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ASSESSMENT Qualification: BSB61015 Advanced Diploma of Leadership and Management (088559M) Unit of Competency: BSBFIM601 Manage finances Student Name: Student ID: Assessment Due Date: UNIT OF COMPETENCY STANDARD BSBFIM601 Manage finances 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. Elements Performance Criteria 1. Plan for financial management 1.1 Review and analyse previous financial data to establish areas which have generated a profit or loss 1.2 Undertake research to review reasons for previous profit and loss 1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle 1.4 Analyse cash flow trends 1.5 Review statutory requirements for compliance and liabilities for tax 1.6 Review existing software and its suitability for financial management 2. Establish budgets and allocate funds 2.1 Use previous financial data to determine allocations for resources 2.2 Make informed estimates of new items for inclusion in budget 2.3 Prepare budgets in accordance with organisational requirements and statutory requirements 3. Implement budgets 3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations 3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions 3.3 Review profit and loss statements, cash flows and ageing summaries 3.4 Revise budgets, as required, to deal with contingencies 3.5 Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations 3.6 Ensure compliance with due diligence 4. Report on finances 4.1 Ensure structure and format of reports are clear and conform to organisational and statutory requirements 2 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. 4.2 Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making 4.3 Prepare recommendations to ensure financial viability of the organisation 4.4 Evaluate the effectiveness of financial management processes Performance Evidence Evidence of the ability to: plan for financial management read and review profit and loss statements, cash flows and aging 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. Knowledge Evidence To complete the unit requirements safely and effectively, the individual must: 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 Foundation Skills Reading Interprets, analyses and evaluates complex information to determine and adhere to organisational or legislative requirements and to assist with Writing financial decision making Develops and records information which incorporates a detailed analysis 3 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. Oral Communication Numeracy Navigate the world of work Interact with others of factual and forecasted information Prepares documents using format, content and layout appropriate to audience, purpose and regulatory requirements Explains financial decisions and outcomes clearly and uses listening and questioning techniques to exchange information and obtain agreement Reviews and analyses numerical data embedded in organisational documentation and legislation Compares and contrasts complex numerical data to analyse and evaluate financial position and processes. Uses appropriate formulae to analyse financial data to assess and manage risk and identify discrepancies Recognises, understands and adheres to legislative and organisational requirements in undertaking own work Selects and uses appropriate conventions and protocols when communicating with supervisors and managers to share information or Get the work done seek agreement Uses logical processes in planning, implementing and evaluating complex tasks to achieve stated goals Uses formal analytical thinking techniques to identify issues, investigate underlying causes and generate possible solutions, seeking input from others as required Uses a range of digital technology to access, filter, compile, integrate and logically present complex information from multiple sources Investigates new digital technologies and applications to manage and manipulate data 4 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. ASSESSMENT INFORMATION: To be deemed competent for this unit of competency, you are required to satisfactorily complete two (2) assessments: Assessment 1: Written questions Assessment 2: Project Assessment Instructions Your assessment will be required to be typed in Arial font size 12 only. You will provide your completed assessment for all of questions in one document and MUST be uploaded into MOODLE (No other method of submission will be accepted). You are required to professionally format your document including spell-check and indicating each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc.] according to this Assignment requirement. You may lose marks if you have not spell-checked your document (as this is a professional formatting requirement, a business skill). This assessment can be completed in one of several ways. Assessment candidates may identify unit requirement within their own work environment or organisation, or with reference to a scenario provided by the trainer/assessor. Be sure to properly reference your sources of information using the Harvard referencing system. For more information go to: Student Handbook - latest version Ask your Trainer/Assessor to provide you with this information In order to determine if you are addressing this assignment adequately in terms of competency/comprehension (prior to due date) a draft copy of your assessment should be discussed during class time in consultation with your Trainer/Assessor. For this feedback/ support from your Trainer/Assessor, you will need to bring to class your \"draft copy\" with any evidence of the research you have conducted to produce the assessment. If, as a student you feel you have special needs that require your Trainer/Assessor to apply a reasonable adjustment - please discuss this with your Trainer/Assessor at the beginning of the subject studies. Your Assignment must: a. Be of a professional standard (spelling, grammar, punctuation) b. Size 12, Arial Font c. 1.5 Spacing d. All pages must have a Header/Footer with the following details: 5 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. o Name o Student ID o The course & unit of competency o Date o Page numbering e. Title page f. Index page g. Body of work h. Referencing How to upload your answered assessment into MOODLE To upload your assignment into Moodle, follow these steps. 1. Log-in to Moodle and access the subject that you will be submitting the assignment in. 2. Locate the assessment you will be uploading into by scrolling down to the week that the 3. 4. 5. 6. 7. assessment is due in and then click on the assessment submission link. Click on the name of the assignment. Click the Browse button. Select the file and click Open. Click the Upload this file button. If you have more than one file, repeat the process (steps 4-6) to attach additional files up to the assignment's limit. 8. Once happy with your submission click the Send for marking button. The files are locked and the student can no longer delete, or upload more, files. Note: The date and time of the submission is recorded when the files are sent for marking, not when they are first uploaded. 6 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. ASSESSMENT 1: WRITTEN QUESTIONS Question 1: Explain in 200 words, financial probity. Question 2: Personnel working in the financial services division of a company need to understand and be able to explain principles of accounting and financial systems (Accounting and Financial Information SystemsAIS and FIS). What are accounting and financial information management systems and how do they assist business operations? (250-280 words) Question 3: List at least 10 forms of legislation and conventions (Australian, international and/or local) that could apply to financial management. - Taxation - Record keeping - Accounting standard board Question 4: Explain (a maximum of 150 words for each answer) the requirements for each of the following: a. Good and Services Tax b. Company Tax ( business expenses (profit) pay 30% to pay government, flat rate) c. PAYG (pay as you go) 7 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. ASSESSMENT 2: PROJECT Task 1: Planning for financial management Write a paper of 2,000 words, explaining why it is necessary for all business organisations to have effective financial management systems and explaining how the information held in financial management systems contributes to ongoing business performance and business planning. Task 2: Establishing budgets, allocating funds and implementing budgets Answer each of the following questions in detail: 1. What is a budget, why is it necessary, how is it used? 2. How does analysis of previous financial data impact on projected resource estimates and allocations? 3. How do profit and loss statements, cash flow and aging summaries contribute to new budgets? 4. How can you ensure that managers and supervisors in the organisation understand the budget and understand their reporting requirements with regard to financial management? 5. Budgets are used to identify and track discrepancies between agreed and actual allocations. Explain. 6. How do budgets contribute to analysis of existing financial management approaches? A full answer will require about 1,500 words. Task 3: Reporting on financial performance Scenario: Your organisation, which has a number of different cost centres, is conducting an internal audit. You have been asked to act as a project manager to assist with data collection, to provide data, ensure that any other assistance is provided and to collaborate with regard to writing the audit report. 8 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. During the year the organisation transacted a number of mergers and acquisitions. You have been asked to pay special attention to the acquisitions and to check the due diligence processes. You also need to determine whether any changes or adjustments need to be made to the current budgets. Explain what all this means and how you would manage the audit process. In answering those questions, you will need to also address these questions: 1. What is an internal financial audit? 2. How does this help to mitigate the risk of mismanagement of funds? 3. What data do you think will contribute to the audit and what financial reports might contribute to an audit? 4. What structure and formats might financial report take? 5. Are there particular statutory requirements that should be followed? 6. What does due diligence mean in terms of finances and financial reporting? 7. Under what circumstances might budgets need to be revised? 8. To whom might you circulate reports and why would you circulate them to these people? 9. What reports might be prepared for the ATO? (At least 1,500 words) Task 4: For the business in which you work you need to prepare a budget. The budget must align with the business plan. 1.Describe the business and its core operations. 2.Explain what data you would use to inform the budget and why this data would be relevant. 3.Who else would you involve in developing the budget? 4.Draw up the budget to cover the next financial year. 5.Explain how the budget would be used to monitor the financial performance of the organisation. 6.List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation. 7.Write a report explaining how the budget that you have developed contributes to financial management. 9 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. 8. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions. 9.Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they? 10.What software packages/ programs have you used when developing the budget and how did these assist? Submit: the budgetwith appropriate explanations about its implementation answers to the questions the report on how the budget contributes to financial management the report on how effective current financial management approaches are 10 BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed. OVERALL ASSESSMENT RECORD Student Name: Student Number: Unit of Competency: BSBFIM601 Manage finances Assessor Name: Assessment Date Assessment 1: Did student satisfactorily answer the following questions? 1. 2. 3. (tick if yes; cross if no) 4. Assessment 1 Outcome: Satisfactory Not Satisfactory Assessment 2: Did student satisfactorily complete the following assessment tasks? (tick if yes; cross if no) 1. 2. 3. 4. Assessment 2 Outcome: Satisfactory Not Satisfactory Assessor Feedback: Overall Assessment Outcome: Competent 11 Not Yet Competent BSBFIM601 Manage financesAssessment - Version: 1.0 (Created: 03/07/17; Printed: 17/07/17) This document is uncontrolled version when printed