Financial Management Assessment I

This assessment is designed to assess the student's skills and knowledge in budgeting, financial forecasting, and reporting. It includes written responses, a project on a simulated work organization, and a presentation of financial analysis.

T-1.8.1
Details of Assessment
Term and Year 2,2019 Time allowed 7Weeks
Assessment No 1 Assessment Weighting 100%
Assessment Type Portfolio of
Due Date Week 7 Room TBA
Details of Subject
Qualification BSB61218 Advanced Diploma of Program Management
Subject Name Financial Management
Details of Unit(s) of competency
Unit Code (s) and
Names
BSBFIM601 Manage finances
Details of Student
Student Name
College Student ID
Student Declaration: I declare that the work
submitted is my own, and has not been
copied or plagiarised from any person or
source.
Signature: ___________________________
Date: _______/________/_______________
Details of Assessor
Assessor’s Name
Assessment Outcome
Results Competent Not Yet Competent Marks / 100
FEEDBACK TO STUDENT
Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
Student Declaration: I declare that I have been
assessed in this unit, and I have been advised of my
result. I am also aware of my right to appeal and the
reassessment procedure.
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
Student did not attend the feedback session.
Feedback provided on assessment.
Signature: ____________________________
Date: ____/_____/_____
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Purpose of the Assessment
The purpose of this assessment is to assess the student in the following
learning outcomes:
Competent
(C)
Not Yet
Competent
(NYC)
1.1 Review and analyse previousfinancial 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
2.1 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 withorganisational requirements and
statutory requirements
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
identifydiscrepanciesbetween agreed and actual allocations
3.6 Ensure compliance with due diligence
4.1 Ensure structure andformat of reports are clear and conform to
organisational and statutory requirements
4.2 Identify and prioritise significant issuesin statements, including comparative
financial performances for review and decision making
4.3 Preparerecommendations to ensure financial viability of the organisation
4.4 Evaluate the effectiveness of financial management processes
Assessment/evidence gathering conditions
Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student
can only achieve competence when all assessment components listed under “Purpose of the assessment”
section are recorded as competent. Your trainer will give you feedback after the completion of each
assessment. A student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
Resources required for this Assessment
 Computer with relevant software applications, access to internet and weekly eLearning notes
Instructions for Students
Please read the following instructions carefully
 This assessment has to be completed In class At home
 The assessment is to be completed according to the instructions given by your assessor.
 Feedback on each task will be provided to enable you to determine how your work could be improved.
You will be provided with feedback on your work within two weeks of the assessment due date. All other
feedback will be provided by the end of the term.
 Should you not answer the questions correctly, you will be given feedback on the results and your gaps
in knowledge. You will be given another opportunity to demonstrate your knowledge and skills to be
deemed competent for this unit of competency.
 If you are not sure about any aspects of the assessment, please ask for clarification from your assessor.
 Please refer to the College re-assessment for more information (Student Handbook).
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ASSESSMENT BRIEF
In this assessment task, you will use your skills and knowledge to undertake budgeting,
financial forecasting and reporting and to allocate and manage resources to achieve the
required outputs for the business unit. You work willalso include contributing to financial bids
and estimates, allocating funds, managing budgets and reporting on financial activity.
The assessment is divided into three parts and weight allocations as below:
PART A: WRITTEN REPONSES – 25%
PART B: MANAGE FINANCES PROJECT ON A SIMULATED WORK ORGANISATION – 65%
PART C: PRESENTATION OF AUSTRALIAN HARDWARE FINANCIAL ANALYSIS – 10%
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PART A: WRITTEN REPONSES – 25%
Instructions: Thispart of the assessment comprises the knowledge testing required for the unit
BSBFIM601. Thispart includes 8 questions and you must respond to all. Use the spaces below to
respond to the questions. Weights and marking allocations are in the marking allocating table.
Question 1. Planning for financial management. (2 marks)
Explain why it is necessary for all business organisations to have effective financial
management systems and explaining how the information held in financial management
systems contribute to ongoing business performance and business planning.
Financial management is a practice that is about to manage the financial resources
associated with the business entity and establishes a proper control over the utilisation of the
financial resources part of the organisation. Financial management involve financial
planning, implementation, monitoring and control over the utilisation of the financial
resources part of the company. This is a process that involves managing the financial
resources associated with the company in such way that company get to achieve the best level
of business objectives. Every company require financial resources to ensure the best level of
utility against the financial resources hold by the business entity. Every single function and
operation activity part of the company seek financial resources especially related to the
implementation stage of the business practices. Business entity needed to ensure the best
level of control and monitoring over the use of the financial resources in the organisation.
Business planning always involves the financial management part that is about to manage the
financial resources associated with the organisation in such way that professionals get
appropriate resources so that company can deliver its business objectives. This is all about
ensuring the proper availability of finances so that company can ensure the proper utility of
the financial resources in the business.
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Question 2. Establishing budgets and allocated funds. (3 marks)
a) What is a Budget?
b) What data might inform a new budget?
c) How does analysis of previous financial data assist projected resource estimates and
allocations?
a.
Budget is a process used under the financial management practice that is about to
bring out finances so that various functional and operational responsibilities associated with
the business entity could have been meet by the business entity. This is a process that is about
to analysis the possible expenditures require to incur in against to deliver certain functional
responsibilities and to achieve the business objectives in the best way possible. This is a
professional level of practice that involves anticipating the possible expenses for the
upcoming time and on the basis of that prepare the best level of budget to meet up all such
expenses required to fulfil the operation and functional responsibility. This is a process that
involve analysing the possible expenditure and bring out the financial resources for
addressing such a part.
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b.
Data regarding cost, income, expenditure and such related data are required to address
budget. Costing is an important factor or data that needed to identify by the business entity in
against to deliver the best possible budget. The budget is all prepared on the basis and
information collected and generated. The data and the information become basis of preparing
the budget in the market. Cost and expenditure related to the function or operation is the most
convenient information that is required to prepare the budget. Along with this other
information related to the time of performing the action is also essential to prepare the
budget.
c.
In case of the budget the data and information related to the previous financial years
and time is also very necessary to prepare the best suitable budget. This is all about analysing
the previous expenses so that professional and the finance manager can ascertain about the
future expenses over the same performance. This is an important part of the professional to
prepare the budget in the best way possible. Previous cost allow and guide the professional to
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identify the least possible expenses over the same performance and by adding a certain value
to the previous cost company get to prepare the budget. This is important for the professional
to ascertain the previous cost when it comes to prepare the budget for the business operations.
Question 3. Implement Budgets. (4 marks)
a) How do profit and loss statements cash flow and using aging summaries contribute to
new budgets?
b) How can you ensure that managers and supervisors in the organisation understand
the budget and understand their reporting requirements with regard to financial
management?
c) Budgets are used to identify and track discrepancies between agreed and actual
allocations. Explain.
d) How do budgets contribute to analysis of existing financial management approaches?
a) When it comes to preparing the budget the profit and loss account and other such
financial records are also consumed. These become a strong basis for the professional
and the finance manager to understand the actual requirements of the business entity.
The budget is immensely influenced with potential cost or expenditure the business
entity incurred. The main aim of the budget is to provide suitable basis to design the
best possible budget that can ensure all financial or the budgetary requirements of the
business entity.
b) In context to the budget management practice the role of the manager and the
professional become very essential. The professionals guide the management about
the right sources and the information that can indicate and guide the professional to
know the exact figure related to cost and spending of the business entity. This makes
the budget more specific in respect to the business entity. The aim of the budget is to
identify the possible cost or the expenditure and bring out financial resources for
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delivering such a practice. This become the basis of the organization and professional
for preparing the right budget so that business entity can deliver the operations and
functions in the best way possible.
c) The budget also play the role in anticipating the expenditure of the business entity.
This is all about anticipating the agreed cost and the actual cost. The cost management
is also become a crucial or the significant part of the budget. With support of this
practice company can analysis the cost management practice. The budget is all about
anticipating the potential spending over the functions and operations. This is done
with the previous records and the inflation rate of the economy and based on that
identifies the best possible spending with support of the budget. All this allow the
company to identify the difference between the expected cost and the actual cost.
d) Budget is a practice that drives and guides the business entity to understand about the
spending of the organisation. This practice guide the company to understand the
significance of the financial management approach follow by the company. Budget is
among the most significant part of the financial management practice. This denotes
that how effectively the business entity is capable to deliver its financial management
practice.
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Question 4. Explain financial probity. (3 marks)
Financial probity is an important part of the finance management practice. This is all
about being honest about the practices performed and the services deliver to the client. This is
a practice that is all about the ethical values of the finance professional about delivering the
services or the professional responsibilities. This is essential for the finance manger or the
professional to get to know about the ethical values associated with the professional to deliver
the best level of professional practices as a financial professional. This is all about ensuring
the proper responsibility and state the true and fair position of the business entity being a
professional.
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Question 5. List at least 10 forms of legislations and conventions (Australian, international
and/or local) that could apply to financial management. (3 marks)
 Financial management and accounting regulation
 Financial compliance and risk management
 Bond security act 2006
 Bond security levy act
 Income testing act
 Loan guarantee act
 Sale act
 Guarantee act
 Money landing act
 Export charge amendment act
Question 6. 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 Systems- AIS and FIS). What are accounting and financial
management systems and how do they assist business operations (2 marks)
Financial management and accounting system is a practice that is about to monitor
and control financial requirements of the business entity. The process of this is all about
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analysing and monitoring the financial performance of the business entity. The system of
accounting is all about analysing the business performance of the organisation. This is more
like recording the business transactions of company so that overall performance of the
organisation could have been monitored and measured. This is more like recording the
business transactions and records of the organisation so that overall performance assessment
could been done.
Financial management system is all about managing the financial resources of the
organisation. This is a process that is about to monitor and control financial resources
associated with the organisation. The process of the financial and accounting system is a
technique that is about to manage the financial outcome or the performance of the business
entity. This is more like measuring the overall performance of company in market. The
financial management system is also based on the fact of monitoring and control about the
financial resources organisation is holding.
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Question 7. Explain the requirements for each of the following:(3 marks)
a. Goods and Services Tax
b. Company Tax
c. PAYG
a.
Goods and service tax is a tax liability business entity get to pay against selling the
product and service. This system is a mix of goods and service tax. This contain the precise
element of the indirect tax systems. Now the companies require paying tax against selling up
goods and services. The earlier system was like business entities require to pay multiple taxes
against making the trade. This could completely demolished by the system or practice of the
good and service tax. This is a single tax liability that would cover all indirect tax liabilities
of the company.
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b.
Company tax is a corporate tax liability that company require to pay against
delivering the business operations. This is a tax liability that company needed to pay apart
from its ordinary income tax liability. Corporate tax is a liability that companies require to
pay against the profit. This is a mandatory requirement that companies needed to pay in
against to channelize the business operations.
c.
This is a liability of the employees to support payees meeting up the end tax liability. This is
also a part of the Australia tax system. This is all about supporting each other.
Question 8. Scenario for audit reporting. (5 marks)
You have been asked to act as a project manager to assist with data collection, provide data,
ensure that any other assistance is provided and collaborate with regard to writing the audit
report
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 and adjustments need to be
made to the current budgets.
Explain what all this means and how you will manage the process.
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In answering those questions, you will need to also address the following questions:
a. What is an internal audit?
Internal audit is not a statutory requirements that companies require to fulfil. This is a
process that company adopt to ensure the quality of internal operations. This is an audit that
conducted to ensure that the company internal practice is well effective and capable of
delivering the best level of operation and functional responsibility of the organisation.
Internal audit is always a crucial part of the business practices deliver. This is about to ensure
whether the company internal practices are competent enough to deliver the business
objectives.
b. How does it mitigate the risk of management frauds?
Management fraud is also a part of the business operations. This is a fraudulent
activity in which the senior management and authority of company found involved. Audit is
the best way to mitigate the risk of the management fraud. This process can allow the
stakeholders to keep an eye over the financial resources and its utilisation. The management
fraud is usually been involved at the financial level. This process would support the company
to control and monitor the financial requirements and usage of the company.
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c. Are there particular statutory requirements that should be followed?
The statutory requirements like audit of the company books of accounts from the
external auditor, preparation of the financial records every year, compliances of company law
related to conducting general meeting and other such. All these are the mandatory
requirements that business entity needed to cope up with and fulfil in against of delivering the
business objectives. These are needed to ensure or fulfilled in any given situation.
d. What does due diligence mean in terms of finances and financial reporting?
The financial and financial reporting involve due diligence about the use of the
financial resources. This is a process that is about to ensure the proper use of the financial
resources associated with the business entity. This is a practice that involves setting up a
proper control about the use of the financial resources part of the business operations. The
diligence is a mandatory requirements associated with laws and legal regulations in against to
deliver business operations.
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e. What reports might be prepared for the ATO?
ATO is a financial record that is prepared by the tax authority about the previous
performance of the business entity. This is a practice that is about to prepare the financial
report in respect to the performance of the company in the previous financial years.
PART A: MARKINGTABLE (for trainer use only)
The assessorneeds to use judgment in providing marks for the tasks based on learner performance.
Question/Task Number Marks Allocated Marks received
Q1 2
Q2 3
Q3 4
Q4 3
Q5 3
Q6 2
Q7 3
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Q8 5
Total
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PART B: MANAGE FINANCES PROJECT – 65%
SIMULATED WORK ORGANISATION& BRIEF ON THE FINANCE PROJECT
This is a series of practical and theory activities that will enable you to demonstrate skill and
knowledge – and produce end products suitable for use in the workplace. In this PART, you are
required to work on a finance management project to determine the financial condition for “Australian
Hardware” the simulated case study below. Click on the icon that includes the information on the
Simulated Work Organisation.
CONTEXT
In the simulated organisational context you will assume responsibility as a newly hired finance manger
of the simulated workplace environment who leads a team of finance. Your trainer will act as your
supervisor in this simulated work task. You will be progressively completing all the tasks relating to
planning for financial management; reviewing profit and loss statements; cash flows and aging
summaries; reviewing and revising the budget of this organisation, allocating funds, communicating
with your team and other stakeholders, meet compliance requirements and analysing the
effectiveness of existing financial management by providing your own recommendations.
To demonstrate competency you will need to complete all the tasks assigned to you in relation to your
personal development portfolio.
What is required?
You are required to explore the simulated organisational documents (CoffeeVille) or use your own
workplace documents, analyse the various situations mentioned within the tasks and respond to those
tasks. You are also required 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
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 communicate with other people including: reporting on financial activity and making
recommendations, identifying and prioritising significant issues, 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
Various stakeholders in this context (for the simulated organisation Australian Hardware)
 Finance Manager – You
 Owner/Supervisor – Your trainer
 Customers, employees and other stakeholders – Your fellow classmates
There are no specific word limits on your Finance Project but it must follow the structure illustrated
next and the complete all the tasks within the template provided. It must also include all screenshots
and appendix attachments mentioned within the tasks.
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FINANCIAL ANALYSIS
PROJECTFOR
AUSTRALIAN
HARDWARE
Prepared by:
Position:
Date:
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STRUCTURE, TABLE OF CONTENTS& MARKING ALLOCATIONS
(For trainer use only)
CONTENT / TASK DETAILS MARKS
ALLOCATED
MARKS
RECEIVED
1. INTRODUCTION OF THE BUSINESS 8
2. STATUTORY REQUIRMENTS OF THE BUSNIESS 8
3. REVIEW AND MAKE JUDGEMENT ON FINANACIAL
STATEMENTS
10
4. BUDGET REVISION 5
5. RECOMMEND CHANGE IN BUDGET 10
6. FINANCIAL SOFTWARE 10
7. ENSURE DUE DILLIGENCE 10
8. OTHER RECOMMENDATIONS 4
APPENDIX 1 (presentation slides) N/A N/A
TOTAL 65
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1. INTRODUCTION OF THE BUSINESS (8 marks)
Australia Hardware is a company that is engaged in providing the best quality of
hardware products; home wares garden supplies and building material. The aim of the
company is to provide the best quality of hardware products at the most cost structure. The
company has opened its first store in the year 1921. The organisation is involved in Australia
with its business practices. Percy Home Good is a founder of the company. The aim of the
organisation is to deliver the quality products at the most affordable price structure. Company
hold 60 full time employees.
2. STATUTORY REQUIRMENTS OF THE BUSNIESS (8 marks)
For a business there are a list of different started a requirement which the business has to follow.
These entire requirements are essential to be followed for the effective working of the business. The
easiest statutory guidelines help the business in ensuring that all the different legal and other
regulations are being followed and complied by the company. In case of Australian Hardware
Company they comply with all the statutory requirements. The different static requirement which
they have to undertake for running the business is as follows-
The first and foremost at requirement of the business is the use and compliance with anti
discrimination policy. The reason underlying this fact is that in case there is any discrimination within
the workplace then it will not be e good point for the company. The reason this part is that in case
there will be discrimination within the organisation then employees will not feel safe working within
the company.
In addition to this another key statutory requirement for the successful working of the business is to
comply with effective employment legislations. The reason behind this fact is that in case the
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employees of the company are not happy and satisfied with the working of the company then the
profitability of computer will decrease. Hence it is very essential for Australian hardware that they
effectively undertakes and comply with the latest employment legislations.
Along with this for the effective working of the business it is very essential for Australian hardware
that they must comply with the contract law as well. This is pertaining to the fact that in case there is
any issue within the contract then the business will not have effective working with other
companies. Thus for this reason it is very essential for Australian hardware that they effectively
comply with the contract act as well.
3. REVIEW AND MAKE JUDGEMENT ON FINANACIAL STATEMENETS (10 Marks)
In this section review and analyse the profit and loss statements, cash flows and aging summaries
and make a judgment on actual and projected forecasts. Did you find any significant issues? Does it
meet all compliance requirements and liabilities for tax? explain your answer.
Performance
Area
Performance
Objectives
Any significant issue Compliance
Requirement
Financial
Performance
overall
the performance of
objective relating to the
financial performance is
to increase the financial
capability of the
company. This is
pertaining to the fact
that in case the financial
stability and
performance of the
company will not be
good then this will
The key issue being
identified within the
financial performance
of the company is that
the total employment
expenses are very high
of the company pal stop
this can be reduced in
order to increase the
profitability of the
company to a great
The key compliance
requirement for this
issue is that the
companies must
record all the the
expenses at the time
when they have been
occurred and not at
the time when the
settlement of these
expenses of the
income has been
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affect the working
efficiency of the
company. Thus it is
very essential for the
effective working of the
company that the
financial stability is
being maintained and
the profitability is being
increased by the time.
extent. taken please.
Profit and loss
statement
The major performance
objective relating to the
profit and loss account
statement is to measure
the profitability of the
company. For the
effective performance
of the company it is
essential that the
profitability of the
company is is good and
effective.
The key issue with the
profit and loss
statement of the
company was that the
total income is good for
the company. the gross
profit as compared to
the net profit is the. this
simply means that the
company needs to take
care of the indirect
expenses and try to
limit them so that the
net profit of the
company also increases.
The key compliance
requirement with the
issue of profit and
loss statement is that
the company must
comply with all the
principles and
standards relating to
accounting and
record the
transactions in
accordance to the
principles being
provided. In addition
to this it is also
necessary for
Australian hardware
that they must
comply with the
IFRS standards.
Cash flow Performance objective
of the cash flow
statement is to make the
balance between the
cash inflow and outflow
in order to calculate
how much cash is
present with the
company.
The key significant
issue within the cash
flow statement is that
I'm there is no net cash
flow from the investing
activities which means
that company does not
have much of the
investments.
hence the major
compliance
requirement for this
situation is to
increase the number
of investments so
that other income for
the company can
also arise with help
of these investments.
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Aging
Summaries
Objective of the
account aging
summaries is to identify
the details relating to
the receivables of the
company.
There is no such
significant issue with
anti aging summaries.
All the compliance
requirement are
being fulfilled by the
company and are
adhered through.
4. BUDGET REVISION (5 Marks)
Revise the budget. You may wish to use a table or display the revised sections of the budget. Once
completed with the revision, explain why do you think it aligns with the business operation plan?
For the successful budget is very essential for the company to time to time review the
budget. This is pertaining to the fact that with help of the timely revision of the budget the
company can come to know about the different changes taking place within the financial and
other market. Hence it is very essential for the company to effectively revise the budget. With
the help of the revision of the budget it was evaluated that teeth embassies of the company
are constant which is not at all possible. In addition to this the purchases of timber is also
constant which is also not possible. This is pertaining to the fact that the sales and purchase of
the timber is dependent over the demand of the product of the service within the market. In
case the demand will be low within the market then the company will not be purchasing
much of the timber and will not be selling it either. Similarly wages and salaries are also
constant for the company. This is also not logical aspect because it is not possible that the
employees will work on the constant salary.
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5. RECOMMEND CHANGE IN BUDGET (10 Marks)
Are there any changes you would like to add or extract from the budget? Analyse the data you would
use to inform the budget and why the data will be relevant. Who else will you involve in developing the
budget?
Recommended
Changes
Objective of Change How it can contribute
to financial
management
People
Involved
1. timber sale to
fluctuate
Objective of change within
the sale of the timber is that
the sales of the product
cannot be static. This is
pertaining to the fact that
within the business
environmental its and it is not
at all possible that sales of the
company will remain static.
This can effectively
contribute within team
effect of financial
management of the
company because if the
sales will fluctuate then
there will be different
profit and loss for the
company. Hence it is
very important and
essential for the company
to effectively have
deviation within the
sales.
The key
people
involved
within the
effective
fluctuations
within the
sales are
people
involved
within the
finance and
sales
department.
2. purchase of
timber to be
fluctuated
In the similar manner the
objective relating to the
changes within the purchase
of the timber is also
recommended to the
company. This is pertaining
to the fact that in case the
purchases of the company
will be static then this is not
actually possible. due to the
reason that the purchase of
the product is being
dependent on the demand
within the market. And it is
not necessary that always the
This will contribute
within the effective
financial management of
the company. The reason
underlying this fact is
that the fluctuations
within the purchase of
the member will provide
the actual and fair view
of the reality.
The key
people
involved
within the
effective
fluctuations
within the
sales are
people
involved
within the
finance and
sales
department.
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demand of the product is
same.
3. use of flexible
budget
The objective for
recommending the flexible
budget is that the fixed
budget does not provide a
clear view of the actual
working. The reason behind
this fact is that in reality it is
not possible that for every
month the purchase and sales
of the product remains the
same. it is very important to
apply the flexible budget.
this will contribute
effectively within the
financial management of
the Australian hardware
because it will provide
clear view of the actual
financial position of the
company.
The people
involved
within this
type of
change will
particularly
involve the
finance
department
only.
6. FINANCIAL SOFTWARE (10 marks)
Does the organisation use the appropriate financial software for this organisation based on their size,
revenue and operational plan? If not give recommendations of which software is more applicable for
this business. Did you use any software packages/programs to develop this report?
Currently technology is developing fast and it is very essential for Australian hardware that
effectively adapt to all the recent technology cal changes and software. Currently the
company is using number of software but XERO is used to do all the financial procedures of
the company. With the help of the software the company undertakes suitability and
compatibility of other software applications as well and this provides technical support and
training opportunities to the company. But in addition to this it is also very essential and
important for Australian hardware that continuously monitors the changes taking place within
the external environment relating to use of financial software. Hence it is advisable to the
company that they must continuously try to research within the market and try to adapt to the
latest software related to financial procedures and recording.
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T-1.8.1
7. ENSURE DUE DILLIGENCE (10 marks)
Is there any risk of misappropriation of funds? Does the organisation have a sound audit trail system
to ensure complying with due diligence?
For the effective and successful working of the company it is very essential that the
company must ensure due diligence. The due diligence is been defined as the auditing and
reviewing the performance of the company with respect to the guidance provided. This
ensures that all the financial statements are being prepared in an effective manner. This is
particularly because of the reason that if the ethical and moral values are not included within
the financial statement preparations then this will not provide better and effective criteria to
the company. Hence for Australia hardware it is very essential that the company actively
complies with all the diligence and ethical working which is necessary for the effective
working of the company.
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T-1.8.1
8. OTHER RECOMMENDATIONS (4 marks)
Are there any other recommendationsto ensure financial viability of the organisation you want to make
and what are they?
Recommended
Changes
Objective Significant Issues People
Involved
/Time frame
1.effectvily
comply with
flexible budgets
Objective of complying with
flexible budget is that the use of
flexible budget will provide more
effective and clear pictures
relating to the working of the
company.
Significant issue within the
use of flexible budget can
be that the use of flexible
budget can be very
confusing and this will
cause delay in making the
budget.
The people
involved in this
change will be
the finance
department
people.
2.compliance with
all the statutory
requirement
The objective behind the
complying with the statutory
requirement is that it is very
essential for Australian
hardware is to undertake all the
latest regulations in order to
attract the consumers for
increasing the business of the
company.
The significant issue within
the complying with statutory
requirement is that there
are many frequent changes
within the legal aspects
relating to the company.
Hence it is very essential
that the company is very
active in analysing these
changes and in
implementing those
changes in effective and
efficient manner.
The key
people
involved within
the effective
compliance
with the
statutory
requirement is
the legal
department of
the company
Financial Management, Assessment I Page 29

T-1.8.1
PART C: PRESENTATION OF AUSTRALIAN HARDWARE FINANCIAL
ANALYSIS – 10%
In PART C, you are required to prepare a presentation to communicate and consult with relevant
stakeholders on the organisation’s financial analysis report findings and discuss the critical issues
such as organisational details, business strategies, marketing strategies and analysis, operational
plan, and financial plan.
Present the key points of the report verbally in order to demonstrate your communication skills as well
as the ability to explain your recommendations on budgets, financial analysis findings and deal with
questions.
 Your presentation will be a PowerPoint presentation of 15-20 slides using the critical elements
of the presentation structure. You may not use more than 20 slides.
 Include a list of reference or sources that you may have used to prepare the presentation.
 Marking weights for the presentation is within the marking criteria table below.
 You are also required to attach the presentation slides at the end of the assessment as
APPENDIX 1.
MARKING CRITERIA TABLE
The learner will be assessed on the following Marks Allocated Marks received
Explain organisational mission, vision and objectives 1
Explain the statutory requirements 1
Review and judgement on financial performance 1
Revision on budgets 1
Recommendations on changes on budget 1
Review on financial software 1
Financial forecasts and strategies 1
Ensure due diligence 1
Other recommendations 1
Slides submission 1
TOTAL MARKS 10
Comments by Trainer & Assessor
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T-1.8.1
APPENDIX 1
Attach Presentation Slides in this section.
Financial Management, Assessment I Page 31

T-1.8.1
Notes
The first and foremost at requirement of the business is the use and compliance with anti
discrimination policy. The reason underlying this fact is that in case there is any discrimination within
the workplace then it will not be e good point for the company. The reason this part is that in case
there will be discrimination within the organisation then employees will not feel safe working within the
company.
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T-1.8.1
Financial Management, Assessment I Page 33

T-1.8.1
Financial Management, Assessment I Page 34