Assignment Detail:- BSBFIN601 Manage organisational finances
Part: Report on FinancesASSESSMENT INSTRUCTIONS
This task will require you to prepare a draft report containing financial recommendations based on your review of organisational financial processes and statements, in accordance with organisational and statutory financial reporting requirements- You will also be required to seek inputs from at least two relevant stakeholders on the draft report-This task is divided into two parts:Use Table A in the following pages to complete Part A of this task- Use your workplace/organisation's template to complete Part B of this task-Part A- Identify Organisational and Statutory Financial Reporting RequirementsTo complete this task, you must:• Access and review:o Statutory financial reporting requirements-These are the financial reporting requirements mandated by the Corporations Act 2001 -Corporations Act- and other relevant laws may apply to your organisation-o Your organisation's financial reporting requirements-These are the financial reporting requirements mandated by your organisation in their financial reporting policies & procedures, guidelines, and manuals- They are typically more detailed than statutory requirements and lay down internal policies and procedures that must be followed to comply with statutory requirements-• Identify the documents/sources reviewed for statutory financial reporting requirements-• Identify at least three statutory financial reporting requirements-• Identify the documents/sources reviewed for organisational financial reporting requirements-• Identify at least three organisational financial reporting requirements-• Complete Table A in the following pages with the information identified- You will need this later to complete Part B of this task-
Part B- Prepare Draft Report on Financial RecommendationsTo complete this task, you must:• Access and review the Profit & Loss Statement and Cash Flow Statement of the workplace/organisation for the previous two financial years-• Identify the name and year of the Profit & Loss Statements and Cash Flow Statements reviewed-• Identify at least three significant issues in the reviewed financial statements-These are issues that affect financial performance of the organisation, such as income and expenses, profitability, statutory obligations, product pricing, cost structures, internal controls-• Prioritise the identified issues for review and decision-making-Base your assigned priority on a logical order of importance, such as High, Medium, Low-• Access and review the financial management processes of your organisation-These are the processes followed by the organisation to manage their finances- They include methods by which budgets are created, financial transactions -for example, invoicing, providing credit, collecting outstanding debts- are recorded, budget, and financial reporting is conducted-• Identify the documents/sources reviewed for financial management processes-• Evaluate the effectiveness of at least three financial management processes-o Identify at least two advantages of following each process-o Identify at least two disadvantages of following each process-o Compare the advantages and disadvantages of following each process and judge whether the process is effective or not-• Prepare at least three financial recommendations that achieve either or both of the following objectives:o Address the significant issues in financial statements that you identified for review and decision-making-o Improve the effectiveness of the financial management processes you evaluated-• Explain how each recommendation achieves the objective-s--You must explain how your recommendations achieve the objectives- For example, by recommending an alternative financial management process you must explain how it will be more advantageous to the organisation-• Prepare your draft report on financial recommendations, including the following:o The name and year of the Profit & Loss Statements and Cash Flow Statements reviewed-o At least three significant issues from the reviewed financial statements that you identified and prioritised for review and decision-making-o Your evaluation of the effectiveness of at least three financial management processes-o At least three financial recommendations that you prepared-• Seek input from at least two relevant stakeholders in the organisation on the contents of your draft report on financial recommendations-Relevant stakeholders can be individuals or groups directly impacted by the financial recommendations you are making-Review Workplace Project Part 5 - Assessor's Checklist before starting this task- This form outlines the following:• Resources you are required to access to complete the task-• All criteria your submission must address to satisfactorily complete this task-You assessor will discuss these resources with you, and the criteria outlined in this form prior to this assessment-Review the template you will use to complete this task- If you are using a template from your workplace/organisation, discuss with your assessor to ensure that the template covers all requirements that apply to this task-
Submit your workbook responses and completed draft report on financial recommendations to your assessor- Include any supplementary documents/sources used to create the Draft report on financial recommendations, such as:• Printed or online sources relevant tostatutory financial reporting requirements, including government websites• Organisational financial reporting policies & procedures relevant to financial reporting requirements-• Profit & Loss Statement and Cash Flow Statement of the workplace/organisation for the previous two financial years-Organisational documents such as policies & procedures relevant to financial management processes-You must also submit evidence of communication with at least two relevant stakeholders of the organisation seeking their input on the draft report on financial recommendations-Evidence must be at least one of the following:• Email correspondence• Meeting minutes• Video recording of the meeting conducted with the stakeholdersImportant: Please block out any confidential organisational information in the submitted documents-
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