T-1.8.1_v3 Financial Management, Assessment I v2.0 Last .docx

T-1.8.1_v3
Financial Management, Assessment I v2.0 Last updated on
11/06/2019 by NC Page 1
Details of Assessment
Term and Year 2, 2020 Time allowed 7 Weeks
Assessment No 1 Assessment Weighting 100%
Assessment Type Portfolio
Due Date Week 7 Room
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. I acknowledge that I understand the requirements
to complete the assessment tasks. I am also aware of my
right to appeal. The feedback session schedule and
reassessment procedure were explained to me.
Student’s
Signature: ____________________
Date: _____/_____/_________
Details of Assessor
Assessor’s Name NADIA CHOWDHURY
Assessment Outcome
Assessment
Result
Competent Not Yet Competent Marks /100
Feedback to Student
Progressive feedback to students, identifying gaps in
competency and comments on positive
improvements:
Assessor Declaration: I declare that I have conducted
a fair, valid, reliable and flexible assessment with this

student.
Student attended the feedback session.
Student did not attend the feedback session.
Assessor’s
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 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
2.1 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
3.1 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
4.1 Ensure structure and format of reports are clear and conform
to
organisational and statutory requirements
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
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 will also
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: This part of the assessment comprises the
knowledge testing required for the unit
BSBFIM601. This part 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.
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?
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a.
b.

c.
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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?

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Question 4. Explain financial probity. (3 marks)

Question 5. List at least 10 forms of legislations and
conventions (Australian, international
and/or local) that could apply to financial management. (3
marks)

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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)

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Question 7. Explain the requirements for each of the following:
(3 marks)
a. Goods and Services Tax
b. Company Tax

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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.
In answering those questions, you will need to also address the
following questions:
a. What is an internal audit?
b. How does it mitigate the risk of management frauds?

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c. Are there particular statutory requirements that should be
followed?
d. What does due diligence mean in terms of finances and
financial reporting?

e. What reports might be prepared for the ATO?
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PART A: MARKING TABLE (for trainer use only)
The assessor needs 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
Q8 5
Total 25
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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. Please only follow the below file
for the case study as this is a
simulated organisation and many contents has been modified
from the actual organisation to
match the criteria of this unit and students must follow the data
only form this file. Click on the
icon that includes the information on the Simulated Work
Organisation.
Australian Hardware
- Simulated Organisation.docx
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?
This is individual submission and only You will work on it. You
are required to explore the simulated
organisational documents (Australian Hardware) or use your
own workplace (Must be within
Australia only) document, 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
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• 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: 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
• If students are preparing report on their own workplace(Must
be within Australia), they
must attach all necessary documents of financial statements as
financial reports,
budgets, cash flows of that organisation for the trainer to assess
the report based on
those reports and must consult with the trainer beforehand. Any
students unable to
follow this guideline will lead to unsatisfactory outcome.
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
PROJECT FOR

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)
This section should include organisation descriptions, products
and services, location, vision and
mission statement and its core operations. You are required to
review & analyse organisational
information and policies in this section to plan for financial
management.
2. STATUTORY REQUIRMENTS OF THE BUSNIESS
(8 marks)

List and explain the application of statutory and legislative
requirements as they apply to financial
management within the business operation.
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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
Profit and loss
statement
Cash flow

Aging Summaries
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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?

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.
2.
3.
4.

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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?
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?
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8. OTHER RECOMMENDATIONS
(4 marks)
Are there any other recommendations to ensure financial
viability of the organisation you want to
make and what are they?
Recommended
Changes
Objective Significant Issues
People

Involved
/Time frame
1.
2.
3.
4.

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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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APPENDIX 1
Attach Presentation Slides in this section.

T-1.8.1_v3 Financial Management, Assessment I v2.0 Last .docx

T-1.8.1_v3 Financial Management, Assessment I v2.0 Last .docx

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