SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply business financial practices 
SAQA US ID UNIT STANDARD TITLE
115821  Apply business financial practices 
ORIGINATOR
SGB Generic Management 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Generic Management 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular-Fundamental  Level 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This Unit standard is for persons who supply a business advising service to organisations. This will help the learner to be able to assist the business they are assessing with their financial practices

The qualifying learner is capable of:
  • Describing the financial aspects of a business
  • Interpreting financial statements
  • Describing and preparing financial forecasts 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners accessing this Unit Standard are competent in:
  • Computer Literacy at NQF Level 3
  • Mathematical Literacy at NQF Level 4
  • Accountancy and Communications at NQF level 4 or its equivalent 

  • UNIT STANDARD RANGE 
  • Financial assumptions will include units sold, possible discounting arrangements and settlement terms for bills
  • Outputs will include reports of analysis of sales, creditors and debtors by product line and gross margin
  • Financial requirements will include vehicles, plan and equipment, hire purchase items, leasing arrangements and outright purchases
  • Financial plans will include reduce bank borrowings and reduce stock holding
  • Forecasts preparation will be drawn from sales, production and seasonal trend reports 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Describe the financial aspects of a business. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Financial objectives are related to overall business objectives. 

    ASSESSMENT CRITERION 2 
    Financial forecasts are based on sound and accurate data. 

    ASSESSMENT CRITERION 3 
    Accounting systems used to reflect the outputs of the business are accurate and current. 

    ASSESSMENT CRITERION 4 
    The impact of the financial plan is evaluated on all specific parts of the business. 

    ASSESSMENT CRITERION 5 
    Financial activities on financial performance are evaluated and are included in the financial plan. 

    SPECIFIC OUTCOME 2 
    Interpret financial statements. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Financial statements are analysed, data sources are identified and evaluated for authenticity and accuracy. 

    ASSESSMENT CRITERION 2 
    Financial ratios are calculated using standard financial methodologies. 

    ASSESSMENT CRITERION 3 
    Financial ratios are interpreted, variances identified and recorded in required format. 

    ASSESSMENT CRITERION 4 
    Reasons for variances are identified and explained and recorded in required format. 

    ASSESSMENT CRITERION 5 
    Corrective action is recommended and submitted for approval with appropriate responsible person. 

    SPECIFIC OUTCOME 3 
    Describe and prepare financial forecasts. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Financial forecast origins are identified in line with past practices. 

    ASSESSMENT CRITERION 2 
    Sources of financial forecasts are identified as per company standard practice. 

    ASSESSMENT CRITERION 3 
    Factors in preparing financial forecasts are outlined in line with company standard operating procedures. 

    ASSESSMENT CRITERION 4 
    Accounting periods are identified and explained for the forecasting process. 

    ASSESSMENT CRITERION 5 
    Relevant factors are incorporated in the preparation of Financial Forecasts. 

    ASSESSMENT CRITERION 6 
    Financial forecasts are analysed to determine viability against company requirements. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this Unit Standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard or assessing this Unit Standard must be accredited as a provider with the relevant ETQA, or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Moderation of assessment will be conducted by the relevant ETQA at its discretion. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • The financial objectives of a business
  • How costs and benefits of financial activities are measured and assessed
  • The roles and responsibilities in financial planning
  • The types and frequency of financial forecasts
  • The difference between forecasts and actual results
  • Financial and accounting practices 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identifying and solving problems in which responses display that responsible decisions using critical and creative thinking have been made after studying the businesses financial practices. 

    UNIT STANDARD CCFO WORKING 
    Working effectively with others during the process of extrapolating financial information. 

    UNIT STANDARD CCFO ORGANISING 
    Organising and managing oneself and one's activities responsibly and effectively which will ensure all the correct financial data is available. 

    UNIT STANDARD CCFO COLLECTING 
    Collecting, analysing, organising and critically evaluating information in the pursuit of accurately interpreting the financial practices of the business. 

    UNIT STANDARD CCFO COMMUNICATING 
    Communicating effectively with all stakeholders with regard to all financial information. 

    UNIT STANDARD CCFO SCIENCE 
    Using science and technology effectively in the recording, analysis and interpretation of financial practices. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Demonstrating an understanding of the world as a set of related systems by recognising the impact that financial practices have on a business. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  79886   National Certificate: Business Advising  Level 5  NQF Level 05  Reregistered  2023-06-30  SERVICES 
    Core  48886   National Certificate: Business Advising  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2010-11-11  Was SERVICES until Last Date for Achievement 
    Core  78966   National Certificate: Diamond Design and Evaluation  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  MQA 
    Core  59304   National Diploma: Freight Forwarding and Customs Compliance  Level 5  NQF Level 05  Reregistered  2023-06-30  TETA 
    Fundamental  78526   National Certificate: Automotive Repair and Maintenance  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Fundamental  49743   National Certificate: Manufacturing Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  FOODBEV 
    Fundamental  58348   National Certificate: Perishable Produce Export Technology  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  AgriSETA 
    Fundamental  57450   National Diploma: Automotive Diagnostics and Repair  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Registered" 
    2009-02-18  Was MERSETA until Last Date for Achievement 
    Elective  71969   National Certificate: Automotive Components: Manufacturing and Assembly  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2015-06-30  MERSETA 
    Elective  78943   National Certificate: Autotronics  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  MERSETA 
    Elective  61589   National Certificate: Banking  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  78843   National Certificate: Diamond Processing  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  MQA 
    Elective  57651   National Certificate: Forensic Science  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  SAS SETA 
    Elective  59387   National Certificate: Intellectual Property Administration  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  CATHSSETA 
    Elective  79627   National Certificate: Mechatronics  Level 5  NQF Level 05  Passed the End Date -
    Status was "Reregistered" 
    2015-06-30  MERSETA 
    Elective  58395   National Certificate: Project Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  SERVICES 
    Elective  58977   National Certificate: Publishing  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2015-06-30  FPMSETA 
    Elective  59299   National Certificate: Wholesale and Retail: Buying Planning  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  W&RSETA 
    Elective  57427   National Certificate: Youth Development  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  ETDP SETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Absa Learning & Development 
    2. Bidvest Bank 
    3. Chartall Business College 
    4. Dawsons Training Academy (Pty) Ltd (DURBAN) (TP) 
    5. Felix Risk Training Consultants 
    6. Imperial Technical Training Academy (WADEVILLE) (TP) 
    7. IQ Group Holdings (Pty) Ltd 
    8. KwaZulu Automotive Training Services cc (KZN) (DURBAN) (TP) 
    9. McCarthy Academy Cape Town (BLACKHEATH) (TP) 
    10. McCarthy Automotive Artisan Academy (MIDRAND) (TP) 
    11. McCarthy Automotive Artisans Academy (PINETOWN) (TP) 
    12. Plumb Line Risk Alignment 
    13. Russ Projects T/A Academy Workplace Development (AWD) (HARRIETDALE) (T 
    14. SG Coal (Pty) Ltd (TP) 
    15. The Automobile Association of South Africa NPC T/A The AA Technical College(MIDRAND) (TP) 
    16. The Automobile Association of South Africa T/A AA Training Academy (MO 
    17. Toyota Academy Toyota SA Motors (Pty) Ltd (SANDTON) (TP) 
    18. Y3K Training cc (CAPE TOWN) (TP) 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.