where a checklist point is not appropriate, write "N/A" in the space provided

Incorporate allowable adjustments to the assessment procedure without compromising the integrity of the assessment. Be sure to make appropriate notations on the assessment checklist to explain any variances to the assessment process (such as probing questions, alterations to assessment environment, etc.) to ensure the assessment process is transparent (and the assessment remains Valid)

Gather supporting documentation where available and appropriate (as evidence)

Do not interfere with the assessment unless the student's actions impose a risk to themselves or anyone else. In the event that the actions of the student impact on the safety of any person - you are to immediately cease the assessment and take actions to reduce the identified risk.

If a student performs an action incorrectly, mark it as such. Record what you see, not what you want to see.

Once the assessment is complete, advise the student that the assessment has ceased, and record your comments in the sections provided.

Student Assessment


Making and recording the decision

The student needs to be deemed satisfactory in all assessments to gain competency.

You are to provide feedback* to the student on their performance and/or the outcome from their assessment (whether satisfactory or not yet satisfactory)

If a student has been assessed as "Not Yet Satisfactory" on their performance in an assessment they should be offered information about the appeal process and/or a reassessment opportunity.

Using the evidence gathered and the rules of evidence (validity, reliability, sufficiency, currency and authenticity) determine the final outcome for the student. If you are in doubt, gather further evidence to help guide your decision.

Assess the students on what you observe during the assessment period, not on their actions before or after the assessment.

If you are marking the student NYC, ensure you outline why you have made this decision, and provide advice on how the student can improve their skills / knowledge prior to reassessment; or if the re-assessment opportunities have lapsed, provide advice on appeals and or re-enrolment.

Record the assessment results onto the Assessment Summary / Cover Sheet, ensuring each section is complete

Attach all evidence (projects / checklists / tests, etc.) to this form.

Submit the completed Assessment Summary/ Cover sheet and associated evidence for processing as per your RTO procedures

Providing feedback

Provide constructive feedback to the student on their performance during the assessment period. Do not make any comments on actions undertaken prior or after the assessment period.

Provide the student with: o Their assessment result o Clear and constructive feedback based on the assessment decision o The reasons underpinning your assessment decision o Information on ways of overcoming any identified gaps in competency revealed by the

assessment the opportunity to discuss the assessment process and outcome information on reassessment and the appeals processes.

o An opportunity for reassessment if appropriate or requested by the candidate o Information on appeal process as applicable to your organisation

Student Assessment


ASSESSMENT SUMMARY / COVER SHEET

This form is to be completed by the assessor and used as a final record of student competency. All student submissions including any associated checklists (outlined below) are to be attached to this cover sheet

before placing on the students file. Student results are not to be entered onto the Student Management Database unless all relevant paperwork is

completed and attached to this form.

Student Name:

Student ID No:

Final Completion Date:

Unit: BSBFIM601

Unit Name: Manage finances

Please attach the following documentation to this form Result

S = Satisfactory NS = Not Satisfactory NA = Not Assessed

Reassessment S = Satisfactory

NS = Not Satisfactory NA = Not Assessed

Assessment Task 1

Activity 1a 1b 1c 1d 1e & 1f attached Activity 2a 2b & 2c attached Activity 3a 3b 3c 3d 3e & 3f attached Activity 4a 4b 4c & 4d attached

S | NS | NA S | NS | NA

Assessment Task 2

Skills activity attached Knowledge activity attached

Performance activity attached S | NS | NA S | NS | NA

Final Assessment Result for this unit C / NYC

Assessor Notes: (inclusive of reassessment, reasonable adjustment, further opportunities for gap training etc.): ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________

Student Assessment


______________________________________________________________________________________

Student Declaration: I declare that I have been assessed in this unit,

and I have been advised of my result. I also am aware of my appeal rights.

Name: ____________________________

Signature: ____________________________

Date: ____/_____/_____

Assessor Declaration: I declare that I have conducted a fair,

valid, reliable and flexible assessment with this student, and I have provided appropriate feedback

Name: ____________________________

Signature: ____________________________

Date: ____/_____/_____

Administrative use only

Entered onto Student Management Database ________________

Date

Initials

Student Assessment


Project Assessment Task 1

Instructions to Learner- Assessment instructions

Overview

Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task. If any assessment task is not fully addressed, then your assessment task will be returned to you for resubmission. Your trainer/assessor will remain available to support you throughout the assessment process.

Written work

Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written assessment tasks, please ensure that you address the following criteria:

Address each question including any sub-points

Demonstrate that you have researched the topic thoroughly

Cover the topic in a logical, structured manner

Your assessment tasks are well presented, well referenced and word processed

Your assessment tasks include your full legal name on each and every page.

Active participation

It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.

Plagiarism

Plagiarism is taking and using someone else's thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:

Presenting any work by another individual as one's own unintentionally

Handing in assessments markedly similar to or copied from another learner

Presenting the work of another individual or group as their own work

Handing in assessments without the adequate acknowledgement of sources used, including

assessments taken totally or in part from the internet.

If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.

Collusion

Collusion is the presentation by a learner of an assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are

Student Assessment


subject to disciplinary action. Collusion or copying from other learners is not permitted and will result in a “0” grade and NYC. Assessments must be typed using document software such as (or similar to) MS Office. Handwritten assessments will not be accepted (unless, prior written confirmation is provided by the trainer/assessor to confirm). Competency outcome

There are two outcomes of assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience). Once the learner has satisfactorily completed all the tasks for this module the learner will be awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency. If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet Competent” you will be required to re-enrol in the unit of competency.

Additional evidence

If we, at our sole discretion, determine that we require additional or alternative information/evidence in order to determine competency, you must provide us with such information/evidence, subject to privacy and confidentiality issues. We retain this right at any time, including after submission of your assessments.

Confidentiality

We will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information. Assessment appeals process If you feel that you have been unfairly treated during your assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal to the course coordinator, in writing, outlining the reason(s) for the appeal.

Recognised prior learning

Candidates will be able to have their previous experience or expertise recognized on request.

Special needs

Candidates with special needs should notify their trainer/assessor to request any required adjustments as

soon as possible. This will enable the trainer/assessor to address the identified needs immediately.

Student Assessment


Complete the following activities individually or in a group (as applicable to the specific activity and the assessment environment). Where applicable, a signed observation by either an approved third party or the assessor will need to be included in these activities as proof of completion.

Activity 1A

Estimated Time 20 Minutes

Objective To provide you with an opportunity to understand how to review and analyse previous financial data to establish areas which have generated a profit or loss.

Activity Identify an area of business and explain how you could use different forms of current and present financial data to ascertain whether the department made a profit or a loss. You do not have to use actual figures from your business.

Activity 1B


Objective To provide you with an opportunity to understand how to undertake research to review reasons for previous profit and loss.

Activity Using your answer from the previous activity, explain how you would undertake research to review the reasons for the profit or loss.

Activity 1C


Objective To provide you with an opportunity to understand how to review business plans to establish critical dates and initiatives that will require or generate resources in the next financial cycle.

Activity Using your business plan, identify your business’ critical dates in terms of income and resource use and generation.

Activity 1D


Objective To provide you with an opportunity to understand how to analyse cash flow trends.

Activity Explain how and why you would analyse your business’ cash flow trends.

Activity 1E


Objective To provide you with an opportunity to understand how to review statutory requirements for compliance and liabilities for tax.

Activity Which taxes are applied to your business? Explain each one, including the rates and geographical variations, if applicable.

Activity 1F


Objective To provide you with an opportunity to understand how to review existing software and its suitability for financial management.

Activity In reference to your current financial management software, give all of the pros and cons you can think of. Summarise whether you think the software is suitable for both your current needs and future needs.

Student Assessment


Activity 2A


Objective To provide you with an opportunity to use previous financial data to determine allocations for resources.

Activity Give an example of how you could use previous financial data to determine the allocation of resources. Explain the figures and how you would allocate resources accordingly.

Activity 2B


Objective To provide you with an opportunity to make informed estimates of new items for inclusion in budget.

Activity Identify a new item you could add to the budget in your business. Estimate the costs of the new item and how it would be included in the budget. You need to estimate both upfront and ongoing costs.

Activity 2C


Objective To provide you with an opportunity to understand how to prepare budgets in accordance with organisational requirements and statutory requirements.

Activity Give an overview of the organisational policies and requirements you need to adhere to when you are preparing budgets.

Student Assessment


Activity 3A


Objective To provide you with an opportunity to understand how to circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations.

Activity Write a plan detailing how you would circulate newly-written budgets to managers and explain any additional information they need to know, such as reporting requirements and financial delegations.

Activity 3B


Objective To provide you with an opportunity to understand how to manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions.

Activity Identify five different ways staff could misappropriate company funds and suggest a resolution for each.

Activity 3C


Objective To provide you with an opportunity to understand how to review profit and loss statements, cash flows and ageing summaries.

Activity Explain your organisation’s use of ageing summaries, in terms of accounts payable and receivable, where applicable.

Activity 3D


Objective To provide you with an opportunity to understand how to revise budgets, as required, to deal with contingencies.

Activity Give an example of a contingency that could occur at your workplace and explain how you would revise the budget to deal with it.

Activity 3E


Objective To provide you with an opportunity to understand how to maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations.

Activity Give an example of how you could use an audit trail to identify a discrepancy in budget allocations.

Activity 3F


Objective To provide you with an opportunity to understand how to ensure compliance with due diligence.

Activity Identify three areas of compliance you could monitor in your workplace and explain how you would ensure that regulations are being adhered to.

Student Assessment


Activity 4A


Objective To provide you with an opportunity to ensure structure and format of reports are clear and conform to organisational and statutory requirements.

Activity Identify a report used in your workplace and list all of your organisation’s specifications here, including format and style.

Activity 4B


Objective To provide you with an opportunity to understand how to identify and prioritise significant issues in statements, including comparative financial performances for review and decision making.

Activity How are significant issues in statements highlighted for priority attention in your workplace?

Activity 4C


Objective To provide you with an opportunity to understand how to prepare recommendations to ensure financial viability of the organisation.

Activity Explain how you would use each of the following to determine the financial viability of the organisation:

Cash flow Changes in business activity, including markets, goods or services traded Consolidation Expenses and overheads Labour costs, including decisions to move production to other locations or

sites Loss Profit Write-offs.

Activity 4D


Objective To provide you with an opportunity to understand how to evaluate the effectiveness of financial management processes.

Activity Outline here how you would evaluate the effectiveness of your organisation’s financial management processes.

Student Assessment


Activities Assessment Task 2

Section A: Skills Activity

Objective: To provide you with an opportunity to show you have the required skills for this unit. A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion. This activity will enable you to demonstrate the following skills:

Reading Writing Oral Communication Numeracy Navigate the world of work Interact with others Get the work done

Answer the activity in as much detail as possible, considering your organisational requirements. 1. Evaluate whether your organisation is adhering to legislative requirements. What proof can you find to

suggest they are or are not meeting legislative needs? 2. Create a document which provides an analysis of factual and forecasted information. Your document

should be prepared using the format, content and layout most appropriate to the audience and purpose of the document.

3. Demonstrate your oral communication skills by explaining financial decisions and outcomes clearly and

using listening and questioning techniques to exchange information and obtain agreement. For example, you may host a meeting, talk via a video conference or have a one-to-one discussion with someone.

4. Describe a time when you have used your numerical skills. Provide details of the calculations, to show

how you have either:

Reviewed and analysed numerical data embedded in organisational documentation and legislation; or

Compared and contrasted complex numerical data to analyse and evaluate financial position and processes; or

Used appropriate formulae to analyse financial data to assess and manage risk and identify discrepancies.

5. Outline a task you have completed (which is part of your work role) where you have recognised,

understood and adhered to legislative and organisational requirements. 6. Describe a protocol which is in place in your organisation (and you have used), to communicate with

supervisors and managers to share information or seek agreement.

7. Give a demonstration to a supervisor or assessor on how to use a range of digital technology to access, filter, compile, integrate and logically present complex information from multiple sources. What new digital technologies and applications are available (or soon to be available) to manage and manipulate data?

Student Assessment


Section B: Knowledge Activity (Q & A)

Objective: To provide you with an opportunity to show you have the required knowledge for this unit. The answers to the following questions will enable you to demonstrate your knowledge of:

Identify the requirements for financial probity Describe the principles of accounting and financial systems Explain Australian, international and local legislation and conventions that are relevant 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 Answer each question in as much detail as possible, considering your organisational requirements for each one.

1. What is financial probity?

2. Describe three principles of accounting and financial systems.

3. Explain one-piece national piece of legislation and one local piece of legislation which is relevant to financial management in the organisation. Additional research may be needed for this question.

4. Outline the requirements of Goods and Services Tax, Company Tax and Pay As You Go.

Student Assessment


Section C: Performance Activity

Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit. A signed observation by either an approved third party or the assessor will need to be included in this activity as proof of completion. This activity will enable you to demonstrate the following performance evidence:

Plan for financial management Read and review profit and loss statements, cash flows and ageing summaries Prepare, implement and revise a budget which aligns with the business plan, is based 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:

o reporting on financial activity and making recommendations o identifying and prioritising significant issues o 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.

Answer the activity in as much detail as possible, considering your organisational requirements.

1. Plan for financial management by reviewing previous financial data and analysing areas of profit and loss.

2. Prepare, implement and revise a budget which aligns with the business plan, is based on research and analysis of previous financial data and cash flow trends, and meets all compliance requirements.

3. Describe how you have contributed to financial bids and estimates.

4. Establish a budget and allocate funds in accordance with statutory and organisational requirements

5. Use your communication skills to:

Report on financial activity and make recommendations identify and prioritise significant issues ensure managers and supervisors are clear about budgets

6. 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.

Student Assessment


UNIT SUMMARY RESULT This form is to be completed by the Trainer/Assessor and attached as a summary page for each student. To provide the

outcome of the Assessment, a photocopy will be given to the student.

Student Name

Student ID

Unit Name Manage finances Unit Code BSBFIM601

Unit start date Unit end date

Summary of Assessments

Satisfactory Not Yet Satisfactory

Assessment Task 1

Assessment Task 2

To achieve competency for the unit, student must be COMPETENT in all tasks. COMPETENT NOT YET COMPETENT

FINAL FEEDBACK FOR THE STUDENT:

Student Assessment


ASSESSOR / TRAINER DECLARATION I declare that I performed the assessment for this student as per the principles of assessment and to the best of my knowledge all evidences attached are the student works. Furthermore, I declare that I have conducted a fair, valid, reliable and flexible assessment for this student and provided appropriate feedback. Assessor / Trainer Name ___________________________ AGREEMENT THAT ASSESSMENT COMPETENCY HAS BEEN ACHIEVED: Student Signature _______________________________________ Date ____________________ Assessor / Trainer Signature ___________________________ Date: ___________________

USE FOR REASSESSMENT ONLY Task No/s. ________________________________________ Components: _____________________________________ RESULT OF REASSESSMENT: COMPETENT NOT YET COMPETENT ASSESSOR / TRAINER FEEDBACK

Student Signature _______________________________________ Date ____________________ ASSESSOR / TRAINER DECLARATION I declare that I have assessed the student as per the principles of assessment and to the best of my knowledge all evidences attached are the student works. Assessor / Trainer Name ______________________________ Assessor / Trainer Signature ___________________________ Date : ___________________

Student Assessment


Student Assessment Receipt

Student Name

Student ID

Unit Name Manage Finances Unit Code BSBFIM601

Summary of Assessments

Satisfactory Not Yet Satisfactory

Assessment Task 1

Assessment Task 2

Assessor / Trainer Name: ___________________________

Assessor / Trainer Signature: ___________________________ Date: ___________________

Assessment Resource Summary€¦ · Student Assessment BSBFIM601 Student Assessment V4.0 April 2017...

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Transcript of Assessment Resource Summary€¦ · Student Assessment BSBFIM601 Student Assessment V4.0 April 2017...