Please copy and paste link for the case study.

https://s3.ap-southeast-2.amazonaws.com/learn.aim.com.au/BSBFIN501/BSBFIN501_Simulation+Pack.pdf

(More background info. More is on case study link above)

The budgeted spend overall for the financial reporting period on all the activities for the sales and marketing team was $80,000. The actual spend amount is $94,590.

The team is over the planned budget by $14,590.

This amount is not factored in with the $10,000 contingency amount. With the contingency amount factored in, the actual spend was over $4,590.

Regarding King Edward College policy and procedures. Our financial planning process is as follows to meet: Financial objectives set for each year. Budgets set for each year. Which the sales and marketing team has not followed with these.

The two main areas for the amount not under the budget was television advertising and google ads. The television advertising was never reduced, and the team wasnt able to get the cost down. Google ads were planned on $500 a month, instead actual expenditure on google ads was $700 a month. $2,400 over the budget.)

1. What do you believe could be improved in the financial management processes?

List at least three recommendations. (Note that you will need to implement at least one of these below.)

2. Select one of the process improvement recommendations and implement it.

You will need to provide evidence of this. (For example, you may decide that the budget policy section of the financial management policy needs updating, and for this case, you will provide an updated policy. You may also decide to recommend a specific amount for inclusion as a contingency.)

3. Record keeping

Consider the business has revenue in excess of $80,000.

Explain how the business should maintain record keeping standards and what evidence of record keeping may need to be provided in an audit to the ATO?

Based on the annual revenue generated does the business need to file a BAS?