Reference no: EM133562600

Manage budgets and financial plans

Assessment 1-Short Questions

Question 1 Identify two basic accounting principles and briefly explain how each is applied in the workplace.
Question 2 Identify the two types of ageing accounts found in ageing summaries and briefly explain how each is used using your own words.
Question 3 Identify the three types of cash flow activities and briefly explain each using your own words.
Question 4 Identify two types of petty cash books and briefly explain how petty cash is recorded on each using your own words.
Question 5 Review the following link regarding reporting of Goods and Services Tax (GST):

GST reporting methods

Identify ALL information a business is required to report in their Business activity statement (BAS) if they are using the full reporting method
Identify the condition that would require a business to report GST using the full reporting method.
Identify ALL information a business is required to report in their BAS if they are using the instalment method.

Question 6 Identify three categories of financial information that is reported in Profit & Loss Statements. Briefly define each using your own words.

Question 7 List two legislations under the Australian Taxation Office (ATO) relevant to business taxation, except GST. Briefly explain the purpose of each legislation using your own words.

Question 8 List two current tax requirements of the Australian Taxation Office (ATO) for businesses aside from the Goods and Services Tax (GST) already listed below.
For each tax requirement, including the GST, you must:
Identify the following
Link to the ATO requirement
Date you accessed the source
Date the source was last modified
Brief explanation of the requirement that the business must pay using your own words

Question 9 Identify two key requirements for financial record-keeping and briefly explain each using your own words.

Question 10 Identify at least two sections of the Corporations Act 2001 containing key requirements for financial auditing. Identify at least one requirement of financial auditing from each section indicated.
You must indicate the volume and the section of the Act when identifying the relevant section.
Access the following link to assist you in completing this task:

Question 11 Identify at least three principles for managing work teams and briefly explain how each promotes effective team management.

Question 12 Identify one principle involved in managing each of the financial requirements listed below. Briefly describe each principle using your own words.

Question 13 Briefly describe how to use or calculate for the following financial requirements.

Question 14 Identify the two areas that you need to evaluate when reviewing budget plans. Briefly explain why each needs to be reviewed.

Question 15 Identify at least two techniques for evaluating budget plans and briefly explain how each is applied.

Question 16 Identify the three key financial statements that you must review when conducting an annual evaluation of your financial plans. Briefly explain why each financial statement needs to be evaluated.

Question 17 Identify at least two techniques for effective evaluation of financial plans. Briefly explain how each technique can be applied using your own words.

Assessment 2-Practical Assessment

Part 1. Financial Management Planning

Task Overview
This part of the project requires you to review an existing budget plan and financial plan in your organisation. Specifically, you are required to:
Access budget plan and financial plan documentation
Negotiate changes that need to be applied to budget plan and financial plan
Clarify budget plan and financial plan on their achievability, accuracy, and comprehensibility
Prepare contingency plans in the event that initial plans change

Resources Required:
To complete this project, you will need access to the following:
A simulated workplace that will allow you access to:
Workplace financial documentation, such as:
Financial plan for your work team that includes the following:
Cash flow projections
Ageing Summaries
Petty Cash Statements
Goods and Service Tax (GST)
Profit and Loss Statements
One budget plan

Budget plans may include, but is not limited to the following:
Short-term budget plan
Long-term budget plan
Two relevant personnel
This includes, but is not limited to the following:
Financial managers
Accountants
Financial controllers
Opportunity to manage at least one financial plan for your own work team

Task 1.1: Review Budget and Financial Plans

Assessment Instruction
Seek assistance from your supervisor to identify an opportunity to manage at least one financial plan for your work team.
Work team must consist of at least two members.
Access one of your organisation's existing financial plans for your work team, which must be of at least two members. Your financial plan must include the following:
At least one financial goal
Goals are general objectives that describe what you want to achieve with your finances in the long run.
At least two financial objectives relevant to financial goal
These are the specific numerical milestones that indicate the accomplishment of your financial goal.
Cash flow projections
Ageing summaries
Petty cash statements
Goods and Service Tax (GST)
At least two profit and loss statements
At least one budget plan, which includes at least one budgetary objective
Budget plans include, but are not limited to, the following:
Short-term budget plan
Long-term budget plan
Access the Financial Review template found within this workbook. This outlines all the information required for this task.
Review the past performance of your financial records in relation to the financial goals and objectives of your financial plan.
Complete the Financial Review template. To do this, you must:
Identify the following:
At least one financial goal relevant to budgeting
At least two financial objectives relevant to the identified financial goal
Section of financial plan used
Type of budget plan used
Interpret the performance of the following in relation to your identified financial objectives:
Interpretation of financial documents is dependent on the objectives you have identified. You must ensure that you incorporate discussion of ALL identified financial objectives throughout your interpretation.
Budget Plan
Interpretation includes but is limited to the following:
If expenses incurred throughout the year are in line with budgetary requirements
If the company was able to achieve positive variance
Ageing summaries
Interpretation includes but is limited to the following:
How will you tackle the unpaid invoices?
What action must be taken to convert this to cash?
Petty cash
Interpretation includes but is not limited to the following:
Will the current petty cash suffice for the organisation?
Is the petty cash accounted for in your budget?
Cash flow statement
Interpretation includes but is not limited to the following:
Is your budget consistent with your expected income based on the trends of your cash flow statements?
Goods and Services Tax (GST)
Interpretation includes but is not limited to the following:
Will you be able to claim GST credits at the end of the next tax period?
Are GST credits included in the computation of your budgets?
Profit and loss statement
Interpretation includes but is not limited to the following:
Will the proposed budgets meet the expected expenses and cost?
Will the current return on equity generate the required profit for your organisation?
Have your supervisor complete the Supervisor Declaration Form found at the end of the Financial Review template. This is to ensure that all information provided is accurate and factual.

Task 1.2: Evaluate Performance of Budget and Financial Plans

Assessment Instructions

To complete this task, you must conduct a meeting with at least two relevant personnel from your organisation to evaluate the performance of your budget and financial plans, as outlined in Task 1.1.
Relevant personnel include, but is not limited to the following:
Financial managers
Accountants
Financial controllers
Locate the following found within this workbook to assist you in completing this task:
Meeting Minutes template
Observation Form
This outlines all the skills you must demonstrate throughout this task. Read this and the instructions that follow before conducting your meeting.
Arrange a time with your assessor to observe you in conducting the meeting. Discuss all requirements of the task with your assessor and prepare these before the meeting.
Your assessor will complete the Observation Form.
If direct observation from your assessor is not possible, record the meeting in a video. Ensure to obtain permission first from persons involved before doing so.
Review the budget and financial plans interpreted in Task 1.1. You must share the information recorded here during your meeting.
Conduct a meeting with at least two relevant personnel to evaluate the performance of the budget and financial plans based on review from Task 1.1.
During the meeting:
Evaluate how each of the following performed based on your interpretation in your Financial Review:
Budget plan
Ageing summary
Petty cash
Cash flow statement
Goods and Services Tax (GST)
Profit and loss statement
Identify at least one change to your budget plan based on your evaluation
Negotiate possible changes to implement to your budget plan to achieve financial objectives better.
Negotiation includes, but is not limited to the following:
Looking for common ground among participants of meeting
Building ideas so others can come to a decision
Propose solutions that would drive conversation forward
Identify at least one change to be made to your financial plan based on your evaluation
Negotiate possible changes to implement your financial plan to better achieve financial objectives.
Based on your discussion, finalise the following:
At least one change to your budget plan
At least one change to your financial plan
Record all discussions in your Meeting Minutes.
After the meeting, have each of the participants sign the ‘Attendees' section of your Meeting Minutes. All signatures must be handwritten.
Update your financial plan and your budget plan based on changes identified in your meeting.
Seek approval from the participants of your meeting on the updates made to the following:
Budget Plan
Financial Plan
You must secure proof of each approval. This will be submitted as supplementary evidence at the end of the task.
Evidence includes, but is not limited to the following:
Email
Meeting Minutes
Video recording
Submit the following to your assessor:
Video recording of your meeting (ONLY if direct observation is not possible)
Meeting Minutes
Updated Financial Plan
Updated Budget Plan
At least one supplementary evidence of approval from each personnel present in the meeting

Task 1.3: Develop Financial Management Plan
Assessment Instructions
Review your revised Financial Plan and Budget plan from Task 1.2 to develop strategies for monitoring expenditure and controlling costs.
Locate the following found within this workbook:
Financial Management Plan
This outlines the information required to complete this task.
Risk Rating Guide
This can be used to complete Part D. Contingency Plan of your Financial Management Plan
You may use your own organisation's template for financial management plans, so long as you are able to supply all the requirements outlined in this task.
The Financial Management Plan is divided into multiple sections. Instructions to complete each section are as follows:
Part A. Team Management Plan
To complete Part A. Team Management Plan, you must identify the following
Develop at least one team objective based on your financial objective relevant to monitoring actual expenditure identified in Task 1.1.
Areas covered by team objectives include, but is not limited to the following:
Ensuring allocated budget is followed
Setting limits to spending
Expenditure forecasting
You must write each of your objectives following S.M.A.R.T Goals, which stands for:
Specific
Measurable
Achievable
Realistic
Time-bound
At least one team objective to achieve organisational financial objective relevant to controlling costs. You must write this following S.M.A.R.T. Goals.
At least two members of your work team involved in financial management
Team members include, but is not limited to the following
Bookkeeper
Accounts manager
Accountant
At least one role of each team member relevant to financial management, specifically:
Monitoring expenditure
Controlling costs
The roles of your team members may cover both areas, so long as you clearly define these in your plan.
At least one Key Performance Indicator (KPI) for each role identified. You must write this following S.M.A.R.T. Goals.
Areas covered by KPIs include but are not limited to the following:
Actual costs
Earned Value
Cost variance
Date to review each KPI identified
Expected outcome of each KPI identified
You are to leave the ‘Actual Date of Implementation' and ‘Actual Outcome' columns of Part A. Team Management Plan blank. This will be completed in a succeeding task.
Part B. Expenditure Monitoring Plan
To complete Part B. Expenditure Monitoring Plan, you must identify the following:
At least one financial objective relevant to monitoring actual expenditure for your work team. This must be written using S.M.A.R.T. Goals.
At least one strategy to monitor actual expenditure
At least two processes required to implement your strategy to monitor actual expenditure, which must include:
Implementation date
Expected outcome
Schedule for monitoring expenditure
This includes, but is not limited to the following:
Monthly
Fortnightly
Quarterly
At least one of each of the following required to implement identified strategy to monitor actual expenditure:
Resource
E.g. Microsoft Excel, Cloud-based storage, Time tracking applications
System
E.g. Mind Your Own Business (MYOB), Quickbooks, Xero
You are to leave the ‘Actual Date of Implementation' and ‘Actual Outcome' columns of Part B. Expenditure Monitoring Plan blank. This will be completed in a succeeding task
Part C. Cost Control Plan
To complete Part C. Cost Control Plan, you must identify the following:
At least one financial objective relevant to controlling costs for your work team. This must be written using S.M.A.R.T. Goals.
At least one strategy to control costs
At least two processes required to implement your strategy to control costs
For each process indicated you must identify the following:
Implementation date
Expected outcome
At least one of each of the following required to implement identified strategy to control costs:
Resource
System
You are to leave the ‘Actual Date of Implementation' and ‘Actual Outcome' columns of Part C. Cost Control Plan blank. This will be completed in a succeeding task.
Part D. Contingency Plan
Access your organisation's own template for rating risks, that includes the following:
Likelihood of risk
Consequence of risk
Risk rating matrix
Risk priority rating
If you do not have a template for rating risks, you may use the Risk Rating Guide
To complete Part D. Contingency Plan, you must:
Develop two contingency plans-one for your financial plan and one for your selected budget plan. Each plan must contain the following:
At least one financial risk to your plan
This includes, but is not limited to the following:
Deviation of prices of stocks, currencies or commodities
Volatility in investments
Inability to meet proper funding
At least one financial objective each risk affects
At least one factor of the risk that will affect the business
This includes, but is not limited to the following:
Financial deficit risk will put organisation in
Effects on total expenditure of the organisation
Effect on total overhead costs
Risk assessment of each risk identified, which must include the rating of each:
Likelihood (L)
Consequences (C)
Risk Rating (R)
Risk Priority (P)
At least one contingency strategy to achieve the relevant financial objective
An action plan for each risk identified, which must include the following:
Implementation date of your contingency strategy
Expected outcome of your contingency strategy
You are to leave the ‘Actual Date of Implementation' and ‘Actual Outcome' columns of Part D. Contingency Plan blank. This will be completed in a succeeding task.
Part E. Version Control
To complete Part E. Cost Control Plan, you must:
Identify date when Financial Management Plan was completed
Briefly explain modifications done to the finance management Plan
Indicate version number as ‘1.0'
Have your supervisor sign the version 1.0 of Part E. Version Control of your Financial Management Plan. This is to ensure that all information provided is accurate and factual. Their signature must be handwritten.

Task 2: Financial Management Plan Implementation

Task Overview
This part of the project requires you to implement a new financial management plan. Specifically, you are required to:
Communicate details of agreed budget and financial plans to relevant team members
Support team members to access resources and systems to perform required roles
Implement processes to monitor actual expenditure and control costs as required according to financial objectives
Implement contingencies in the event that initial plans need to be varied
Report on budget and expenditure according to organisational protocols

Task 2.1: Team Meeting
Assessment Instructions
To complete this task, you must conduct a meeting with at least two of your team members to communicate details of the budget and financial plans.
Locate the following found within this workbook:
Meeting Minutes Template
This outlines all topics you must discuss in your meeting with your team members.
Observation Form
This outlines all the skills you must demonstrate throughout this task. Provide your assessor a copy of this before conducting your meeting.
Review these templates and the instructions that follow before conducting your meeting.
Review the instructions here and the skills outlined in the Observation Form. Arrange a time with your assessor to observe you in conducting the meeting. Discuss all requirements of the task with your assessor and prepare these before the meeting.
Your assessor will complete the Observation Form.
If direct observation from your assessor is not possible, record the meeting in a video. Ensure to obtain permission first from persons involved before doing so.
Organise a meeting with at least three team members to communicate details of your budget and financial plans and discuss roles in financial management.
During the meeting you must:
Clarify your approved budget plan. Discussion must include the following:
Financial objective relevant to budget plan as indicated in Task 1.1
Changes applied to initial budget plan
Contingency plan for your budget plan
Clarification includes, but is not limited to the following:
Ensuring that all participants are clear on the changes made
Providing additional guidance for questions
Clarify your approved financial plan. Discussion must include the following:
Financial goals relevant to the financial plan as indicated in Task 1.1
Changes applied to initial budget plan
Contingency plan for your financial plan
Discuss resources and systems required for financial management. Discussion must include the following as identified in Part I:
Resource required for monitoring actual expenditure
System required for monitoring actual expenditure
Resource required for controlling costs
System required for controlling costs
Discuss the roles of your team members in line with financial management. Discussion must include the following:
Each team member's role
KPI of each team member
Expected outcome of each team member
Identify at least one support required by each team member in accessing the following:
Resources identified to perform their required indicated in Task 1.3 ‘
Systems identified to perform their required roles indicated in Task 1.3. ‘
Support may include, but is not limited to the following:
Coaching
Formal training
Shadowing
Document all discussions in the Meeting Minutes.
Have all participants of the meeting sign the ‘Attendees' section of your Meeting Minutes. All signature must be handwritten.
After your meeting, complete the Support Plan based on your discussion during the meeting. To complete this you must identify the following:
Each team member present in the meeting
Role of each team member relevant to financial management
At least one support required by each team member for accessing resources to perform their role
At least one support required by each team member for accessing systems to perform their role
For each support:
Implementation date of each support required
Expected outcome of each support required
You are to leave the ‘Actual Implementation Date' and ‘Actual Outcome' columns of your Support Plan blank. This will be completed in a succeeding task.
Submit the following to your assessor:
Meeting Minutes
Partially completed Support Plan
Video recording of your meeting (ONLY if direct observation is not possible)

Task 2.2: Provide Support
Assessment Instructions
Review your partially completed Support Plan from Task 2.1 to assist you in providing support to each of your team members to access resources and systems required for their role.
Locate the Support Log found within this workbook. This will be used to confirm the support provided to each team member.
Provide the appropriate support to each of your team members met in Task 2.1. The support you provide must correspond to those identified in your Support Plan partially completed in Task 2.1.
This must include the following for each member:
Support for accessing resources required to perform their role
Support for accessing systems required to perform their role
You must prepare proof of providing support for each team member. This will be submitted as supplementary evidence at the end of the task
Evidence may include, but is not limited to the following:
Video recording of your training session
Audio recording of consultations
The amount of evidence you must submit must correspond to the support you are required to provided as outlined in your Support Plan from Task 2.1. You must submit at least four at the end of this task-two for each team member.
After you provide the support to each team member, you must have them sign on the Support Log. This is to ensure that support provided is consistent with support identified in the Support Plan and to confirm that support provided is sufficient. All signature must be handwritten.
Update your Support Plan with the following for each support provided:
Actual date of implementation
Actual outcome
Submit the following to your assessor:
Completed Support Plan
Completed Support Log
At least four pieces of supplementary evidence, which must include at least one of each of the following for each team member
Support for accessing resources required to perform their role
Support for accessing systems required to perform their role

Task 2.3: Implement Financial Management Plan
Assessment Instructions
To complete this task, you must implement the strategies outlined in your Financial Management Plan partially completed in Task 1.3 throughout one reporting period.
Locate the following found within this workbook:
Record-Keeping Requirements template
This will be used to identify the record-keeping requirements you must follow when implementing your Financial Management Plan.
Team Performance Monitoring Sheet
This will be used for monitoring the performance of your team members according to the KPIs identified in your Financial Management Plan.
Observation Form
This outlines all the skills you must demonstrate throughout this task. Provide your assessor a copy of this before conducting your meeting.
Review these templates and the instructions that follow before conducting this task.
Identify the following requirements in your Record-Keeping Requirements templates:
At least two ATO requirements for business record-keeping.
The type of records to be kept must be in line with industry you are currently in.
Record-keeping requirements can include, but are not limited to the following:
Keeping bank records for five years
Including all record relating to fringe benefits provided, including how you calculated the taxable value of benefits
Access the link below for further guidance regarding record-keeping for businesses:
Australian Taxation Office: Record keeping for businesses

At least two business record keeping requirements relevant to audit
Record-keeping requirements include, but are not limited to the following:
Record-keeping requirements for audit include, but are not limited to the following:
Keeping documentation of required financial statements for reports (e.g. statement of financial position, profit and loss statement, cash flow for the period)
Keeping cash flows for operating, investing, and financing that is most appropriate the business.
Have your supervisor sign off your Record Keeping Requirements template. This is to ensure that the identified requirements are in line with the requirements of your organisation. Their signature must be handwritten.
IMPORTANT: You must secure confirmation from your supervisor before you undertake this task.
Review the instructions here and the skills outlined in the Observation Form. Arrange a time with your assessor to observe you in implementation. Discuss all requirements of the task with your assessor and prepare these before the implementation.
Your assessor will complete the Observation Form.
If direct observation from your assessor is not possible, record their implementation in a video. Ensure to obtain permission first from persons involved before doing so.
Implement your process to monitor actual expenditure based on the schedule identified in your Financial Management Plan. You must monitor your actual expenditure at least two times following your schedule.
You must ensure that entire duration of your monitoring scheduled is covered by your organisation's reporting period.
During the implementation, you must record the following on Part B. Expenditure Monitoring Plan of your Financial Management Plan for each process implemented:
Actual date of implementation
Actual outcome
You must secure proof of each instance of monitoring your actual expenditure against projected expenditure. This will be submitted as supplementary evidence at the end of the task.
This includes, but is not limited to the following:
Monthly expense reports
Receipts of purchases for the month
Budget reports
Implement your strategy to control costs identified in your Financial Management Plan. You must monitor cost control at least two times following your organisational requirements.
You must secure proof that you have controlled costs on at least two occasions. This will be submitted as supplementary evidence at the end of the task.
This includes, but is not limited to the following:
Cash flow statements
Costing forecasts
During the implementation, you must record the following on Part C. Cost Control Plan of your Financial Management Plan for each process implemented:
Actual date of implementation
Actual outcome
During the implementation of your Financial Management Plan you must apply the appropriate record-keeping requirements to ensure that all your business activity is prepared in accordance with the following
Australian Taxation Office's (ATO).
Auditing requirements
You must secure proof that you have kept records of business activity based on the requirements outlined below. This will be submitted as supplementary evidence at the end of the task.
Records include, but are not limited to the following:
Sales records (e.g. invoice books, cash register tapes, credit card documentation)
Bank accounts (e.g. cheque books, deposit books, bank statements)
Proof of purchases (e.g. cheque butts, petty cash system, receipts)
During the implementation of your Financial Management Plan, you must observe the performance of each team member in relation to their KPI identified in Task 1.3. You must observe each implementation on at least two occasions.
Record each team member's performance on the Team Performance Monitoring Sheet-one sheet must be used for each team member. Each sheet must contain the following:
Date of observation
Observation of performance against assigned KPI
You must use one Team Performance Monitoring Sheet for each team member observed
You must secure proof of each of your team member's performance for each instance of monitoring. This will be submitted as supplementary evidence at the end of the task.
Evidence includes, but is not limited to the following:
Developed financial statements
Reports on expenditures
During the implementation, you must record the following on Part A. Team Management Plan of your Financial Management Plan for each process implemented:
Actual date of review
Actual outcome
After the implementation of your financial management processes, you must update Part E. Version Control of your Financial Management Plan. To complete this section, you must:
Identify date of update
Outline of modifications
Update version number to ‘2.0'
Have your supervisor sign Part E. Version Control of your Financial Management Plan. This is to ensure that all modifications provided are accurate and true. Their signature must be handwritten.
Submit the following to your assessor:
Record-Keeping Requirements template
Partially completed Financial Management Plan, with the following sections completed:
Part A. Team Management Plan
Part B. Expenditure Monitoring Plan
Part C. Cost Control Plan
Updated Part E. Version Control
At least two completed Team Performance Monitoring Sheet
Supplementary evidence as proof of each the following:
At least two instances of monitoring actual expenditure
At least two instances of controlling costs
At least two instances of each team member's performance

Task 2.4 Prepare Variation Reports
Assessment Instructions
Review the records of financial activity collected during the implementation of your Financial Management Plan from Task 2.3.
Access organisational documentation relevant to financial variance.
Documentation includes, but is not limited to the following:
Financial Management Policies and Procedures
Financial Report Policies and Procedures
Staff Handbook
Review this documentation to identify your own organisation's acceptable variance and cycle for monitoring expenditure.
Access your own organisation's template for completing variance reports.
If your organisation does not currently have a template for variance reports, you may access the Variance Report template found within this workbook.
Create at least one variance report comparing actual expenditure and projected expenditure for the period in which you implemented your Financial Management Plan.
This must follow the schedule for monitoring expenditure as identified in your Financial Management Plan.
Each variance report must include the following:
Identify your organisation's acceptable variance
Period covered by variance report
Indicate your response in months
Projected expense of each expenditure
Response must correspond to your initial expenditure from the financial and budget plans from Part 1.
Actual expense of each expenditure
Response must correspond to the financial records provided in Task 2.3
Variance in dollars of each expenditure
Variance in per cent of each expenditure
Projected total expenditure
Response must correspond to your initial expenditure from the financial and budget plans from Part 1.
Actual total expenditure
Response must correspond to the financial records provided in Task 2.3
Variance of total expenditure in dollars
Variance of total expenditure in per cent
Identify if your per cent variance for each of the following is favourable or unfavourable:
Individual expenditure
Total expenditure
Submit at least one completed Variance Report to your assessor.

Task 2.5 Report on Implementation Results
Assessment Instructions
Access the following from your organisation
Documentations relevant to protocols on reporting each of the following:
Budgets
Expenditure
Documentation may include, but is not limited to the following:
Budget Reporting Policy and Procedures
Financial Management Policy and Procedures
Protocols on reporting include, but are not limited to the following:
Frequency of reporting (e.g. monthly, quarterly, etc.)
Required documents of financial activity that must be submitted for reporting
Acceptable variance of reported expenditure
Access your organisation's template for reporting for the following:
Budgets
Expenditure
If you currently do not have a template for reporting, you may use the Financial Report template found within this workbook.
Access the found within this workbook:
Financial Reporting Requirements template
This will be used to record organisational requirements for reporting budget and expenditure.
Report Checklist
This will be used by your assessor to confirm that you have followed the required requirements for reporting budget and expenditure.
Review the templates and the instructions outlined below before starting your task.
Record the following on your Financial Reporting Requirements template:
At least one organisational protocol relevant to reporting budget
At least one organisational protocol relevant to reporting expenditure
Have your supervisor sign off your Financial Reporting Requirements template. This is to ensure that the identified requirements are in line with the requirements of your organisation. Their signature must be handwritten.

Prepare a report on each of the following based on the implementation of your Financial Management Plan from Task 3.1 in accordance with your organisation's reporting protocols:
Actual expenditure
Actual budget used
The content of your financial report will depend on the protocols identified in your Financial Reporting Requirements template. Review your requirements and discuss with your assessor how to complete your template.

You can choose to have one consolidated report so long as the report contains individual reports on expenditure and budget.
Report may include, but is not limited to the following:
Variance Report
Cash flow statements
Profit and Loss Statement
Follow your organisation's reporting protocols and send the report to relevant personnel.
This refers to personnel in charge of reviewing completed financial reports relevant to your team (e.g., line manager, board of director, Chief Finance Officer)
You must secure proof of your reporting to be submitted as supplementary evidence at the end of this task.
Evidence includes but is not limited to:
Email
Memo
Meeting Minutes
Submit the following to your assessor:
Financial Reporting Requirements template
Report on actual expenditure
Report on actual budget
At least one evidence of reporting

Task 2.6 Implement and Modify Contingency Plans
Assessment Instructions
Seek an opportunity to implement each contingency plan as identified in Part D. Contingency Plans of your Financial Management Plan.
Access your organisation's policies and procedures relevant to modifying contingency plans:
This includes, but is not limited to the following:
Contingency Planning Policies and Procedures
Continuous Improvement Policies and Procedures
To complete this task, you must implement the contingency plans identified in your Financial Management Plan from Task 1.3.
Implement each contingency strategy identified in Part D. Contingency Plans of your Financial Management Plan.
You must implement at least two strategies, at least one strategy for the budget plan and at least one strategy for your financial plan.
During your implementation you must update the following for each contingency strategy in Part D. Contingency Plans of your Financial Management:
Actual implementation date
Actual outcome
You must secure proof at least one evidence that you implemented each of the contingency strategies outlined in your Financial Management Plan. This is to be submitted as supplementary evidence at the end of this task.
This includes, but is not limited to the following:
Revised budgets
Correspondence with new supplier
Interview notes with team regarding updated processes
Review the implementation, to identify at least two modifications to your contingency plan to ensure that this is in line with your identified financial objectives.
Provide the following information on the on Part D. Contingency Plan of your Financial Management Plan:
Revised contingency plan based on implementation, which must contain the following:
Associated risk
Contingency strategy
Implementation Date
Expected Outcome
On you're the ‘Modifications' table:
At least two modifications made to contingency plan
Explanation of how each would help reach identified financial objectives
Modifications must be based on the results of the implementation of your contingency plans and organisational objectives outlined in your Financial Management Plan.
You must highlight ALL modification done to your Financial Management Plan.
Update Part E. Version Control of your Financial Management Plan to reflect ALL modification to Part D. Contingency Plans.
This must include the following information:
Date of modification
Modification made to Financial Management Plan
New version control number
Have your supervisor complete the Supervisor Declaration found at the end of this task. This is to ensure that all information is in line with organisational objectives. All signatures must be handwritten.
Submit the following to your assessor:
Completed Financial Management Plan, with the Part D. Contingency Plan completed
At least two evidence of implementation of each contingency strategy, one for each contingency strategy

Part 3. Review and Evaluation of Financial Management Processes

Task Overview
This part of the project requires you to evaluate current financial management processes in your organisation. Specifically, you are required to:
Identify and recommend improvement to existing financial management processes
Implement and monitor agreed improvements according to financial objectives of work team and organisation

Task 3.1 Analyse Financial Management Processes
Assessment Instructions
Locate the Improvement Log found within this workbook. This outlines all the information you need to complete record in this task.
Review the following documents completed in Part 2 to assist you in recommending improvements to your current financial management processes:
Team Performance Monitoring Sheet from Task 2.3
Financial Report from Task 2.5
Financial Management Plan from Task 2.6
Analyse all the data and information you collected to identify improvements for the processes of each of the following:
Monitoring actual expenditure
Controlling costs
To complete the Improvement Log, you must
Identify at least one process of each the following that requires improvement:
Strategy for monitoring actual expenditure
Strategy for controlling costs
For each process that requires improvement identified you must:
Briefly explain how the process does not meet the following:
at least one financial objective identified in Task 1.1
at least one team objective identified in Task1.1
Identify at least one improvement to meet each of the following, based on your explanation:
Financial objective identified
Team objective identified
You are to complete one Improvement Log for each of the following:
Process of strategy for monitoring actual expenditure
Process of strategy for controlling costs.
Recommend your identified improvements to the two team members who implemented the Financial Management Plan in Task 2.
In your correspondence with your team members, you must request for their approval of the changes to current financial management processes.
You must secure proof of your correspondence with each of your team members, which includes agreement to improvements to your processes. This is to be submitted as supplementary evidence at the end of the task.
Evidence includes, but is not limited to the following:
Email
Meeting Minutes
Interview notes
Include all negotiations, discussions, or revisions to your recommended improvements, if any, in the evidence you submit.
After agreeing on improvements to be implemented, update the following sections of your Financial Management Plan to incorporate all agreed changes:
Part B. Expenditure Monitoring Plan, which must include at least one updated process related to your strategy for monitoring actual expenditure. This must incorporates ALL approved improvements from your correspondence.
Part C. Cost Control Plan, which must include at least one updated process related to your strategy to control costs. This must incorporates ALL approved improvements from your correspondence
Part E. Version Control of your Financial Management Plan to reflect ALL modifications.
This must include the following information:
Date of modification
Modification made to Financial Management Plan
New version control number
You must highlight all modifications made to your Change Management Plan.
Submit the following to your assessor:
At least two completed Improvement Logs, one for each of the following:
Process relevant to monitoring actual expenditure
Process relevant to controlling costs
At least two pieces of evidence of correspondence of approval with team members-one for each team member
Updated Financial Management Plan

Task 3.2 Implement and Evaluate Recommendations
Assessment Instructions
Access the Continuous Improvement Sheet found within this workbook. This outlines all the information you need to complete this task.
You must complete one Continuous Improvement Sheet for each updated improved process implemented.
Implement the following improved processes as indicated in your Financial Management Plan updated in Task 3.1:
Process relevant to strategy to monitor actual expenditure
Process relevant strategy to controlling costs
You must secure proof of your implementation of each improvement. This will be submitted as supplementary evidence at the end of this task.
Evidence includes, but is not limited to the following:
Email of changes
Memo of changes to process
Documentation relevant to improvement
After implementing your improved processes, you must evaluate outcomes of each in relation to the relevant financial and team objectives indicated in Task 3.1.
You must record the following on each Evaluation Sheet:
Updated financial management process you are evaluating
For each financial management process:
Relevant financial objective as identified in Task 3.1
Relevant team objective as identified in Task 3.1
Date of observation
Outcome of implementation of improved process
Evaluation of process effectivity in line with the relevant financial objective
Evaluation of process effectivity in line with the relevant team objective
Evaluation includes:
Aspects of the updated process that assists in reaching required goals
Improvements to current team performance in relation to objectives
You must complete one Evaluation Sheet for each updated process implemented.
Have your supervisor complete the Supervisor Declaration Form found at the end of this task to ensure that you have implemented improvements as per the organisation's requirements. Their signature must be handwritten.
Submit the following to your assessor:
At least two Evaluation Sheets, one for each process implemented
At least two evidence of implementation of each updated process

Attachment:- Student Assessment.rar