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VOCATIONAL EDUCATION & TRAINING (VET) UNIT ASSESSMENT PACK (UAP) COVERSHEET Student and Trainer/Assessor Details Student ID Student name Contact number Email address Trainer/Assessor name Course and Unit Details Course code/Course name BSB50420- Diploma of Leadership and Management Subject code/Subject name Unit code/Unit name BSBFIN601 – Manage organisational finances (Release 1) Assessment Submission Method ? Online submission via Kent Learning Management System (LMS) (Moodle) ? Submitted by any other method ________________________________________________ (Please mention here) Student Declaration I _______________________________________________ certify that by ticking the boxes below I have read and accept the statements below as being true and correct: ? I certify that the work submitted for this Unit Assessment Pack is my own. I have clearly referenced any sources used in my submission. I understand that a false declaration is a form of student misconduct and I am familiar with the Kent Academic Misconduct Policy & Procedures (Kent Website MyKent Student Link> Student Policies and Forms > POLICY – Academic Misconduct Policy & Procedures – Student Login Required) ; ? I have kept a copy of this Unit Assessment Pack and all relevant notes, attachments, and reference material that I used in the production of the Unit Assessment Pack; ? For the purposes of assessment, I give the Trainer/Assessor of this assessment the permission to: • Reproduce this assessment and provide a copy to another member of staff; and • Take steps to authenticate the assessment, including communicating a copy of this assessment to a checking service (which may retain a copy of the assessment on its database for future plagiarism checking). Refer to all details regarding Plagiarism and misconduct detailed in the Kent Academic Misconduct Policy & Procedures (access link above). ? Student Declaration is accepted by ticking this box to indicate statements above are accepted. Date: _______/_______/________ ASSESSMENT PLAN To demonstrate Competence (C) in this Unit, a student must be assessed as Satisfactory (s) in each of the following assessment tasks. Evidence recorded Evidence Type/ Method of assessment Sufficient evidence recorded/Outcome Unit Assessment Task 1 Unit Knowledge Test (UKT) ?S / ?NS (First Attempt) ?S / ?NS (Second Attempt) Unit Assessment Task 2 Unit Project (UP) ?S / ?NS (First Attempt) ?S / ?NS (Second Attempt) Unit Assessment Task 3 Work Placement Task ?S / ?NS (First Attempt) ?S / ?NS (Second Attempt) Final result ?C/?NYC Date assessed Trainer/Assessor Signature ASSESSMENT CONDITIONS Unit purpose/application • This unit describes the skills and knowledge required to undertake budgeting, financial forecasting and reporting. This unit also describes the skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit. It includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity. • The unit applies to individuals who have managerial responsibilities, which include overseeing the management of financial and other resources across a business unit, a series of business units or teams, or an organisation. It covers all areas of broad financial management. In a larger organisation, specialists in financial management would support this work. • No licensing, legislative or certification requirements apply to this unit at the time of publication. What the student can expect to learn by studying this unit of competency • Prepare for financial management • Establish budgets and allocate funds • Report on finances Training and assessment resources required for this unit of competency The student will have access to the following: • Learner guide • PowerPoint presentation • Unit Assessment Pack (UAP) • Access to other learning materials such as textbooks The resources required for these assessment tasks also include: • financial data • relevant legislation and Australian Tax Office requirements • examples of business plans, profit and loss statements, cash flows and ageing summaries • organisational financial policies and procedures • financial management software Submission instructions Your trainer/assessor will confirm assessment submission details for each assessment task. Academic integrity, plagiarism and collusion Academic Integrity Academic Integrity is about the honest presentation of your academic work. It means acknowledging the work of others while developing your own insights, knowledge and ideas. As a student, you are required to: • Undertake studies and research responsibly and with honesty and integrity. • Ensure that academic work is in no way falsified. • Seek permission to use the work of others, where required. • Acknowledge the work of others appropriately. • Take reasonable steps to ensure other students cannot copy or misuse your work. Plagiarism Plagiarism means to take and use another person’s ideas and or manner of expressing them and to pass them off as your own by failing to give appropriate acknowledgement. This includes material sourced from the internet, Kent staff, other students, and from published and unpublished work. Plagiarism occurs when you fail to acknowledge that the ideas or work of others are being used, which includes: • Paraphrasing and presenting work or ideas without a reference • Copying work either in whole or in part • Presenting designs, codes or images as your own work • Using phrases and passages verbatim without quotation marks or referencing the author or web page • Reproducing lecture notes without proper acknowledgement. Collusion Collusion means unauthorised collaboration on assessable work (written, oral or practical) with other people. This occurs when a student presents group work as their own or as the work of someone else. Collusion may be with another Kent student or with individuals or students external to Kent. This applies to work assessed by any educational and training body in Australia or overseas. Collusion occurs when you work without the authorisation of the teaching staff to: • Work with one or more people to prepare and produce work • Allow others to copy your work or share your answer to an assessment task • Allow someone else to write or edit your work (without RTO approval) • Write or edit work for another student • Offer to complete work or seek payment for completing academic work for other students. Both collusion and plagiarism can occur in group work. For examples of plagiarism, collusion and academic misconduct in group work please refer to the Kent Academic Misconduct Policy & Procedure for details on the policy on academic integrity, plagiarism and collusion Kent Website Link (Documents> Student Policies and Forms > POLICY– Academic Misconduct Policy & Procedure – Student Login Required) Plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion as outlined in Kent’s Academic Misconduct Policy & Procedure. Proven involvement in plagiarism or collusion may be recorded on students’ academic file and could lead to disciplinary action. Other Important unit specific Information N/A Unit outcome • This unit is not graded, and the student must complete and submit all requirements for the assessment task for this cluster or unit of competency to be deemed competent. • Students will receive a ‘satisfactorily completed’ (S) or ‘not yet satisfactorily completed (NS) result for each individual unit assessment task (UAT). • Final unit result will be recorded as competency achieved/competent (C) or competency not yet achieved/not yet competent (NYC). Prerequisite/s Nil Co-requisite/s Nil Foundation Skills The Foundation Skills describe those required skills (learning, oral communication, reading, writing, numeracy, digital technology and employment skills) that are essential to performance. Foundation skills essential to performance are explicit in the performance criteria of this unit of competency. Relevant Legislation • Australian Human Rights Commission Act 1986 • Age Discrimination Act 2004 • Disability Discrimination Act 1992 • Racial Discrimination Act 1975 • Sex Discrimination Act 1984 • Code of ethics and codes of conduct • Ethical Principles in the Workplace • Codes of practice • The Privacy Act 1988 (Privacy Act) and Australian Privacy Principles (APPs) • Occupational Health and Safety Act 2004 • Work Health and Safety Act 2011 Principles of assessment and rules of evidence All assessment tasks will ensure that the principles of assessment and rules of evidence are adhered to. The principles of assessment are that assessment must be valid, fair, flexible, reliable and consistent. The rules of evidence state that evidence must be sufficient, valid, current, and authentic. AQF Level AQF levels and the AQF levels criteria are an indication of the relative complexity and/or depth of achievement and the autonomy required to demonstrate that achievement. All assessment tasks must ensure compliance with the requirements of AQF level and the AQF level criteria. For more information, please visit http://www.aqf.edu.au/ Further Information For further information about this unit go to: https://training.gov.au/Training/Details/BSBFIN601 Additional Information • This information will be managed by the provisions of the Privacy Act and the Freedom of Information Act.) • Students are required to satisfactorily complete and submit all assessment tasks that contribute to the assessment for a unit. • Students will be provided with one more attempt to complete this Unit assessment pack (UAP) if trainer/assessor deems them not satisfactorily completed (NS) in any Unit assessment task (UAT). • Unit Pre-Assessment Checklist (UPAC) will be reviewed by the trainer/assessor to ensure the student is ready for the assessment. • Feedback regarding this Unit Assessment Pack (UAP) can be emailed to the compliance and quality assurance department/administration department in your RTO for continuously improving our assessment and student resources. Feedback to students Feedback on students’ assessment performance is a vital element in their learning. Its purpose is to justify to students how their competency was assessed, as well as to identify and reward specific qualities in their work, to recommend aspects needing improvement, and to guide students on what steps to take. Feedback defines for students what their trainer/assessor thinks is important for a topic or a subject. At its best, feedback should: • Be provided for each Unit Assessment Task (UAT). • Guide students to adapt and adjust their learning strategies. • Guide trainers/assessors to adapt and adjust teaching to accommodate students’ learning needs. • Be a pivotal feature of learning and assessment design, not an add-on ritual. • Focus on course and unit learning outcomes. • Guide students to become independent and self-reflective learners and their own critics. • Acknowledge the developmental nature of learning. If students have not received proper feedback, they must speak to the Kent Head of Vocational Education or VET Administration or the Kent Manager Risk & Compliance who is the Kent staff members responsible for looking after the quality and compliance services for Kent. For more information, please refer to Kent Student Handbook. Unit Pre-Assessment Checklist (UPAC) Purpose of the Checklist The Pre-assessment Checklist helps students determine if they are ready for assessment. The Trainer/Assessor must review the Checklist with the student before the student attempts the assessment task. If any items on the Checklist are incomplete or not clear to the student, the Trainer/Assessor must provide relevant information to the student to ensure they understand the requirements of the assessment task. The student must ensure they are ready for the assessment task before undertaking it. Section 1: Information for Students • Please make sure you have completed the necessary prior learning before attempting this assessment. • Please make sure your Trainer/Assessor clearly explained the assessment process and tasks to be completed. • Please make sure you understand what evidence is required to be collected and how. • Please make sure you know your rights and the Complaints and Appeal process. Refer to the Kent Complaints & Appeals Policy & Procedure (Documents> Student Policies and Forms > POLICY– Complaints and Appeals Policy & Procedure – Student Login Required) • Please make sure you discuss any special needs or reasonable adjustments to be considered during the assessment (refer to the Reasonable Adjustments Strategy Matrix in this Unit Assessment Pack and negotiate these with your Trainer/Assessor). • Please make sure that you have access to a computer and the internet (if you prefer to type the answers). • Please ensure that you have all the required resources needed to complete this Unit Assessment Task (UAT). • Due date of this assessment task is according to your timetable. • In exceptional (compelling and compassionate) circumstances, an extension to submit an assessment can be granted by the Trainer/Assessor. • Evidence and/or support documentation of the compelling and compassionate circumstances must be provided together with your request for an extension to submit your assessment work. • Request for an extension to submit your assessment work must be made before the due date of this assessment task. Section 2: Reasonable adjustments • Students with carer responsibilities, cultural or religious obligations, English as an additional language, disability etc. can request for reasonable adjustments. • Please note, integrity of the unit/course will not be lowered to accommodate the needs of any student, but there is a requirement to be flexible about the way in which it is delivered or assessed. • The Disability Standards for Education requires institutions to take reasonable steps to enable the student with a disability to participate in education on the same basis as a student without a disability. • Trainer/Assessor must complete the section below “Reasonable Adjustment Strategies Matrix” to ensure the explanation and correct strategy have been recorded and implemented. • Trainer/Assessor must notify the VET Department for any reasonable adjustments made. All evidence and supplementary documentation must be submitted with the Unit Assessment Pack to the Kent Academic Unit (VET). REASONABLE ADJUSTMENT STRATEGIES MATRIX (Trainer/Assessor to complete) Category Possible Issue Reasonable Adjustment Strategy (select as applicable) ? LLN ? Speaking ? Reading ? Writing ? Confidence ? Verbal assessment ? Presentations ? Demonstration of a skill ? Use of diagrams ? Use of supporting documents such as wordlists ? Non-English Speaking Background ? Speaking ? Reading ? Writing ? Cultural background ? Confidence ? Discuss with the student and supervisor (if applicable) whether language, literacy and numeracy are likely to impact on the assessment process ? Use methods that do not require a higher level of language or literacy than is required to perform the job role ? Use short sentences that do not contain large amounts of information ? Clarify information by rephrasing, confirm understanding ? Read any printed information to the student ? Use graphics, pictures and colour coding instead of, or to support, text ? Offer to write down, or have someone else write, oral responses given by the student ? Ensure that the time available to complete the assessment, while meeting course requirements, takes account of the student’s needs ? Indigenous ? Knowledge and understanding ? Flexibility ? Services ? Inappropriate training and assessment ? Culturally appropriate training ? Explore understanding of concepts and practical application through oral assessment ? Flexible delivery ? Using group rather than individual assessments ? Assessment through completion of practical tasks in the field after demonstration of skills and knowledge. ? Age ? Educational background ? Limited study skills ? Make sure font size is not too small ? Trainer/Assessor should refer to the student’s experience ? Ensure that the time available to complete the assessment takes account of the student’s needs ? Provision of information or course materials in accessible format. ? Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures ? Supply of specialised equipment or services, e.g. a note-taker for a student who cannot write ? Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue ? Changes to course design, e.g. substituting an assessment task ? Modifications to physical environment, e.g. installing lever taps, building ramps, installing a lift ? Educational background ? Reading ? Writing ? Numeracy ? Limited study skills and/or learning strategies ? Discuss with the Student previous learning experience ? Ensure learning and assessment methods meet the student’s individual needs ? Disability ? Speaking ? Hearing ? Reading ? Writing ? Numeracy ? Limited study skills and/or learning strategies ? Identify the issues ? Create a climate of support ? Ensure access to support that the student has agreed to is available ? Structure the assessment appropriately ? Provide information or course materials in accessible format, e.g. a textbook in braille ? Changes in teaching practices, e.g. wearing an FM microphone to enable a student to hear lectures ? Supply of specialised equipment or services, e.g. a note- taker for a student who cannot write ? Changes in lecture schedules and arrangements, e.g. relocating classes to an accessible venue ? Changes to course design, e.g. substituting an assessment task ? Modifications to physical environment, e.g. installing lever taps, building ramps, installing a lift Explanation of reasonable adjustments strategy used (If required) Name of Trainer/Assessor: ____________________________________________________ Signature of Trainer/Assessor: _________________________________________________ Date: _______/________/__________ Unit Assessment Task (UAT) 1 – Unit Knowledge Test (UKT) Unit Pre-Assessment Checklist (UPAC) Assessment type: • Unit Knowledge Test (UKT) Assessment task description: • This is the first (1) unit of assessment task student has to successfully complete to be deemed competent in this unit of competency. • The Unit Knowledge Test is comprised of written questions. • Student must respond correctly to all the question and submit them to the Trainer/Assessor. • Student must answer all questions to the required level, e.g. provide the number of points, to be deemed satisfactory in this task. • Trainer/Assessor is required to provide the feedback within two weeks and notify students when results are available Applicable conditions: • All knowledge tests are untimed and are conducted as open book tests (this means a student can refer to textbooks during the test). • A student must read and respond to all questions. • A student may handwrite/use computers to answer the questions. • A student must complete the task independently. • No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. • The Trainer/Assessor must assess a student’s written skills and knowledge as the student completes this assessment task. • The Trainer/Assessor may ask a student relevant questions on this assessment task to ensure that this is the student’s own work. Resubmissions and reattempts: • Where a student’s answers are deemed not satisfactory after the first attempt, a re-submission attempt will be allowed. • A student may speak to their Trainer/Assessor if the student is having any difficulty in completing this task and requires reasonable adjustments (e.g. can be given as an oral assessment) • For more information, please refer to Kent Student Handbook (VET) via Kent Website Link (MyKent Student Link> Student Policies and Forms > DOC– Kent Student Handbook (VET) – Student Login Required) Location: • This assessment task may be completed in a classroom, on the Kent Learning Management System (i.e., Moodle), workplace, or independent learning environment. • The Trainer/Assessor will provide a student with further information regarding the location for completing this assessment task. Instructions for answering written questions: • A student must complete a written assessment consisting of a series of questions. • It is expected that students will correctly answer all the questions. • Answers must demonstrate an understanding and application of relevant concepts, critical thinking, and good writing skills. • A student must be concise and to the point and write answers according to the given word-limit to each question and do not provide irrelevant information. • A student must not use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups on the basis of attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender inclusive language should be used. • The Trainer/Assessor should not accept answers copied directly from texts without acknowledgement of the text. How trainer/assessor will assess the work? • This assessment task requires the student to answer all the questions. • Answers must demonstrate the student’s understanding and knowledge of the unit. • If all assessment tasks are deemed Satisfactory (S), then the unit outcome is Competent (C). • If at least one of the assessment tasks is deemed Not Satisfactory (NS), then the unit outcome is Not Yet Competent (NYC). • Once all assessment tasks allocated to this Unit of Competency have been undertaken, the Trainer/Assessor will complete an ‘Assessment Plan’ to record the unit outcome. The outcome will be either Competent (C) or Not Yet Competent (NYC). • The ‘Assessment Plan’ is available with the Unit Assessment Pack (UAP) – Coversheet. Purpose of the assessment This assessment task is designed to evaluate student’s knowledge to manage organisational finances in a range of contexts and industry settings and knowledge regarding the following: • Knowledge of the processes to establish and review profits and losses from financial statements • Knowledge of the requirements for financial probity • Knowledge of the principles of accounting and financial systems • Knowledge of the key functions of financial management software • Knowledge of the key components of a financial budget • Knowledge of the Legislation and conventions relevant to financial management in the organisation • Knowledge of the Australian Tax Office (ATO) requirements for Goods and Services Tax, Company Tax, Pay As You Go (PAYG). Assessment Task 1 – Unit Knowledge Test (UKT) Instructions: • This is an individual assessment. • The purpose of this assessment task is to assess the students’ knowledge essential to develop and implement business plans in a range of contexts and industry settings and knowledge. • To make full and satisfactory responses a student should consult a range of learning resources, other information such as handouts and textbooks, learners’ resources, and slides. • All questions must be answered in order to gain competency for this assessment. • A student may attach a separate sheet if required. • A student must include the following particulars in the footer section of each page of the attached sheets: o Student ID or Student Name o Unit ID or Unit Code o Course ID or Course Code o Trainer and assessor name o Page numbers ? A student must staple the loose sheets together along with the cover page. ? A student must attach the loose sheets chronologically as per the page numbers. • Correction fluid and tape are not permitted. Please do any corrections by striking through the incorrect words with one or two lines and rewriting the correct words. Resources required to complete the assessment task: • Computer • Internet • MS Word • Printer or e-printer • Adobe acrobat/reader • Kent Learning Management System (Moodle) Assessment Task 1 – Unit Knowledge Test (UKT) Provide your response to each question in the box below: Q1: Answer the following questions: 1.1. Explain the process to establish and review profits and losses from financial statements. Write your answer in 150-200 words. 1.2. Why it is important to review profits and losses from financial statements? Answer in 150-200 words 1.3. Explain the following processes/methods of analysing financial statements in 150-200 words. • Vertical Analysis • Horizontal Analysis • Ratio Analysis • Trend Analysis Satisfactory response Yes ? No ? Feedback: Q2: Answer the following questions regarding principles of accounting and budgeting: 2.1. What is financial probity? Why is it required in organisations? Write your answer in 150-200 words. 2.2. What are the requirements for financial probity? Answer in 100 – 150 words. Satisfactory response Yes ? No ? Feedback: Q3: Answer the following questions: 3.1 Explain the four (4) principles of accounting and financial systems in 100-150 words 3.2 Why principles of accounting and financial systems should be maintained in organisations? Answer in 100-150 words. Satisfactory response Yes ? No ? Feedback: Q4: Answer the following questions: 4.1 Explain three (3) key functions of financial management software? Write your answer in 150-200 words. 4.2 What are the three (3) benefits of financial management software? Write your answer in 100-150 words. Satisfactory response Yes ? No ? Feedback: Q5: Answer the following questions: 5.1. What are the four (4) key components of a financial budget? Answer in 150-200 words. 5.2. Explain three (3) essential parts of developing a budget in 150-200 words. Satisfactory response Yes ? No ? Feedback: Q6: Answer the following questions: 6.1. 6.1 What are the legislation and conventions relevant to financial management in the organisation? Write your answer in 150-200 words. 6.2 Explain the following Australian, international and local legislation and conventions that are relevant to financial management in an organisation. a) Competition and Consumer Act 2010 b) Privacy Act 1988 c) National Employment Standards under the Fair Work Act 2009 Write your answer in 200-250 words. Satisfactory response Yes ? No ? Feedback Q7: Answer the following questions: 7.1 What are the Australian Tax Office (ATO) requirements for : a) Goods and Services Tax b) Company Tax c) Pay As You Go (PAYG). Write 150-200 words for each. 7.2 What are the main responsibilities of the Australian Tax Office (ATO)? Answer in 70-120 words Satisfactory response Yes ? No ? Feedback Assessment Task 1 – Unit Knowledge Test (UKT) Performance criteria checklist for unit assessment task (Trainer/Assessor to complete) Assessment activities to be completed • Knowledge Test Resources required for the unit assessment task ? Unit assessment guide template ? Access to live or simulated working environment ? Interaction with others The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of: Yes No Trainer/Assessor Comments a) processes to establish and review profits and losses from financial statements b) requirements for financial probity c) principles of accounting and financial systems d) key functions of financial management software e) key components of a financial budget f) Legislation and conventions relevant to financial management in organisation g) Australian Tax Office (ATO) requirements for Goods and Services Tax, Company Tax, Pay As You Go (PAYG). The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: UNIT ASSESSMENT RESULT SHEET (UARS) Assessment Task 1 – Unit Knowledge Test (UKT) (Student and Trainer/Assessor Details) Unit code BSBFIN601 Unit name Manage organisational finances (Release 1) Outcome of Unit Assessment Task (UAT) First attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ? or Not Satisfactory (NS) ? Date: _______(day)/ _______(month)/ ____________(year) Second attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ? or Not Satisfactory (NS) ? Date: _______(day)/ _______(month)/ ____________(year) Feedback to Student a) First attempt: • Second attempt: Student Declaration ? I declare that the answers I have provided are my own work. Where I have accessed information from other sources, I have provided references and or links to my sources. ? I have kept a copy of all relevant notes and reference material that I used as part of my submission. ? I have provided references for all sources where the information is not my own. I understand the consequences of falsifying documentation and plagiarism. I understand how the assessment is structured. I accept that all work I submit must be verifiable as my own. ? I understand that if I disagree with the assessment outcome, I can appeal the assessment process, and either re-submit additional evidence undertake gap training and or have my submission re-assessed. ? All appeal options have been explained to me. Student Signature ? Student Declaration above is accepted by ticking this box to indicate statements above have been read and are accepted as true and correct. Date Trainer/Assessor Name Trainer/Assessor Declaration I hold: ? Vocational competencies at least to the level being delivered ? Current relevant industry skills ? Current knowledge and skills in VET, and undertake ? Ongoing professional development in VET ? I declare that I have conducted an assessment of this candidate’s submission. The assessment tasks were deemed current, sufficient, valid and reliable. ? I declare that I have conducted a fair, valid, reliable, and flexible assessment. ? I have provided feedback to the above-named candidate. Trainer/Assessor Signature Date Office Use Only Outcome of Assessment has been entered onto the Kent Learning Management System (Moodle) on _________________ (insert date) by (insert Staff Member Name) _______________________________________________ Unit Assessment Task (UAT) 2 – Unit Project (UP) Unit Pre-Assessment Checklist (UPAC) Assessment type: • Project – Complete a set of activities to manage the finances of the organisation Assessment task description • This is the second (2) assessment task you must successfully complete to be deemed competent in this unit of competency. • This assessment task is a Skills Test. • This assessment task consists of five (5) practical demonstration activities. o Activity 1: Prepare for financial management o Activity 2: Develop budget from previous financial data and notes from the accountant o Activity 3: Circulate budgets o Activity 4: Prepare budget variance report o Activity 5: Prepare a report on the effectiveness of existing financial-management approaches • You will receive your feedback within two (2) weeks, and your trainer/assessor will notify you when your results are available. • You must attempt all activities of the project for your trainer/assessor to assess your competence in this assessment task. Applicable conditions: • This project is untimed and are conducted as open book tests (this means a student can refer to textbooks during the test). • A student must read and respond to all questions. • A student may handwrite/use computers to answer the questions. • A student must complete the task independently. • No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. • The Trainer/Assessor must assess a student’s written skills and knowledge as the student completes this assessment task. • The Trainer/Assessor may ask a student relevant questions on this assessment task to ensure that this is the student’s own work. Resubmissions and reattempts: • Where a student’s answers are deemed not satisfactory after the first attempt, a re-submission attempt will be allowed. • A student may speak to their Trainer/Assessor if the student is having any difficulty in completing this task and requires reasonable adjustments (e.g., can be given as an oral assessment) • For more information, please refer to Kent Student Handbook (VET) via Kent Website Link (MyKent Student Link> Student Policies and Forms > DOC– Kent Student Handbook (VET) – Student Login Required) Location: • This assessment task may be completed in a classroom, on the Kent Learning Management System (i.e., Moodle), workplace, or independent learning environment. • The Trainer/Assessor will provide a student with further information regarding the location for completing this assessment task. Instructions for answering written questions: • A student must complete a written assessment consisting of a series of questions. • It is expected that students will correctly answer all the questions. • Answers must demonstrate an understanding and application of relevant concepts, critical thinking, and good writing skills. • A student must be concise and to the point and write answers according to the given word-limit to each question and do not provide irrelevant information. • A student must not use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups on the basis of attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender inclusive language should be used. • The Trainer/Assessor should not accept answers copied directly from texts without acknowledgement of the text. How trainer/assessor will assess the work? • This assessment task requires the student to answer all the questions. • Answers must demonstrate the student’s understanding and knowledge of the unit. • If all assessment tasks are deemed Satisfactory (S), then the unit outcome is Competent (C). • If at least one of the assessment tasks is deemed Not Satisfactory (NS), then the unit outcome is Not Yet Competent (NYC). • Once all assessment tasks allocated to this Unit of Competency have been undertaken, the Trainer/Assessor will complete an ‘Assessment Plan’ to record the unit outcome. The outcome will be either Competent (C) or Not Yet Competent (NYC). • The ‘Assessment Plan’ is available with the Unit Assessment Pack (UAP) – Coversheet. Purpose of the assessment The purpose of this assessment task is to assess the student’s knowledge and skills essential to complete a set of activities to manage the finances of the organisation in a range of contexts and industry settings. • Skill to review previous financial statements • Skill to prepare, implement and revise a budget that: o aligns with the business plan o is based on research and analysis of previous financial data and cash flow trends o meets compliance, statutory and organisational requirements • Skill to contribute to financial bids and estimates • Skill to communicate with other people, including: o reporting on financial activity and making recommendations o ensuring managers and supervisors understand key elements of relevant budgets • Skill to analyse the effectiveness of existing financial management approaches, including: o reviewing financial management software o managing risks of misappropriation of funds o ensuring systems are in place to record all transactions o maintaining audit trail o complying with due diligence Assessment Task 2 – Unit Project (UP) Task instructions • This assessment task aims to assess the students’ skills essential to complete a set of activities to manage the finances of the organisation. • The student will take on the role of the Finance Manager. • The trainer/assessor will take on the role of the General Manager. • The trainer/assessor will assign the role of the stakeholders to the staff members. • The student must use the templates provided to document their responses. • The student must follow the word limits specified in the templates. • The trainer/assessor must assess the student using the performance checklist provided. Resources required completing the assessment task: • Computer • Internet • MS Word • Printer or e-printer • Adobe acrobat/reader • Kent Learning Management System (Moodle) Assessment Task 2 – Unit Project (UP) Project This assessment task requires you to take on the role of Finance Manager in Online Media Solutions. This assessment task requires you to demonstrate the skills and knowledge required to manage the finances of the organisation given in the case study. It includes contributing to the review of financial information, analysing financial risks, preparing a budget, and reporting on financial activity. To do so, you are required to complete the following activities: ? Activity 1: Prepare for financial management ? Activity 2: Develop budget from previous financial data and notes from the accountant ? Activity 3: Circulate budgets ? Activity 4: Prepare budget variance report ? Activity 5: Prepare a report on the effectiveness of existing financial-management approaches Case study Introduction “Online Media Solutions” is a marketing and web development business based in Melbourne, Australia. The business started in operations in 2015 and has seen exponential growth since its establishment. The business operates in the web service industry to offer superior and unique services to small businesses and institutions (B2B business model). Our experience and expertise in web sales and e-commerce give us the backing to provide solutions that are currently lacking in the market. There is an all-time high demand for web development and marketing for small businesses, with signs of rising further. Interestingly, few web developers have taken advantage of this opportunity, leaving the industry with no dominant participants. The projects’ high costs and the focus on more prominent companies and institutions could contribute to why this market remains untapped. We will have a system that will reduce the project costs dramatically, allowing us to offer quality services at reduced costs. Business plan Business plan excerpt Company details Company name: Online Media Solutions, Pty. Ltd Company address: 2/10 Lawn court, Craigieburn, 3064, VIC Mission ? Provide best-in-class design services ? Make a positive impact on our customer businesses ? Be respected and admired by peers Our vision To provide best-in-class web design and development services in a simple, effective, and cost-effective manner to the target audience. Objectives The objectives of Online Media Solutions are as follow: ? To exceed customer expectations. ? To provide cost-effective and quality services to our clients. ? Build and maintain long-term relationships with the clients. ? To increase operational efficiency. ? To venture into new markets based on the opportunities identified. Keys to Success ? We will offer quality web services to small businesses and institutions at affordable prices. ? To build and tailor our services to small businesses. ? Positioning as a viable solution alternate to more established brands Services We currently offer the following services to our clients: ? Interface and Web Design ? Graphics design ? Website development ? Domain and web hosting ? Video editing ? Blog development ? Search engine optimisation ? E-commerce Values ? Quality service to our clients ? Integrity & Accountability ? Reliability ? Quality ? Innovation ? Respect Strategic directions The strategic direction of ONLINE MEDIA SOLUTIONS is to achieve its mission and vision is through: ? Increasing operational efficiency ? Engaging with customers through quality research and understanding supported by marketing techniques. ? Establishing a reputation for exceptional customer service and end to end solutions ? Supporting people to perform via training and performance management ? Controlling costs through operational efficiency Business model “Online Media Solutions” is a full-service web solutions provider for businesses. The company offers services through the mode of its B2B engagements. B2B services “Online Media Solutions” service portfolio includes Web Design, Graphics design, Website development, Domain and web hosting, 2d & 3d animation, Blog development, Search engine optimisation and E-commerce. The project cost will be estimated by the appropriate number of hours needed to complete the project. The sales team will aggressively track prospective clients and sell the services provided for businesses. Operational model and strategies B2B engagements Lead generation – Lead generation refers to creating and generating prospective consumer interest or inquiry into a business’s products or services. This will be done by building a database of prospective customers using social networks, business listings, internet search etc. Sales pitch – A sales pitch is a line of talk that attempts to persuade someone or something with a planned sales presentation strategy of a product or service designed to initiate and close a product and service sale. Sales professionals prepare and give a sales pitch using the following methods: ? Face to face meetings ? E-mailing marketing contacts from the leads Financial summary 1. Sales are expected to grow to $18,000,000 in the next financial year. 2. Expenses will be the same as the previous year. Though, some of the expenses will increase. Some expenses will increase by a direct amount, and other expenses will be accounted for with the inflation rate. Information on expenses that will have increase by direct amount is given in meeting notes. 3. The inflation rate for expenses is given below. The expenses that will be impacted by inflation are as follow: (further information on expenses is given in meeting notes with an accountant) a. Cleaning, repair and maintenance expenses (3%) b. Electricity (3%) c. Wages and salaries (10%) d. Fringe benefits tax (5%) e. Website and marketing expense (10%) 4. Profits will be built by making a secure customer base. Loyalty cards will be given at the stores. The total cost to do so will be $12,000 to be included in advertising expenses. 5. To reduce the principle of loan amount by $80,000 from the current year profits generated. 6. Manage debtors more efficiently and reducing the amount in trade debtor account by $200,000. Financial statements for the last two years (Online Media Solutions) Profit and Loss statement Online Media Solutions Pty LTD. For 12 months ended Profit & Loss Actuals 2019/20 2020/21 Revenue Sales 12,600,000 14,260,000 – Cost of Goods Sold 5,200,000 6,100,000 Gross Profit 7,400,000 8,160,000 Expenses – Interest Expense 90,000 88,000 – Depreciation expenses 160,000 160,000 – Insurance expenses 24,000 24,600 – Store Supplies – 4,300 – Advertising 246,000 260,000 – Cleaning, Repairs & Maintenance 82,000 84,000 – Rent 2,500,000 2,750,000 – Website marketing expenses 14,000 16,000 – Electricity Expense 30,000 32,000 – Fringe Benefits Tax 34,000 38,000 – Wages & Salaries 2,200,000 2,400,000 – Superannuation 209,000 228,000 – Workers’ Compensation 44,000 48,000 Total Expenses 5,633,000 6,132,900 Net Profit (Before Tax) 1,767,000 2,027,100 Income Tax 530,100 608,130 Net Profit 1,236,900 1,418,970 Balance Sheet Statement of financial position Online Media Solutions Pty LTD. Statement of Financial Position As at 30 June 2019/20 2020/21 Assets Current Assets – Cash on Hand 90,000 98,000 – Cheque Account 180,000 220,000 – Deposits Paid 1,200,000 1,200,000 – Trade Debtors 1,115,000 1,230,000 – Merchandise Inventory 1,600,000 1,720,000 Total Current Assets 4,185,000 4,468,000 Fixed Assets – Cost of motor vehicle 600,000 600,000 – Accumulated Dep (120,000) (120,000) – Cost of Furniture & Fixtures 2,400,000 2,600,000 – Furniture & Fixtures Accumulated Dep (720,000) (780,000) – Cost of Office Equip 500,000 500,000 – Office Equip Accumulated Dep (100,000) (120,000) Total Fixed Assets 2,560,000 2,680,000 Total Assets 6,745,000 7,148,000 Liabilities Current Liabilities – Credit card 32,000 36,000 – Trade Creditors 700,000 730,000 – GST Collected 1,260,000 1,426,000 – GST Paid (840,000) (890,000) – Superannuation Payable 209,000 228,000 – income Tax Payable 530,100 608,130 Total Current Liabilities 1,891,100 2,138,130 Long-Term Liabilities – – Bank Loans 1,800,000 1,600,000 Total Liabilities 3,691,100 3,738,130 Equity – Owner/Shareholder’s Equity 700,000 700,000 – Retained Earnings 1,000,000 1,200,000 – Dividends Paid (397,100) (497,230) – Current Year Earnings 1,767,000 2,027,100 Total Equity 3,053,900 3,409,870 Notes from meeting with Accountant Notes from meeting with Accountant: ? The sales target for the year 2021/2022 set in the business plan is 18,000,000. The proportion expected from the analysis of the previous study for each quarter is as follow: Quarter 1: 22% Quarter 2: 30% Quarter 3: 21% Quarter 4: 27% ? The cost of goods sold will be in the same proportion as 2020/21. ? Rent expense will increase by 10% this year. ? Store supplies will be the same as the previous year. ? Interest expense for the current year will decrease by the amount of $6,000. ? A new expense is to be included in the new budget that will be under the name of cleaning and maintenance labour charges. 60% of the amount from cleaning and maintenance expenses will be included in this expense. Only 40% will be accounted for in cleaning and maintenance expense. ? Depreciation will be the same as the previous year. ? An expected increase in expenses: (inflation rate given in business plan summary) o Cleaning, repair and maintenance expenses o Electricity o Wages and salaries o Fringe benefit tax o Website and marketing expense ? The following expenses will be paid in equal amount for each quarter: o Rent expense o Interest expense o Insurance expense o Website marketing expense o Depreciation expense o Advertising expense ? Store supplies expense will be paid in the third quarter. ? Other expenses will be distributed based on the proportion of sales made in each quarter. ? Statutory requirements o Superannuation: 9.5% o Company tax: 30%. o Workers compensation: 2% ? Based on the analysis of historical data, it is expected that the debtor’s balance at the end of each quarter be expected to be 15% of the sales made. Furthermore, it is expected that 1% of the debtor balance will be overdue for 90 days, 4% overdue for 60 days and 10% for 30 days. For GST cash flow budget: ? Statutory requirements: 10% of recorded sales. No capital purchase is recorded for this year. However, the expenses where the GST will be paid include. o Insurance expense o Store supplies o Advertising expense o Cleaning, Repairs & Maintenance o Electricity expense o Website marketing expense ? GST cash flow is to be maintained to maintain audit trial. This will ensure that there are discrepancies between agreed and actual allocations for cash flow analysis for GST are identified. Online Media Solutions Budgeting policy and procedures Budget Development Process The standard process for developing budgets will follow the following steps: ? Identify budget objectives ? Gather previous year’s financial data. ? Gather anticipated changes in the budget from the stakeholders. ? Incorporate identified trends. ? Develop a budget based on the formats provided in MS excel. ? Final approval. Budget Objectives Online Media Solutions prepares budgets to meet various company objectives. Budgets are prepared: ? To have more realistic figures on the company’s future growth and profit. ? To predict cash flow. ? To comply with the statutory and legislative requirements. ? To allocate funds. ? To have a birds-eye view on the trade debtors. Guidelines for the preparation of budget ? Conduct a detailed analysis of previous financial data to identify different quarters of the financial year that have generated a profit or loss and accurately determine resources allocation for each quarter of the budget. ? Ensure that you critically review the ‘Business plan’ given in the case study to establish critical dates of the transactions and allocate the same in the budget for the next financial year. ? Make informed estimates of new items given in ‘Business plan for inclusion in the budget. ? Review statutory requirements given in the case study to prepare a budget that is compliant and correctly documents the company’s liabilities for tax. Budget Variances and Schedules ? KPI’s that should be monitored: o Variance in sales o Variance in gross profit o Variance in total expenses as a percentage of the sale ? Budget variance is to be calculated for each quarter. It should be completed within the last week of the quarter. ? Reports on variance are to be provided to the General Manager of the organisation. ? Priorities in an investigation of the variances.” o Identifying the primary cause of the variance. o Identify the reasons that led to this cause. ? The accountant has the responsibility to manage compliance due dates. Your role and responsibilities You are working as Finance Manager in ‘Online Media Solutions’. You report to the General Manager of the organisation. The General Manager wants you to manage finances of Online Media Solutions’. This includes contributing to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity. ? As part of your job role, you have the following responsibilities: ? Analyse critical dates and initiatives in the business plan and cash flow trends ? Assess reasons for losses or profits identified in previous financial reports ? Examine statutory compliance requirements and tax liabilities. ? Examine existing software to determine its suitability for financial management. ? Create a budget based on previous financial data in accordance with compliance, organisational, and statutory requirements. ? Distribute budgets and ensure managers and supervisors are aware of budgets, reporting requirements, and financial delegations. ? Ensure that there are no opportunities for funds to be misappropriated. ? Examine and revise profit and loss statements, cash flows, and ageing summaries as needed. ? Using audit trails, identify discrepancies between agreed-upon and actual allocations. ? Determine the requirements for organisational and statutory financial reporting. ? Identify and prioritise key issues in statements for review and decision-making. ? Make financial recommendations. ? Examine the efficiency of financial management processes. Project This assessment task requires you to take on the role of Finance Manager in Online Media Solutions. This assessment task requires you to demonstrate the skills and knowledge required to manage the finances of the organisation given in the case study. It includes contributing to the review of financial information, analysing financial risks, preparing a budget, and reporting on financial activity. To do so, you are required to complete the following activities: ? Activity 1: Prepare for financial management ? Activity 2: Develop budget from previous financial data and notes from the accountant ? Activity 3: Circulate budgets ? Activity 4: Prepare budget variance report ? Activity 5: Prepare a report on the effectiveness of existing financial-management approaches The roles and their responsibilities: Relationships with stakeholders such as External financial advisers and General Manager The assessment task requires you to communicate with a number of organisational stakeholders. The main roles applicable to the assessment task includes: Role number 1: General Manager The General Manager is the individual who supervises or is in charge of the organisation. They belong to a higher rank or status. Their job role and responsibilities are: ? Assign a team to you to complete the project. ? Assist you in understanding the task requirements. ? Provide you with information about job roles and responsibilities. ? Supervise you in completing the assessment task and requirements. ? Participate in meetings based on the Script provided. Role number 2: Managers and supervisors The managers and supervisors are the student’s co-worker or workfellow. They are associates that the candidate works with. Their job role and responsibilities are: ? Assist you in completing the project on time. ? Participate in a healthy and open discussion. ? Participate in meetings based on the Script provided. Note ? The trainer/assessor will take on the role of General Manager. ? The trainer/assessor will assign the roles of stakeholders for each activity. ? Each student will be assessed individually for all assessment activities. Timeframe to complete the project ? Two weeks (You have two weeks to complete the project) Task requirements ? You will be assessed on your technical knowledge and skills to complete this project ? You will be assessed on working in a team environment and meeting your job role and responsibilities. ? You must follow the instructions provided by the General Manager. ? All individuals must complete their role, assigned responsibilities, and meet the specified deadlines. ? The task must be completed in the specified timeframe. Activity 1: Prepare for financial management This activity requires you to prepare for the financial management of Online Media Solutions. To do so, you must follow the steps given below and documents the outcomes using Template 1. Step 1: Evaluate reasons for profits identified from the financial reports of the previous year. ? Analyse the financial statements of the Online Media Solution given in the case study. ? Determine and document reasons for profits identified from the financial reports. ? Document the following using Template 1. o Profits of Online Media Solutions in the last two (2) years. o Two (2) reasons for profits earned by the Online Media Solutions. o An explanation of each reason. Step 2: Analyse critical dates and initiatives in the business plan and cash flow trends. ? Analyse the financial statements and business plan summary of the Online Media Solution given in the case study. ? Determine the critical dates and initiatives that will require or generate resources for Online Media Solution Pty LTD. in the next financial cycle and document using Template 1. Step 3: Examine statutory compliance requirements and tax liabilities. ? Assess the operations of the Online Media Solutions, conduct online research, examine and document the following using Template 1. o Statutory requirements o Compliance requirements o Tax liabilities Step 4: Examine existing software to determine its suitability for financial management. ? Determine the operations of the training organisation based on the information given in the case study. ? Conduct online research, examine two (2) existing software in the market and determine their suitability for the financial management of the Online Media Solutions. ? Document the following using Template 1. o Two (2) existing software in the market. o Features of each software and their suitability for the financial management of the Online Media Solutions. Template 1: Prepare for financial management Prepare for financial management (800-1000 words) Reasons for the profits identified from the financial reports of the previous year • Profits of Online Media Solutions in the last two (2) years. • Two (2) reasons for profits earned by the Online Media Solutions. • An explanation of each reason. Critical dates and initiatives that will require or generate resources for Online Media Solution Pty LTD. in the next financial cycle Statutory compliance requirements and tax liabilities Examination of existing software • Two (2) existing software in the market. • Features of each software and their suitability for the financial management of the Online Media Solutions. Assessment Task 2 – Unit Project (UP) Performance criteria checklist for unit assessment task – Activity 1 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Evaluated reasons for profits identified from the financial reports of the previous year. • Analysed the financial statements of the Online Media Solution given in the case study. • Determined and document reasons for profits identified from the financial reports. • Documented the following using Template 1. o Profits of Online Media Solutions in the last two (2) years. o Two (2) reasons for profits earned by the Online Media Solutions. o An explanation of each reason. b) Analysed critical dates and initiatives in the business plan and cash flow trends. • Analysed the financial statements and business plan summary of the Online Media Solution given in the case study. • Determined the critical dates and initiatives that will require or generate resources for Online Media Solution Pty LTD. in the next financial cycle and document using Template 1. c) Examined statutory compliance requirements and tax liabilities. • Assess the operations of the Online Media Solutions, conduct online research, examine and document the following using Template 1. o Statutory requirements o Compliance requirements o Tax liabilities d) Examined existing software to determine its suitability for financial management. • Determined the operations of the training organisation based on the information given in the case study. • Conducted online research, examine two (2) existing software in the market and determine their suitability for the financial management of the Online Media Solutions. • Documented the following using Template 1. o Two (2) existing software in the market. o Features of each software and their suitability for the financial management of the Online Media Solutions. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Activity 2: Develop budget from previous financial data and notes from the accountant This activity is a continuation of Activity 1. This activity requires you to conduct an analysis of the past outcomes and prepare the following budgets based on this analysed information and the budget plan summary. • Sales and profit budget • GST Cash flow budget • Debtor ageing summary The budgets must be prepared on a quarterly basis. When preparing the budgets, you must ensure that you must: • Conduct a detailed analysis of previous financial data to identify different quarters of the financial year that have generated a profit or loss and to accurately determine the allocation of resources for each quarter of the budget. • Ensure that you critically review the ‘Business plan summary’ given in the case study to establish critical dates of the transactions and allocate the same in the budget for the next financial year. • Make informed estimates of new items given in ‘Business plan summary’ for inclusion in the budget • Review statutory requirements given in the case study to prepare a budget that is compliant and correctly documents the company’s liabilities for tax. The following formats will be used when preparing Online Media Solutions budgets. You must create similar templates in MS-Excel to prepare budgets and submit the printout of the budgets to your trainer/assessor. Sales and Profit Budgets PROFIT BUDGET 2021/22 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Revenue Sales – Cost of Goods Sold Gross Profit Expenses – Interest Expense – Depreciation expenses – Insurance expenses – Store Supplies – Advertising – Cleaning, Repairs & Maintenance – Cleaning and maintenance labour charge – Rent – Website marketing expenses – Electricity Expense – Fringe Benefits Tax – Wages & Salaries – Superannuation – Workers’ Compensation Total Expenses Net Profit (Before Tax) Income Tax Net Profit GST Cash Flow Budget CASH FLOW ANALYSIS – GST 2021/22 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 GST Collected Less GST Paid GST Payable Aged Debtors AGED DEBTORS BUDGET TOTAL Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Total Debtors Current 30 Days 60 Days 90 Days Assessment Task 2 – Unit Project (UP) Performance criteria checklist for unit assessment task – Activity 2 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Conducted a detailed analysis of previous financial data to identify different quarters of the financial year that have generated a profit or loss and accurately determine resources allocation for each quarter of the budget. b) Ensured that you critically review the ‘Business plan summary’ given in the case study to establish critical dates of the transactions and allocate the same in the budget for the next financial year. c) Made informed estimates of new items given in ‘Business plan summary’ for inclusion in the budget. d) Reviewed statutory requirements given in the case study to prepare a compliant budget and correctly document the company’s liabilities for tax. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Activity 3: Circulate budgets • Your role will be to act as Finance Manager. • Your trainer will act as Chris (CEO of the business) • Your trainer/assessor will allocate the role of Senior Managers and Supervisors (2 each) to the staff members. • You will first document the budgetary notes and distribute them to the senior managers and supervisors. • You will then deliver a presentation on the budgets prepared in Activity 2 of this assessment task. • At last, you will engage in discussion with the stakeholders (Senior Managers, Supervisors and General Manager) to address their issues. Activity context You have successfully prepared the budget for the financial year 2021/2022. As per the company’s procedures, the budget must be approved by the stakeholders before its implementation. So, the General Manager of Online Media Solutions Pty LTD has called a meeting with you, senior managers, and the supervisors. The CEO also provided you with the information that he wants to discuss the best option for the new accounting system based on the company guidelines of selecting the accounting software (provided in the case study) in this meeting. Description The General Manager of the organisation has asked you to prepare and deliver a presentation to provide an overview of the information contained within the budget. Before delivering the presentation, he wants you to prepare keynotes from the budget and disseminate them to the stakeholders (Senior Manager, Supervisors and General Manager of the company). The key points that the notes must include are as follow: • Major reasons for the previous profits and losses. • Assumptions made within the budget. • Notes to implement and monitor the budget expenditure on a regular basis. After distributing the budget notes to the stakeholders (Senior Managers, Supervisors and General Manager), he wants you to prepare a presentation that must include the following: • Overview of the following budgets: o Sales and profit budget o GST cash flow budget o Debtor ageing summary Note: You can use screenshots of budgets you prepared in the spreadsheets in your presentation. • Reporting requirements for each quarter. • Financial delegations of Senior managers, managers, and supervisor for budget implementation. • Reasons for previous profit and loss for each quarter. After the completion of the presentation, you will be required to address the concerns of the stakeholder’s present during the meeting. To do so, you must answer the questions asked by the stakeholders and document your response using Template 2. The following questions are to be asked by the stakeholders (Senior Managers and Supervisors): Questions Senior Manager 1 • What are the current statutory requirements for tax compliance? Senior manager 2 • Which is the most suitable commercially available financial-management accounting software for Online Media Solutions Pty LTD.? Supervisor 1 • What are the implications of probity in the preparation and revision of budgets? • What are the critical dates and initiatives that will require or generate resources for Online Media Solutions Pty LTD. in the next financial cycle? Supervisor 2 • What other items do you think should be included in the budgets for the company? • What internal controls should be implemented to improve risk management for maintaining audit trials? Template 2: Answer to the questions asked by the stakeholders Answer to the questions asked by the stakeholders (300-400 words) Senior Manager 1 • What are the current statutory requirements for tax compliance? Senior manager 2 • Which is the most suitable commercially available financial-management accounting software for Online Media Solutions Pty LTD.? Supervisor 1 • What are the implications of probity in the preparation and revision of budgets? • What are the critical dates and initiatives that will require or generate resources for Online Media Solutions Pty LTD. in the next financial cycle? Supervisor 2 • What other items do you think should be included in the budgets for the company? • What internal controls should be implemented to improve risk management for maintaining audit trials? Assessment Task 2 – Unit Project (UP) Performance criteria checklist for unit assessment task – Activity 3 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Keynotes included the following: • Major reasons for the previous profits and losses. • Assumptions made within the budget. • Notes to implement and monitor the budget expenditure on a regular basis. b) Prepared and delivered the presentation. Included the following: • Overview of the following budgets: o Sales and profit budget o GST cash flow budget o Debtor ageing summary • Reporting requirements for each quarter. • Financial delegations of Senior managers, managers, and supervisor for budget implementation. • Reasons for previous profit and loss for each quarter. c) Addressed the concerns of the stakeholder’s present during the meeting. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Activity 4: Prepare budget variance report Activity context After the end of the first quarter of the financial year, the General Manager of the company called up a meeting to discuss the analysis report provided to him by the accountant of the organisation. This analysis report includes the outcomes of the actual budget analysis for the first quarter budget. The outcomes of the analysis report outcomes are not as expected. Following are some of the vital outcomes: • Sales are 3% less than budgeted. • Gross profits have been impacted as the expenses are the same, but sales have gone down. • The company had most part of their loan on variable interest rates. The interest rates have increased, and that has impacted the interest expenses. The interest expense for this quarter is increase by $4500. • To maintain the sales the stores had to further give discounts of 5% on each item. That has impacted the budget. • Other actual expenses were the same as allocated. • Total debtor sale decreased by 40,000. • 2% of debtor balance will be overdue for 90 days, 6% overdue for 60 days and 13% for 30 days. You had a discussion with the General Manager. You both have agreed that this is largely due to the following reasons: • The economy overall is in a recession that is impacting the sales in the retail sector. • The first quarter is generally impacted by the factors relating to public and school holidays. The General Manager is also concerned about the outcomes of the audit trial conducted by one of the internal auditors. Some of the outcomes are as follow: • Cash record books not maintained properly. • Some of the times, the company books and third-party bank statements were not reconciled appropriately. Description of the activity Considering the outcomes of the analysis report, the General Manager of the company wants you to prepare a budget variance report to manage risks that may occur in the organisation in case of misappropriation of the funds. This is also to be done to maintain audit trails for accurate tracking and identification of discrepancies between agreed and actual allocations. To do so, you are required to: • Prepare the actual budget based on the outcomes of the analysis report. • Compare the outcomes of the actual budget with the outcomes of the allocated budget (Outcomes of Activity 2). • Prepare budget variance report, GST Cash Flow Budget variance report and debtor ageing variance report in MS excel by following the structure of templates provided. You must make sure that when conducting an audit trail, you comply with due diligence in reviewing financial statements. Sales and Profit Budgets variance report PROFIT BUDGET Allocated Qtr. 1 Actual Qtr. 1 Revenue Sales – Cost of Goods Sold Gross Profit Expenses – Interest Expense – Depreciation expenses – Insurance expenses – Advertising – Cleaning, Repairs & Maintenance – Cleaning and maintenance labour charge – Rent – Website marketing expenses – Electricity Expense – Fringe Benefits Tax – Discount provided – Wages & Salaries – Superannuation – Workers’ Compensation Total Expenses Net Profit (Before Tax) Income Tax Net Profit GST Cash Flow Budget variance report CASH FLOW ANALYSIS – GST Allocated Qtr. 1 Actual Qtr. 1 GST Collected Less GST Paid GST Payable Aged Debtors variance report AGED DEBTORS BUDGET Allocated Qtr. 1 Actual Qtr. 1 Sales % Debtors Sales Total Debtors Current 30 Days 60 Days 90 Days Assessment Task 2 – Unit Project (UP) Performance criteria checklist for unit assessment task – Activity 4 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Prepared the actual budget based on the outcomes of the analysis report. b) Compared the outcomes of the actual budget with the outcomes of the allocated budget (Outcomes of Activity 2). c) Prepared budget variance report, GST Cash Flow Budget variance report and debtor ageing variance report in MS excel by following the structure of templates provided. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Activity 5: Prepare a report on the effectiveness of existing financial-management approaches This activity is a continuation of Activity 4. After preparing the budget variance report, the CEO of the organisation wants you to analyse and prepare a report on the effectiveness of existing financial-management approaches. To do so, you are required to: • Analyse budget variance report, GST Cash Flow Budget variance report and debtor ageing variance report: o Identify the issues based on the information provided within the case study. o Present views on how these issues can be resolved. • Analyse the “Sales and Profit Budgets variance report” identify and prioritise the significant issues, including the financial performance. o Identify variances. o Provide reasons for the variance. o Document the steps that should be taken to maintain gross profit margins after increasing expenses and a downturn in the number of sales. • Conduct cash flow analysis to identify the debtor days. The analysis is to be conducted based on the information provided in Activity 2. • Check the financial viability of the company by comparing the performance of the company with the industry benchmarks for the retail trade sector. Present recommendations about the financial viability for the organisation based on the analysis of the issues given in the case study, the identified reasons and the organisational performance. • Provide recommendation to manage such contingencies in the future. • Review the financial management process based on your assessment of the issues, reasons and organisational performance. Also, provide recommendations for improvement in improving financial management processes. • Identify and document some of the risks that the company can face in future based on the outcomes of the audit trial conducted. Also, identify the risk of misappropriation of funds and document a risk management approach. Instructions for preparing the report: • The report must be prepared using Template 3. • Word-limit to complete the report is 800-1000 words. • The report must include the following: o Report on the effectiveness of existing financial-management approaches/finances o Issues o Steps to resolve these issues o Variances o Reason for variances o Steps to maintain gross profit margins o Debtor days o Financial viability of the company o Your recommendations on the viability of the company o Your recommendations for managing contingencies o Recommendations for improvement in improving financial management processes. o Risks that company can face in future based on the outcomes audit trial o Risk of misappropriation of funds o Risk management approach Template 3: Report on the effectiveness of existing financial-management approaches/finances Report on the effectiveness of existing financial-management approaches/finances (800-1000 words) • Introduction to the report • Background information • Objectives of writing the report Body of the report: • Issues • Steps to resolve these issues • Variances • Reason for variances • Steps to maintain gross profit margins • Debtor days • Financial viability of the company • Your recommendations on the viability of the company • Your recommendations for managing contingencies • Recommendations for improvement in improving financial management processes. • Risks that company can face in future based on the outcomes audit trial • Risk of misappropriation of funds • Risk management approach Summary of the report Assessment Task 2 – Unit Project (UP) Performance criteria checklist for unit assessment task – Activity 5 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Analysed budget variance report, GST Cash Flow Budget variance report and debtor ageing variance report: • Identified the issues based on the information provided within the case study. • Presented views on how these issues can be resolved. b) Analysed the “Sales and Profit Budgets variance report” to identify and prioritise the significant issues, including the financial performance. • Identified variances. • Provided reasons for the variance. • Documented the steps that should be taken to maintain gross profit margins after increasing expenses and a downturn in the number of sales. c) Conducted cash flow analysis to identify the debtor days. The analysis is to be conducted based on the information provided in Activity 2 d) Presented recommendations about the financial viability for the organisation based on the analysis of the issues given in the case study, the identified reasons, and the organisational performance. • Provided recommendation to manage such contingencies in the future. • Reviewed the financial management process based on your assessment of the issues, reasons and organisational performance. Also, provide recommendations for improvement in improving financial management processes. • Identified and documented some of the risks that the company can face in the future based on the audit trial outcomes. Also, identify the risk of misappropriation of funds and document a risk management approach. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Unit Assessment Result Sheet (UARS) Assessment Task 2 – Unit Project (UP) (Student and Trainer/ Assessor Details) Unit code BSBINS601 Unit name Manage knowledge and information (Release 1) Outcome of Unit Assessment Task (UAT) First attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ? or Not Satisfactory (NS) ? Date: _______(day)/ _______(month)/ ____________(year) Second attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ? or Not Satisfactory (NS) ? Date: _______(day)/ _______(month)/ ____________(year) Feedback to Student a) First attempt: • Second attempt: Student Declaration ? I declare that the answers I have provided are my own work. Where I have accessed information from other sources, I have provided references and or links to my sources. ? I have kept a copy of all relevant notes and reference material that I used as part of my submission. ? I have provided references for all sources where the information is not my own. I understand the consequences of falsifying documentation and plagiarism. I understand how the assessment is structured. I accept that all work I submit must be verifiable as my own. ? I understand that if I disagree with the assessment outcome, I can appeal the assessment process, and either re-submit additional evidence undertake gap training and or have my submission re-assessed. ? All appeal options have been explained to me. Student Signature ? Student Declaration above is accepted by ticking this box to indicate statements above have been read and are accepted as true and correct. Date Trainer/Assessor Name Trainer/Assessor Declaration I hold: ? Vocational competencies at least to the level being delivered ? Current relevant industry skills ? Current knowledge and skills in VET, and undertake ? Ongoing professional development in VET ? I declare that I have assessed this candidate’s submission. The assessment tasks were deemed current, sufficient, valid, and reliable. ? I declare that I have conducted a fair, valid, reliable, and flexible assessment. ? I have provided feedback to the above-named candidate. Trainer/Assessor Signature Date Office Use Only Outcome of Assessment has been entered onto the Kent Learning Management System (Moodle) on _________________ (insert date) by (insert Staff Member Name) _______________________________________________ Unit Assessment Task (UAT) 3 – Work Placement Task Unit Pre-Assessment Checklist (UPAC) Assessment type: • Project – Work placement task Assessment task description • This is the Third (3) assessment task you must successfully complete to be deemed competent in this unit of competency. • This assessment task is a Skills Test. • You will receive your feedback within two (2) weeks, and you will be notified by your trainer/assessor when your results are available. • You must attempt all activities of the project for your trainer/assessor to assess your competence in this assessment task. Applicable conditions: • This project is untimed and are conducted as open book tests (this means a student can refer to textbooks during the test). • A student must read and respond to all questions. • A student may handwrite/use computers to answer the questions. • A student must complete the task independently. • No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory. • The Trainer/Assessor must assess a student’s written skills and knowledge as the student completes this assessment task. • The Trainer/Assessor may ask a student relevant questions on this assessment task to ensure that this is the student’s own work. Resubmissions and reattempts: • Where a student’s answers are deemed not satisfactory after the first attempt, a re-submission attempt will be allowed. • A student may speak to their Trainer/Assessor if the student is having any difficulty in completing this task and requires reasonable adjustments (e.g., can be given as an oral assessment) • For more information, please refer to Kent Student Handbook (VET) via Kent Website Link (MyKent Student Link> Student Policies and Forms > DOC– Kent Student Handbook (VET) – Student Login Required) Location: • This assessment task may be completed in a classroom, on the Kent Learning Management System (i.e., Moodle), workplace, or independent learning environment. • The Trainer/Assessor will provide a student with further information regarding the location for completing this assessment task. Instructions for answering written questions • A student must complete a written assessment consisting of a series of questions. • It is expected that students will correctly answer all the questions. • Answers must demonstrate an understanding and application of relevant concepts, critical thinking, and good writing skills. • A student must be concise and to the point and write answers according to the given word-limit to each question and do not provide irrelevant information. • A student must not use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups on the basis of attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender inclusive language should be used. • The Trainer/Assessor should not accept answers copied directly from texts without acknowledgement of the text. How will trainer/assessor assess the work? • This assessment task requires the student to answer all the questions. • Answers must demonstrate the student’s understanding and knowledge of the unit. • If all assessment tasks are deemed Satisfactory (S), then the unit outcome is Competent (C). • If at least one of the assessment tasks is deemed Not Satisfactory (NS), then the unit outcome is Not Yet Competent (NYC). • Once all assessment tasks allocated to this Unit of Competency have been undertaken, the Trainer/Assessor will complete an ‘Assessment Plan’ to record the unit outcome. The outcome will be either Competent (C) or Not Yet Competent (NYC). • The ‘Assessment Plan’ is available with the Unit Assessment Pack (UAP) – Coversheet. Purpose of the assessment The purpose of this assessment task is to assess the student’s knowledge and skills essential to complete a set of activities to manage the finances of the organisation in a range of contexts and industry settings. • Skill to review previous financial statements • Skill to prepare, implement and revise a budget that: o aligns with the business plan o is based on research and analysis of previous financial data and cash flow trends o meets compliance, statutory and organisational requirements • Skill to contribute to financial bids and estimates • Skill to communicate with other people, including: o reporting on financial activity and making recommendations o ensuring managers and supervisors understand key elements of relevant budgets • Skill to analyse the effectiveness of existing financial management approaches, including: o reviewing financial management software o managing risks of misappropriation of funds o ensuring systems are in place to record all transactions o maintaining audit trail o complying with due diligence. Assessment Task 3 – Work Placement Task Task instructions • This assessment task aims to assess the students’ skills essential to complete a set of activities to coordinate redeployment, resignation, retirement, dismissal, and redundancy, including the conduct of exit interviews. • The student will take on the role of the HR Manager. • The trainer/assessor nominate a supervisor for each student. • The trainer/assessor must ensure that the training organisation meet the simulated requirements. • The student will have the responsibility to manage the team members. • For meetings: o If the meeting is a face-to-face meeting: ? The trainer/assessor will supervise/observe the meeting as well ? The student must complete the meeting agenda, meeting minutes and associated templates o If the meeting is conducted online: ? The student must use video conferencing tools such as zoom ? The student must record the meetings and send the recorded meetings to the trainer/assessor. ? The student must complete the meeting agenda, meeting minutes and associated templates ? The trainer/assessor will assess the meeting based upon the recorded meeting and the templates completed. • The student must use the templates provided to document their responses. • The student must follow the word limits specified in the templates. • The trainer/assessor must assess the student using the performance checklist provided. Resources required completing the assessment task: • Computer • Internet • MS Word • Printer or e-printer • Adobe acrobat/reader • Kent Learning Management System (Moodle) Assessment Task 3 – Work Placement Task Work placement task This assessment task requires you to take on the role of Finance Manager in a workplace setting or a simulated environment set up by your training organisation. In this assessment task, you will be required to demonstrate your skills and knowledge to manage finances in a workplace setting or a simulated environment set up by your training organisation. This includes: • Reviewing previous financial statements • Preparing, implementing, and revising a budget • Contribute to financial bids and estimates • Communicating with the stakeholders to ensure they are clear about the budget and its requirements. • Analysing the effectiveness of existing financial management approaches To do so, you are required to complete the following activities. • Activity 1: Analyse previous financial statements of the workplace. • Activity 2: Prepare and circulate budgets • Activity 3: Implement, review and revise budgets • Activity 4: Evaluate and determine the effectiveness of existing financial management approaches. Assessment environment This assessment task must take place in any one of the following physical conditions: • Physical condition 1: An actual workplace. • Note: The student can use their own workplace setting. The trainer/assessor will assess the workplace based on the assessment criteria mentioned below and will provide approval if the workplace meets the requirements. • Physical condition 2: An environment set up by the training organisation that accurately represents workplace conditions. The simulated environment must meet the following assessment criteria. Assessment criteria Your trainer/assessor will ensure that the simulated environment meets the following assessment criteria. Opportunities for students to: Yes/No/NA A workplace setting or a simulated workplace must replicate real workplace conditions to allow demonstration of the assessment activities. The workplace setting or a simulated workplace must allow the student to manage finances for the workplace or work department. The work department can be: • Sales department. • Marketing department. • Human resource department. The workplace setting or the simulated workplace must provide the student with access to the following document and resources. • A Supervisor to provide the student with assistance throughout the assessment activity. • Access to managers and supervisors of the workplace. • Workplace resources: o Computers o Internet o MS Word o Printer o Financial data and reports of the workplace, including: ? Profit and loss statements ? Cash flows ? Ageing summaries o Relevant legislation and Australian Tax Office requirements o https://business.gov.au/finance/taxation/income-tax-for-business o Organisational financial policies and procedures o Financial management software such as MYOB or QuickBooks. Standard operating/workplace procedures related to human resource management Use up-to-date software and equipment Work within stated timelines to meet deadlines Workplace environment to work with others in a team Workplace setting or simulated workplace must provide the student with the opportunity to analyse the organisational environment. Workplace environment to sufficient to communicate with diverse groups Workplace sufficient to work independently and manage workload Workplace simulated scenario The financial year has ended. Management wants the Finance Manager of the workplace to: • Review financial information • Analyse financial risks • Prepare, implement, and review a budget • Report on financial activity. Job responsibilities You are working as Finance Manager in ‘Online Media Solutions’. As part of your job role, you have the following responsibilities: • Analyse critical dates and initiatives in the business plan and cash flow trends • Assess reasons for losses or profits identified in previous financial reports • Examine statutory compliance requirements and tax liabilities. • Examine existing software to determine its suitability for financial management. • Create a budget based on previous financial data in accordance with compliance, organisational, and statutory requirements. • Distribute budgets and ensure managers and supervisors are aware of budgets, reporting requirements, and financial delegations. • Ensure that there are no opportunities for funds to be misappropriated. • Examine and revise profit and loss statements, cash flows, and ageing summaries as needed. • Using audit trails, identify discrepancies between agreed-upon and actual allocations. • Determine the requirements for organisational and statutory financial reporting. • Identify and prioritise key issues in statements for review and decision-making. • Make financial recommendations. • Examine the efficiency of financial management processes. Work Placement Task This assessment task requires you to take on the role of Finance Manager in a workplace setting or a simulated environment set up by your training organisation. In this assessment task, you will be required to demonstrate your skills and knowledge to manage finances in a workplace setting or a simulated environment set up by your training organisation. This includes: • Reviewing previous financial statements • Preparing, implementing, and revising a budget • Contribute to financial bids and estimates • Communicating with the stakeholders to ensure they are clear about the budget and its requirements. • Analysing the effectiveness of existing financial management approaches To do so, you are required to complete the following activities. • Activity 1: Analyse previous financial statements of the workplace. • Activity 2: Prepare and circulate budgets • Activity 3: Implement, review and revise budgets • Activity 4: Evaluate and determine the effectiveness of existing financial management approaches. The trainer/assessor will supervise and observe the student performing each activity or assign a supervisor. Supervisor roles and responsibilities The Supervisor is the individual who supervises or is in charge of the organisation. They belong to a higher rank or status. Their job role and responsibilities are: • Assist you in understanding the task requirements. • Provide you with information about job roles and responsibilities. • Provide you with the required information to complete the assessment activities. • Supervise you in completing the assessment task and requirements. • Provide feedback based on the outcomes of assessment activities. Note: Each student will be assessed individually for all assessment activities. Timeframe to complete the work placement task • Trainer/assessor to discuss the timeframe to complete the work placement task. Task requirements • You will be assessed on your technical knowledge and skills to complete this work placement task. • You will be assessed on meeting your job role and responsibilities • You must follow the instructions provided by the Supervisor. • The task must be completed in the specified timeframe. Activity 1: Analyse previous financial statements of the workplace This activity requires you to analyse previous financial statements of the workplace to prepare for the financial management of the workplace. To do so, you are required to follow the steps given in Checklist 1 and complete the templates associated with each step. The Supervisor or trainer/assessor will: • Supervise and observe the student performing this activity. • Place a tick mark against each step given in the checklist after the student performs/implements the step. • Sign off the checklist and ask the student for the submission of templates associated with each step. For trainer/assessor: For the simulated environment • The trainer/assessor or supervisor must ensure that the student is made familiar with the existing financial management practices. • The trainer/assessor or supervisor must ensure that the student has access to the following workplace resources. o Computers o Internet o MS Word o Printer o Financial data and reports of the workplace, including: ? Profit and loss statements ? Cash flows ? Ageing summaries o Relevant legislation and Australian Tax Office requirements o https://business.gov.au/finance/taxation/income-tax-for-business o Organisational financial policies and procedures o Financial management software such as MYOB or QuickBooks. Checklist 1: Analyse previous financial statements of the workplace Steps Place a tick mark, once completed Step 1: Document the following details regarding your workplace in template 1 • Name of the organisation. • Contact details • Department or work area of operation. ? Step 2: Evaluate reasons for profits identified from the financial reports of the previous year. • Analyse the financial statements of the workplace given in the case study. • Determine and document reasons for profits identified from the financial reports. • Document the following using Template 2. o Profits in the last two (2) years. o Two (2) reasons for profits earned. o An explanation of each reason. ? Step 3: Analyse critical dates and initiatives in the business plan and cash flow trends. • Analyse the financial statements and business plan summary of the workplace. • Determine the critical dates and initiatives requiring or generating resources for the workplace in the next financial cycle and document using Template 2. ? Step 4: Assess the operations of the workplace, conduct online research, examine and document the following using Template 2. • Statutory requirements • Compliance requirements • Tax liabilities ? Step 5: Examine existing software to determine its suitability for financial management. • Determine the financial operations of the workplace. • Identify the existing financial management software used by the workplace. • Determine the suitability of the existing software to its suitability for financial management. • Document the following using Template 2. o Financial operations of the workplace. o Existing financial management software used by the workplace. o Suitability of the existing software to its suitability for financial management. ? Sign off: Supervisor’s signature: Sign-off date: Template 1: Workplace details Workplace details Name of the organisation Contact details Department or work area of operation Template 2: Prepare for financial management Prepare for financial management (800-1000 words) Reasons for the profits identified from the financial reports of the previous year • Profits in the last two (2) years. • Two (2) reasons for profits earned • An explanation of each reason. Critical dates and initiatives that will require or generate resources for the organisation in the next financial cycle Statutory compliance requirements and tax liabilities Examination of existing software • Financial operations of the workplace. • Existing financial management software used by the workplace. • Suitability of the existing software to its suitability for financial management. Assessment Task 3 – Work Placement Task Performance criteria checklist for unit assessment task – Activity 1 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Evaluated reasons for profits identified from the financial reports of the previous year. • Analysed the financial statements. • Determined and documented reasons for profits identified from the financial reports. • Documented the following using Template 1. o Profits in the last two (2) years. o Two (2) reasons for profits earned. o An explanation of each reason. b) Analysed critical dates and initiatives in the business plan and cash flow trends. • Analysed the financial statements and business plan summary. • Determined the critical dates and initiatives required or generated resources for the organisation in the next financial cycle. c) Examined statutory compliance requirements and tax liabilities. • Conducted online research, examined, and documented the following using Template 1. o Statutory requirements o Compliance requirements o Tax liabilities d) Examined existing software to determine its suitability for financial management. • Determined the financial operations of the workplace. • Identified the existing financial management software used by the workplace. • Determined the suitability of the existing software to its suitability for financial management. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Activity 2: Prepare and circulate budgets This activity requires you to prepare and circulate the following budgets. • Profit and loss budget • Cash flow budget • Ageing summaries Guidelines for the preparation of budgets. • Monthly budgets must be prepared for a period of three months. • The budgets prepared must: o aligns with the business plan o is based on research and analysis of previous financial data and cash flow trends o meet compliance, statutory and organisational requirements • The budgets must be prepared using the financial management software used by the workplace. To do so, you are required to follow the steps given in Checklist 2 and complete the templates associated with each step. The Supervisor or trainer/assessor will: • Supervise and observe the student performing this activity. • Place a tick mark against each step given in the checklist after the student performs/implements the step. • Sign off the checklist and ask the student for the submission of templates associated with each step. For trainer/assessor: For the simulated environment • The trainer/assessor or supervisor must ensure that the student is provided with an opportunity to contribute to financial bids and estimates. • The trainer/assessor must arrange an appropriate place and time for the student to circulate and discuss the budgets, reporting requirements and financial delegations • The trainer/assessor or supervisor must ensure that the student has access to the following workplace resources. o Computers o Internet o MS Word o Printer o Financial data and reports of the workplace, including: ? Profit and loss statements ? Cash flows ? Ageing summaries o Relevant legislation and Australian Tax Office requirements o https://business.gov.au/finance/taxation/income-tax-for-business o Organisational financial policies and procedures o Financial management software such as MYOB or QuickBooks. Checklist 2: Prepare and circulate budgets Steps Place a tick mark, once completed Step 1: Develop profit and loss budget and cash flow budget that: • aligns with the business plan • is based on research and analysis of previous financial data and cash flow trends • meet compliance, statutory and organisational requirements During the development of the budgets, you must contribute to financial bids and estimates. Submit the budget prepared to the Supervisor. Further, document the following using Template 3. • How did you ensure that the budget aligns with the business plan of the workplace? • How did you contribute to financial bids and estimates? • Compliance, statutory and organisational requirements followed during the preparation of the budget. ? Step 2: Determine the following and document using Template 4. • Reporting requirements • Financial delegations of managers and supervisors Step 3: Circulate budgets and confirm managers and supervisors understand budgets, reporting requirements and financial delegations • Arrange a meeting with the workplace managers and supervisor. • Conduct the meeting based on the meeting process provided. Meeting process: Before the meeting 1. Create a meeting agenda. • Confirm the meeting time and place with the trainer/assessor. • Use the meeting agenda template provided to prepare the meeting agenda. 2. E-mail the meeting agenda to the meeting participants and request confirmation for the meeting. 3. Print out the budgets prepared, reporting requirements and financial delegations (Outcomes of Step 1 and Step 2). During the meeting 1. Welcome the participants 2. Distribute budgets prepared, reporting requirements and financial delegations to the participants of the meeting. 3. Discuss the following with the managers and supervisors: • Budgets • reporting requirements • financial delegations 4. Clarify the understanding of the participants. 5. Confirm managers and supervisors understand budgets, reporting requirements and financial delegations. After the meeting 1. Summarise the agreed outcomes using the meeting minutes template provided. Sign off: Supervisor’s signature: Sign-off date: Template 3: Procedures followed during the preparation of profit and loss budget and cash flow budget Procedures followed during the preparation of profit and loss budget and cash flow budget (300-400 words) How did you ensure that the budget aligns with the business plan of the workplace? How did you contribute to financial bids and estimates? Compliance, statutory and organisational requirements followed during the preparation of the budget. Template 4: Reporting requirements and financial delegations Reporting requirements and financial delegations (200-300 words) Reporting requirements Financial delegations of managers and supervisors Meeting agenda template Date/Time: Location: Chairperson: Meeting Attendees: Full names and roles Agenda Item/Topic Discussion/Outcomes Action Officer Due Date Welcome (Agenda item 1) Topic? (Agenda item 2) Topic? (Agenda item 3) Topic? Summary Overall Summary Decision/s Action/s if any Next Meeting time/date Meeting closed at: Minutes are a true and accurate record of the meeting Approved/confirmed by whom? Meeting minutes template Minutes of Meeting Meeting Objective: Attendees: Venue: Date: No. Points Discussed Actions Suggested Target Date Signature of attendee 1: Signature of attendee 2: Signature of attendee 3: Signature of attendee 4: Assessment Task 3 – Work Placement Task Performance criteria checklist for unit assessment task – Activity 2 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Developed profit and loss budget and cash flow budget that: • aligns with the business plan • is based on research and analysis of previous financial data and cash flow trends • meet compliance, statutory and organisational requirements • During the development of the budgets, contributed to financial bids and estimates. b) Determined the following and document using Template 4. • Reporting requirements • Financial delegations of managers and supervisors c) Circulated budgets and confirmed managers and supervisors understand budgets, reporting requirements and financial delegations • Arranged a meeting with the workplace managers and supervisor. • Conducted the meeting based on the meeting process provided. d) Distributed budgets prepared, reporting requirements and financial delegations to the participants of the meeting. e) Discussed the following with the managers and supervisors: • Budgets • reporting requirements • financial delegations f) Clarified the understanding of the participants. • Confirmed managers and supervisors understand budgets, reporting requirements and financial delegations. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Activity 3: Implement, review and revise budgets This activity is a continuation of Activity 2. This activity requires you to implement, review and revise the following budgets prepared in Activity 2. • Profit and loss budget • Cash flow budget • Ageing summaries Guidelines for reviewing the budgets. • Reconciliation is to be conducted every month to manage the misappropriation of funds. • Actual budget figures must be recorded and reviewed against the projected budgets to identify variances to the budgets. • Profit and loss statements, cash flows and ageing summaries must be reviewed and revised as required. • The budgets prepared must be reviewed and revised in accordance with the compliance, statutory and organisational requirements. • The budgets must be reviewed and revised using the financial management software used by the workplace. To do so, you are required to follow the steps given in Checklist 3 and complete the templates associated with each step. The Supervisor or trainer/assessor will: • Supervise and observe the student performing this activity. • Place a tick mark against each step given in the checklist after the student performs/implements the step. • Sign off the checklist and ask the student for the submission of templates associated with each step. For trainer/assessor: For the simulated environment • The trainer/assessor or supervisor must ensure that the student is provided with the required financial data to review the budget outcomes. • The trainer/assessor or supervisor must ensure that the student has access to the following workplace resources. o Computers o Internet o MS Word o Printer o Financial data and reports of the workplace, including: ? Profit and loss statements ? Cash flows ? Ageing summaries o Relevant legislation and Australian Tax Office requirements o https://business.gov.au/finance/taxation/income-tax-for-business o Organisational financial policies and procedures o Financial management software such as MYOB or QuickBooks. Checklist 3: Implement, review and revise budgets Steps Place a tick mark, once completed Step 1: Implement the budgets prepared in Activity 2. • Gather actual figures from the implementation of budgets. • Record actual figures and prepare the actual monthly budget using the financial management software used by the workplace. • Submit the actual budgets prepared to the Supervisor. ? Step 2: Reconcile budgets and confirm there are no opportunities for misappropriation of funds • Conduct reconciliation and submit the reconciliation report to the Supervisor. ? Step 3: Review profit and loss statements, cash flows and ageing summaries. • Review the actual profit and loss statements, cash flows and ageing summaries against the projected budgets. • Identify discrepancies between agreed and actual allocations using audit trails. • Revise budgets based on the reconciliation conducted in Step 2. Further, document the procedures implemented to conduct audit trials using Template 5. ? Sign off: Supervisor’s signature: Sign-off date: Template 5: Procedures implemented to conduct audit trails Procedures implemented to conduct audit trails (200-300 words) Assessment Task 3 – Work Placement Task Performance criteria checklist for unit assessment task – Activity 3 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Implemented the budgets prepared in Activity 2. • Gathered actual figures from the implementation of budgets. • Recorded actual figures and prepare the actual monthly budget using the financial management software used by the workplace. • Submitted the actual budgets prepared to the Supervisor. b) Reconciled budgets and confirmed there are no opportunities for misappropriation of funds • Conduct reconciliation and submit the reconciliation report to the Supervisor. c) Reviewed profit and loss statements, cash flows and ageing summaries. • Reviewed the actual profit and loss statements, cash flows and ageing summaries against the projected budgets. • Identified discrepancies between agreed and actual allocations using audit trails. • Revised budgets based on the reconciliation conducted in Step 2. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Activity 4: Evaluate and determine the effectiveness of existing financial management approaches. This activity is a continuation of Activity 1- Activity 3. This activity requires you to evaluate and determine the effectiveness of existing financial management approaches. To do so, you are required to follow the steps given in Checklist 4 and complete the templates associated with each step. The Supervisor or trainer/assessor will: • Supervise and observe the student performing this activity. • Place a tick mark against each step given in the checklist after the student performs/implements the step. • Sign off the checklist and ask the student for the submission of templates associated with each step. For trainer/assessor: For the simulated environment • The trainer/assessor or supervisor must ensure that the student has access to the following workplace resources. o Computers o Internet o MS Word o Printer o Financial data and reports of the workplace, including: ? Profit and loss statements ? Cash flows ? Ageing summaries o Relevant legislation and Australian Tax Office requirements o https://business.gov.au/finance/taxation/income-tax-for-business o Organisational financial policies and procedures o Financial management software such as MYOB or QuickBooks. Checklist 4: Evaluate and determine the effectiveness of existing financial management approaches. Steps Place a tick mark, once completed Step 1: Determine the requirements for organisational and statutory financial reporting. • Assess the financial operations of the workplace, determine, and document the following using Template 6. o Organisational budget reporting requirements. o Statutory financial reporting requirements. ? Step 2: Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making. • Determine two (2) significant issues in statements, including comparative financial performances for review and decision making. • Assess how each significant issue would impact the workplace. • Further, document the following using Template 7. o Two (2) significant issues in statements, including comparative financial performances for review and decision making. o How would each significant issue impact the workplace? ? Step 3: Prepare recommendations to ensure the financial viability of the organisation. • Assess the issues identified in step 2. • Evaluate the financial viability of the business to generate sufficient income to meet operating payments, debt commitments. • Investigate underlying causes of the issues identified. • Generate possible solutions for addressing the issues identified using Template 8. Include the following information: o Financial viability of the business to generate sufficient income to meet operating payments, debt commitments. o Issues identified. o Underlying causes of the issues identified o Possible solutions/recommendations for addressing the issues. ? Step 4: Prepare an evaluation report on the effectiveness of financial management processes using Template 9. • Analyse the effectiveness of financial management processes/approaches, including: o Analysis of financial management software o Managing the risks of Fund Misappropriation o Ensuring that financial management systems for recording all transactions are in place. o Maintaining an audit trail. o Complying with the requirements of due diligence. • Prepare an evaluation report using Template 9. Follow the guidelines provided. Guidelines for the preparation of the evaluation report. o The evaluation report must be prepared using Template 9. o Word-limit to complete the evaluation report is 500-600 words. o The evaluation report must include the following: ? Background information ? Objectives of writing the report ? Analysis of financial management software ? Managing the risks of Fund Misappropriation ? Ensuring that financial management systems for recording all transactions are in place. ? Maintaining an audit trail. ? Complying with the requirements of due diligence. ? Conclusion of the report. Sign off: Supervisor’s signature: Sign-off date: Template 6: Requirements for organisational and statutory financial reporting. Requirements for organisational and statutory financial reporting (200-300 words) Organisational budget reporting requirements. Statutory financial reporting requirements. Template 7: Identify and prioritise significant issues in statements Identify and prioritise significant issues in statements (200-300 words) Two (2) significant issues in statements, including comparative financial performances for review and decision making. How would each significant issue impact the workplace? Template 8: Possible solutions for addressing the issues identified Possible solutions for addressing the issues identified (300-400 words) Financial viability of the business to generate sufficient income to meet operating payments, debt commitments. Issues identified. Underlying causes of the issues identified Possible solutions/recommendations for addressing the issues. Template 9: Evaluation report Evaluation report (500-600 words) Background information Objectives of writing the report Analysis of financial management software Managing the risks of Fund Misappropriation Ensuring that financial management systems for recording all transactions are in place. Maintaining an audit trail. Complying with the requirements of due diligence. Conclusion of the report. Assessment Task 3 – Work Placement Task Performance criteria checklist for unit assessment task – Activity 4 (Trainer/Assessor to complete) Assessment activities to be completed • Prepare for financial management • Establish budgets and allocate funds • Report on finances Resources required for the unit assessment task • Unit assessment guide template • Access to live or simulated working environment • Interaction with others Your task must address the following performance criteria/ performance checklist. To be assessed as satisfactory (S) in this assessment task the participant needs to demonstrate competency in the following critical aspects of evidence S N/S Trainer/Assessor to complete (Comment and feedback to students) a) Assessed the financial operations of the workplace, determine, and document the following using Template 6. • Organisational budget reporting requirements. • Statutory financial reporting requirements. b) Identified and prioritised significant issues in statements, including comparative financial performances for review and decision making. • Determined two (2) significant issues in statements, including comparative financial performances for review and decision making. • Assessed how each significant issue would impact the workplace. c) Prepared recommendations to ensure the financial viability of the organisation. • Assessed the issues identified in step 2. • Evaluated the financial viability of the business to generate sufficient income to meet operating payments, debt commitments. • Investigated underlying causes of the issues identified. • Generated possible solutions for addressing the issues identified d) Analysed the effectiveness of financial management processes/approaches, including: • Analysis of financial management software • Managing the risks of Fund Misappropriation • Ensuring that financial management systems for recording all transactions are in place. • Maintaining an audit trail. • Complying with the requirements of due diligence. The student’s performance was: ? Not yet Satisfactory ? Satisfactory Feedback to student: Student Signature Observer Signature Date: Unit Assessment Result Sheet (UARS) Unit Assessment Task 3 – Work Placement Task (Student and Trainer/ Assessor Details) Unit code BSBFIN601 Unit name Manage organisational finances (Release 1) Outcome of Unit Assessment Task (UAT) First attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ? or Not Satisfactory (NS) ? Date: _______(day)/ _______(month)/ ____________(year) Second attempt: Outcome (please make sure to tick the correct checkbox): Satisfactory (S) ? or Not Satisfactory (NS) ? Date: _______(day)/ _______(month)/ ____________(year) Feedback to Student a) First attempt: • Second attempt: Student Declaration ? I declare that the answers I have provided are my own work. Where I have accessed information from other sources, I have provided references and or links to my sources. ? I have kept a copy of all relevant notes and reference material that I used as part of my submission. ? I have provided references for all sources where the information is not my own. I understand the consequences of falsifying documentation and plagiarism. I understand how the assessment is structured. I accept that all work I submit must be verifiable as my own. ? I understand that if I disagree with the assessment outcome, I can appeal the assessment process, and either re-submit additional evidence undertake gap training and or have my submission re-assessed. ? All appeal options have been explained to me. Student Signature ? Student Declaration above is accepted by ticking this box to indicate statements above have been read and are accepted as true and correct. Date Trainer/Assessor Name Trainer/Assessor Declaration I hold: ? Vocational competencies at least to the level being delivered ? Current relevant industry skills ? Current knowledge and skills in VET, and undertake ? Ongoing professional development in VET ? I declare that I have assessed this candidate’s submission. The assessment tasks were deemed current, sufficient, valid and reliable. ? I declare that I have conducted a fair, valid, reliable, and flexible assessment. ? I have provided feedback to the above-named candidate. Trainer/Assessor Signature Date Office Use Only Outcome of Assessment has been entered onto the Kent Learning Management System (Moodle) on _________________ (insert date) by (insert Staff Member Name) _______________________________________________ Appendix A: Learner Evaluation Form Please complete this evaluation form as thoroughly as you can, in order for us to continuously improve our training quality. The purpose of the evaluation form is to evaluate the areas below: • logistics and support • facilitation • training material • assessment Your honest and detailed input is therefore, of great value to us, and we appreciate your assistance in completing this evaluation form! Unit of Competency Name Trainer/Assessor Name Student Name (Optional) Dates of Training Employer/Work site (if applicable) Date of Evaluation A Logistics and Support Evaluation No. Criteria/Question Strongly Disagree Disagree Neutral Agree Strongly Agree 1 The communication regarding the required attendance and time to study to pass this unit was correct 2 The staff were efficient and helpful. 3 The training equipment and material used was effective and prepared. 4 The training venue was conducive to learning (set-up for convenience of students, comfortable in terms of temperature, etc.) Additional Comments on Logistics and Support No. Criteria/Question Strongly Disagree Disagree Neutral Agree Strongly Agree B Trainer/Assessor Evaluation 1 The trainer/assessor was prepared and knowledgeable on the subject of the program 2 The trainer/assessor encouraged student participation and input 3 The trainer/assessor made use of a variety of methods, exercises, activities and discussions 4 The trainer/assessor used the material in a structured and effective manner 5 The trainer/assessor was approachable and respectful of the learners 6 The trainer/assessor was punctual and kept to the schedule 7 The trainer/assessor was easy to understand and used the correct language Additional Comments on Training No. Criteria/Question Strongly Disagree Disagree Neutral Agree Strongly Agree C Learning Evaluation 1 The learning outcomes of the unit are relevant and suitable. 2 The content of the unit was relevant and suitable for the target group. 3 The length of the training was suitable for the unit. 4 The learning material assisted in the learning of new knowledge and skills to apply in a practical manner. 5 The learning material was free from spelling and grammar errors 6 Handouts and exercises were clear, concise and relevant to the outcomes and content. 7 Learning material was generally of a high standard, and user-friendly Additional Comments on Learning Evaluation