Subject Code : BSBFIM601
Country : Australia
Assignment Task
 

Question 1
Explain the requirements of financial probity.


Question 2
Personnel working in the financial services division of a company need to understand and be able to explain principles of accounting and financial systems (Accounting and Financial Information Management Systems—AIS and FIS). What are accounting and financial systems and how do they assist business operations?

Question 3
List and explain at least 4 forms of legislation and conventions (Australian, international and/or local) that could apply to financial management in the organisation.

Assessment 2: Case Study
You work as financial manager of ABC Company and you need to have all of the organisation’s budgets in place by the beginning of the last quarter in the financial year. All the financial figures and policies and procedures have been provided to you.
Complete the following tasks.
Assess and read the budgeting and financial planning procedures to familiarise yourself with the responsibilities and procedures of the budgetary process. Using this document as a guide, prepare a plan and timeline with critical dates for preparation of the organisation’s budgets for the next financial year (2016/17). Assume that it is now early March 2016.
Access and read the company business plan. Note the business goals that are listed to maintain financial stability. Put the financial information into a spreadsheet and prepare a histogram that clearly shows the financial plan for the next 5 years. Use the histogram and the supporting dot-points from the business plan to promotes the direction that future budgets will need to take.
Access and read the financial reports. Which have been collated from the organisation’s financial system. Using these reports, prepare a report on the organisation’s current financial position to guide the planning for budget preparation. This report needs to:
Demonstrate analysis of the net profit margin, net profit ratio, cashflow return on assets and return on owner’s equity ratio for 2014/15
Demonstrate horizontal analyses of the areas of the business that have the greatest impact on the business’s profit and loss
Identify major variances in the profit and loss budget and explain the likely impact on the business’s annual performance
Show the organisation’s current position in relation to the previous years by summarising the cashflow trends
Contain a list of recommendations for ongoing maintenance of financial viability
Prepare preliminary 2016/17 budgets for the whole organisation that align with the business plan objectives that will set a framework for the budget committee to use through the budgetary development process. The base information, worksheets and underlying assumptions for each preliminary budget have been provided. It is preferable to develop the budgets using spreadsheet software. The budgets that you need to prepare include:
A forecasted cashflow budget for the 2016/17 financial year
A forecasted profit and loss budget for the 2016/17 financial year
A forecasted balance sheet as at 30 June 2017
Prepare a risk management plan to ensure that the risk of funds misappropriation and discrepancies is minimised. This risk management plan should identify the internal controls relating to funds misappropriation and discrepancies.
Assess and read risk management policy and risk management procedures. Identify and assess key financial risks to the organisation in achieving its objectives in the 2016/17 financial year. Develop a risk management plan, using the template below, with appropriate contingency responses for the factors that are identified as high risk (at least 2). The risk management plan should also contain contingency responses in the event that identified risk controls will not be sufficient to manage the issues. Ensure that suitable triggers are identified to determine when contingency responses should be implemented.
Identification and analysis

 

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  • Posted on : September 28th, 2019
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