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: 

Evaluate the financial practices of a business 
SAQA US ID UNIT STANDARD TITLE
116365  Evaluate the financial practices of a business 
ORIGINATOR
SGB Entrepreneurship & Small Business Development 
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  Level 6  Level TBA: Pre-2009 was L6 
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 
The person credited with this Unit Standard is able to identify and describe the financial aspects of a business, interpret financial information and provide financial forecasts in line with business requirements and applying strict security and confidentiality practices.

The qualifying learner is capable of:
  • Identifying and describing the financial aspects of a business
  • Interpreting financial statements
  • Providing financial forecasts 

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

  • UNIT STANDARD RANGE 
  • Financial assumptions include units sold, possible discounting arrangements and settlement terms for bills.
  • Outputs include reports of analysis of sales by product line and gross margin.
  • Financial requirement include vehicles, plants and equipment, hire purchase items, leasing arrangements and outright purchases.
  • Financial plans included to reduce bank borrowings, reduce stock holdings.
  • Forecasts preparation included drawn from sales, production and seasonal trend reports. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify and describe the financial aspects of a business. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Financial objectives are identified for all areas of business. 

    ASSESSMENT CRITERION 2 
    Financial objectives are related to overall business objectives. 

    ASSESSMENT CRITERION 3 
    Financial forecasts are based on sound and accurate data. 

    ASSESSMENT CRITERION 4 
    Accounting systems used to reflect the outputs of the business are accurate and current. 

    ASSESSMENT CRITERION 5 
    Advisors used to put the financial plan together are evaluated according to business requirements. 

    ASSESSMENT CRITERION 6 
    The financial plan is evaluated for its impact on all specific parts of the business. 

    ASSESSMENT CRITERION 7 
    Financial activities are evaluated and are included in the financial plan. 

    SPECIFIC OUTCOME 2 
    Interpret financial statements. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Income statements are analysed and data sources are identified and evaluated for authenticity. 

    ASSESSMENT CRITERION 2 
    Cash flow statements are analysed and data sources are identified and evaluated for authenticity. 

    ASSESSMENT CRITERION 3 
    Balance sheets are analysed and variances identified and justified using accepted accounting practice. 

    SPECIFIC OUTCOME 3 
    Provide financial forecasts. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The origins of financial forecasts are identified, explained and applied to a business or organisation. 

    ASSESSMENT CRITERION 2 
    Sources of financial forecasts are identified, explained and applied with examples. 

    ASSESSMENT CRITERION 3 
    Factors in preparing financial forecasts are identified, explained and applied correctly. 

    ASSESSMENT CRITERION 4 
    Accounting periods for forecasts are identified, explained and applied correctly. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    Accreditation for this Unit Standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative and formative assessment by a registered assessor.
  • Assessors must be registered as an Assessor with the relevant ETQA, or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.
  • Moderators must be registered as assessors with the relevant ETQA, or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.
  • Training providers must be accredited by the relevant ETQA or with an ETQA that has a Memorandum of Agreement with the relevant ETQA.

    Moderation should include both internal and external moderation where applicable. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • How costs and benefits of financial activities are measured and assessed.
  • Roles and responsibilities in financial planning.
  • Types and frequency of financial forecasts.
  • Difference between forecasts and actual results.
  • Understanding of 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 & solving problems in which responses display that responsible decisions using critical and creative thinking have been made. 

    UNIT STANDARD CCFO WORKING 
    Working effectively with others as a member of a team, group, organisation. 

    UNIT STANDARD CCFO ORGANISING 
    Organising and managing oneself and one's activities responsibly and effectively. 

    UNIT STANDARD CCFO COLLECTING 
    Collecting, analysing, organising and critically evaluating information. 

    UNIT STANDARD CCFO COMMUNICATING 
    Communicating effectively using visual, mathematical and/or language skills in the modes of oral and/or written persuasion. 

    UNIT STANDARD CCFO SCIENCE 
    Using science and technology effectively. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Demonstrating an understanding of the world as a set of related systems by recognising that problem-solving contexts do not exist in isolation. 

    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  48967   National Certificate: Business Advising Operations  Level 6  Level TBA: Pre-2009 was L6  Reregistered  2023-06-30  SERVICES 
    Fundamental  58246   Bachelor of Human Settlements Development  Level 6  Level TBA: Pre-2009 was L6  Passed the End Date -
    Status was "Reregistered" 
    2018-06-30   
    Elective  58820   National Certificate: Advertising  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  MICTS 
    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  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. African Bank Ltd 
    2. Bidvest Bank 
    3. Compuscan Academy 
    4. Cornerstone Performance Solutions (Pty) Ltd 
    5. The Facilitation Workshop 
    6. The Institute of Literacy Advancement 



    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.