Assessment Task 1
Question 1
Financial probity is the evidence of ethical behavior in a process. Identify three principles and three requirements related to financial probity?
Scrupulousness is the evince of virtuous behavior, and can be demarcated as ample and confirmed veracity, decency and rectitude in a finnicky administer.
The principles underpinning ethics and probity in Australian Government Procurement are:
- Virtue and skirmish of curiosity requirements should be applied with seize and proportionate trials cognizant by sound peril management ideologies.
- Secret information must be treated appropriately during and in quest of attacking process.
- External probity mavens should only be appointed where justified by the nature of the locating.
- Officials must not make crooked use of their standpoints.
- Bureaucrats should ignore serves themselves in a stance where there is the budding for prerogatives of preconceived notion.
- Officials must not accede cordiality, largess or fundraisers from any conceivable purveyors.
Virtue Chucks
When commencing civic Edifice Procurement, Bureaus must:
- (a) demeanor Communal Erection Procurement in modus that is harmonious thru Unrestricted Zone Tenets;
- (b) extravagance enflamed accomplices (and potential sore applicants) legitimately and uniformly, and dodge giving one fond partaker an indecorous pro over another;
- (c) uphold concealment of contributor discretion tidings, embracing commercially subtle tidings and highbrow stuff;
- (d) ensure sore means, parleys, valuation tricks, and shrivel management knobs are auditable, translucent and blamed; and
- (e) proactively isolate and handle skirmishes of interest whether authentic, impending or professed aptly and in accordance with germane licit and dogma chucks, including pertinent Victorian Public Sector ciphers of comportment.
Question .2 describe the principles of accounting and financial systems?
accounting principles is the guidelines which is to be followed by company while preparing accounts.
The principles of accounting are
-
- Conservatism principle– this principle says that at the time of preparing accounts we consider our future losses.
- Consistency principle– this principle says that we use only one accounting method throughout the year.
-
- Business entity principle– acc. To this principle business is to be treated separately from is owner.
- Going concern principle- acc. To this principle our business life will never end. our business will remain continue even after the died of its owner.
- Matching principle- according to this principle, there is a dual entry of every transaction. Every transaction as its own debit and credit.
- Cost principle- according to this principle, every business records their assets, liability, equity at its original cost, at cost it purchased not at the present cost either current price is less or high.
- Full disclosure principle- according to this principle, every information related to company , which affects the business or transaction which is not recorded but that is necessary for company should be fully disclose.
Question 3 Explain legislation and conventions relevant to financial management in an organization ,including:
- Australian legislation and conventions
- International legislation and conventions
- State/territory legislation and conventions
- State/Territory legislation and conventions:
Australian regimes and state and territory leaderships code subsist to shield patrons as well as to indorse unbiassed swapping and antagonism. These lawmaking rule how businesses interact with their suppliers patrons and erstwhile businesses.
Antagonism Edicts
Australia has a federal legislative scaffold to ensure that trafficking is fair for businesses and consumers. This charter is oversaw and obligatory by the Australian Competition and Consumer Commission (ACCC).
Product liability regulation
Australia has its own policies and framework synchronize product security and confidentiality. These standards are formed to protect the safety of harmful products to not to advertised these harmful products in the Australian market.
- Australian legislation and conventions:
Guidance on tax and superannuation measures-
As per Australian government which governed rules or we can say legislations, whenever new tax regimes and superannuation gages they provide practical tactics to their taxpayers and made available practical supervision for them so that the taxpayers understand which byelaws they have to follow- its old law or attempt to forestall insinuated vagaries.
Mention their clerical approach to precise ex post facto laws. Their advice covers their routes want to opt along with their collaries of preferring the options.
It also includes how the law supervise and done supervision of that law by them thru the retro until the decisive upshots emanates from the anticipated edict.
Transformation hikes tax bursar Jinxes-
What it says until and unless the pertinent law has made or relevant jurisdictive catalyst made would hike the liabilities of taxpayers and they don’t have any right to hoard it or higher. It also mentioned that in effect law has changed from retrograde then the taxpayer ones should be pursue modifications and should recompence with astronomical jinx
Transformation slashes taxpayer Jinx-
A projected commandment change would lessen your burden, you should personally gauge under the old law. If taxpayer personally assess revisions by antedating existing law, we may not compel defiance with prevailing law but we thwart indecorous reimbursements. We have the supremacy to plump whether or not it would be a professional, operational and virtuous enervation of the ATO’s possessions to urge acquiescence in effect edict where a taxpayer chooses to self-assess by foreseeing an announced law swap.
The one exemption accustomed canon to this general regime applies if both the ensuing musts are met:
- Letting taxpayers to forestall a heralded law modify would be likely, in some cases at least, to result in a recompense of tax.
- The Commissioner can, before a disbursement is made, reasonably identify fussy taxpayers to whom a disbursement would be made who have applied the law incorrectly.
© International legislation and pacts:
The international law is hallowed in concords, truces and canons. Many of the agreements brought about by the United Nations form the root of the law that reigns kin among realms.
Some of these concord form the very underpinning of the law dominant relations among states. Examples include:
- the pact on the Non-course plotting Uses of global Watercourses, adopted by the General Assembly in 1997, which validates the fair and astute misuse of rivulets pooled by two or more countries;
- the concord on the Law of Truces between federations and transnational officialdoms or between International Organizations, adopted at a conference in Vienna in 1986;
- the Caucus on the progression of States in Respect of State Property, Annals and arrears, espoused at a symposium in Vienna in 1983;
Question 4. Outline the requirements of the Australian Tax Office (ATO), including: a. Goods and services tax (GST) b. Company tax c. Pay as you go (PAYG) tax.
Australian tax office (ATO) is a revenue collecting body of govt. It collects income tax, goods and service tax,etc. The gst on goods, services, and other items sold is 10%.
Australian tax office is used to report and pay GST (goods and service tax) , PAYG (pay as you go) and other taxes. All businesses register for GST must required to fill business activity statement before the date of lodge.
Question 5 What legislation applies to fraud and the misappropriation of funds?
Misappropriation of funds is the use of other persons money in illeagal or unauthorized work without knowing them. It can be done by any trustable instituted, public officers or any person who is responsible for the safety of another person’s property,money etc. It is type of unlawfull activity, for this activity that person is punishable.
Firstly government give a chance to victim of missapropiation to recover his loss and after the legal and civil process starts. In that every person who is involve in fraud and misappropriation will comes in guilty. American court adopt a practical, logical approach while investigating of frauds and The maximum punishment for this offence is imprisonment for seven years.
Question 6 Explain the need for financial due diligence and outline what actions may be included in a financial due diligence review.
Financial due diligence involves an investigative analyse of business which is used for maintanable of profit and cash flow. it helps in identify financial risk for company.
It helps in identyfing targeted company financial position and also helps in knowling hidden libility of company such as contingent liability which is not included in financial statement.
This not only use for knowing current position in market but also for knowing future position and stability of company.
Question 7 Explain how you use Profit and Loss statement, Cash Flow and ageing summaries to manage issues that will affect the organization’s ability to meet objectives?
A profit and loss statement (P&L), or income statement or statement of operations, is a financial report that provides a summary of a company’s incomes, outlays, and profits/losses over a given period of time. The P&L proclamation shows a company’s knack to spawn vending, muddle thru overheads, and crafts gates.
Example Profit and Loss Statement (P&L)
Beneath is a paragon of Amazon’s 2015-2017 P&L assertion, which they sojourn the fused avowal of Maneuver
Beholding at the o’er paradigm, we drift that Amazon announced a yield of $596 million in 2015, a return of $2.4 billion in 2016, and a revenue of $3.0 billion in 2017.
Analyzing the Cash Flow Statement
The proclamation of cash flows cabarets how much dough a camaraderie spawned and frenzied over a epoch of stint.
It entails of three chunks:
cash from maneuverings,
cash luxuriated in arming, and
cash from bankrolling. This avowal is weighty for finning:
- The companionships kneck to spawn cash from tactics
- Gratis doughs roll cohort
- How copious dosh has been fostered (debt and or equity)
- The lattice revolution in cash stance over the interlude
- The boon and remnant of dot cash offset.
Question 8 Explain how forecast analyses and analyses related to budget preparation will enable you to contribute to financial bids and estimates?
There are four typographies of conjecturing logics that pecuniary predictor luxuriates to prophesy forthcoming returns, disbursements, and hub harms for a business.
(1) straight-line, (2) moving average, (3) simple linear regression, and (4) multiple linear regression.
STRAIGHT LINE
Zenith budget (orthodox streak) modus
Under the crucial suffering modus (also known as the purist stripe mode), asset cast-iron volume per capita year based on the following formula:
Asset’s cost × (days held ÷ 365) × (100% ÷ asset’s effective life)
Note: ‘Livings detained’ is the number of days you alleged the endowment in the pay packet year in which you cast-off it or had it instated inclined for service for any intent. Days held can be 366 for a leap year.
Example 1: First-Rate price-tag approach
If the boon disburse $80,000 (later omitting GST if dubbed to prerogative it) and has an useful vivacity of five years, you can contention stab 20% of its endeavor, or $16,000, in each of the five years.
The expense embraces the amount you paid for the asset as well as any additional amounts paid for transport, installation or making it ready to use.
The calculation is:
$80,000 × (365 ÷ 365) × 20% = $16,000
The detriment includes the amount you paid for the asset as well as any additional amounts paid for transport, installation or making it ready to use.
The calculation is:
$80,000 × (365 ÷ 365) × 20% = $16,000
Assessment task 2
Task one
Prepare a plan and time line for organization budget
Plan for organizational department budget, the process that has been followed-
Determine budget policies and procedure for the year 2017/18
In the following process BizOps Enterprises considered all the corporate governance policies and objective for determining the current year budget. The manager required to assemble previous budget experience and budget formation, analyse the strength and weakness of the organziation. Then select the budget period for reaching the optimum resources objective and goals of the company.
Set up budget committee
Under this process the management considered the various department manager for enrollment of the budget for forecasting process and considered each department representative that make decision regarding the budget and embed further changes as if required. The duties and responsibilities that has been followed by committee member will be meeting session, communicating the budget effectively, building coordination between the department, limiting the factors and establishing timeframe for the budget execution and at last they are engage in monitoring process after implementing the budget.
Assumption and forecasting preparation
By using various data sets and the previous experience and cost benefit measurement the assumption and forecasting has been embed by the manager. The statistical tools and quantitative method that is regression and moving average and expert advice has been followed for managing assumption and forecasting.
Produce functional and operation budget
Under this all the department provide projected budget and then it is considered by the committee. The set-up committee check the feasibility and projected budget reality. Then committee embed performance and recommendation. If all the set has been followed well then it has been approved by the committee.
Produce master budget
The master budget has been producing by the committee and project all the department budget into profit and loss and forecasted balance sheet for the company. Then submit to senior management for approval.
Get approval from the senior
The senior management during analysis check feasibility of the budget with long term and short-term plan of the company. Then delivered to the CEO for the approval and get undersigned and produce to committee later for effective communication to the employee.
Implementation of the budget
After completing all the procedure, the budget will later implement in the organziation. It is duties and responsibility of the committee to keep eyes on the budget functioning and amend changes and corrective action whenever it is required.
Budget time frame
| Task | Responsibility | Start time | Completing time |
| Determine budget policies and procedure for the year 2017/18 | All department manager | 1 March 2018 | 3 March 2018 |
| Set up budget committee | Senior manager | 4 March 2018 | 5 March 2018 |
| Assumption and forecasting preparation | Budget Committee | 6 March 2018 | 11 March 2018 |
| Produce functional and operation budget | All department manager | 12 March 2018 | 14 March 2018 |
| Produce master budget | Budget committee | 15 March 2018 | 17 March 2018 |
| Get approval from the senior | Senior manager | 18 March 2018 | 20 March 2018 |
| Implementation of the budget | Budget committee | 21 March 2018 | 22 March 2018 |
Task two
Prepare a financial report that includes requirements to undertake budgeting, financial forecasting and reporting financial management and promotes the direction that future budgets
Introduction
The financial report consists of all the factors that affect the BizOps Enterprises financial stability and financial growth of the company. In the financial report the goals and objective related to the revenue generation and the five-year plans has been mentioned that target the company vision in near future and standard they want to set through bringing consistency in the financial report. In this financial report we discuss about the variable that has been leads to undertake budgeting, financial forecasting and financial management for future growth of the company as well bringing accuracy in the budget.
Objective and goals of the BizOps Enterprises for financial stability
- Increase revenue by 15% (compared to the previous 12 months) by the end of the financial year.
- Maintain annual profit levels of 15% of revenue for all products and services, calculated at the end of each financial year.
- Reinvest 75% of profit back into the business at the end of each financial year.
Trend analysis for five-year cash flow
| Cash flow trends for five year | |||||
| 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 | |
| Receipts | |||||
| 1,11,831 | 1,17,716 | 1,32,913 | 1,34,349 | 1,02,354 | |
| Total receipts | 1,11,831 | 1,17,716 | 1,32,913 | 1,34,349 | 1,02,354 |
| Payments | |||||
| To suppliers | 60,180 | 63,348 | 66,682 | 70,192 | 57,682 |
| Payment to employees | |||||
| 34,102 | 35,897 | 37,786 | 39,776 | 23,581 | |
| Capital purchases | |||||
| 14,965 | 15,898 | 18,591 | 13,891 | 18,567 | |
| Total payments | 1,09,247 | 1,15,143 | 1,23,059 | 1,23,859 | 99,830 |
| Cash ink/(dec) | |||||
| 2,584 | 2,573 | 9,854 | 10,490 | 2,524 | |
| Cash at the beginning | |||||
| 28,014 | 30,598 | 33,171 | 43,025 | 53,515 | |
| Cash held | |||||
| 30,598 | 33,171 | 43,025 | 53,515 | 56,039 | |
Financial information
The company has been focussing on the increase the operational cash flow and projection activities. so, in the given forecasted cash flow trend for next five year illustrate the peculiar growth rate in the cost margin. As company has been adhered to increase the 15 % revenue within the company and expect payback return for 75% the cash flow trend delivers that feasibility to reach the goals and objective.
Statutory requirements for compliance and tax liabilities
The requirement of the compliance and tax liabilities can be done through implementing Australia taxation regulation that can be amend certain rules and regulation for the statutory taxation procedure and certain liability based on GSTRN if the organization indulge in purchase and sale of the goods and services. That involves transaction in between the state. The compliance based on risk has been applied is AS/NZS ISO 31000:2009 Risk management. The PAYG and company tax has been filled as according to business activity statement and declaration has been made after paying their income tax liability.
Existing software
The existing software that has been used by the company for managing the financial reporting requirement is MYOB and zero accounting software that has been installed for managing the bank statement, audit requirement and compliance and budget management in the department.
Task three
- Demonstrate analysis of the
- net profit margin
net profit /revenue = 13,282/150,000=0.088
-
- net profit ratio
- net profit /revenue*100 = 13,282/150,000=0.088*100=8.854%
- cash flow return on assets
operating cash flow/ total assets
=975/9,456=0.103
- return on owner’s equity ratio
net income/ equity
13,282/8,107=1.63
These are the current year performance of the company.
- Horizontal analyses
| Profit and loss for two year | ||||
| 2016/17 | 2017/18 | increase/ decrease | percentage | |
| TOTAL INCOME | 1,34,520 | 1,50,000 | 15,480 | 12% |
| operating expenses | ||||
| Payment to suppliers | 4,839 | 77,000 | 72,161 | 1491% |
| Salaries & on costs | 5,218 | 46,000 | 40,782 | 782% |
| Marketing & sales | 235 | 3,000 | 2,765 | 1177% |
| Accommodation | 56 | 672 | 616 | 1100% |
| Communication | 15 | 180 | 165 | 1100% |
| Governance | 36 | 432 | 396 | 1100% |
| Administration | 19 | 240 | 221 | 1163% |
| Consumables | 15 | 180 | 165 | 1100% |
| Other staff related | 16 | 228 | 212 | 1325% |
| IT, repairs & equip. Hire | 21 | 240 | 219 | 1043% |
| Depreciation | 375 | 4,365 | 3,990 | 1064% |
| TOTAL OPERATING | 10,845 | 1,32,537 | 1,21,692 | 1122% |
| EBIT | 2,329 | 17,463 | 15,134 | 650% |
| Interest on investment | 186 | 1,788 | 1,602 | 861% |
| Dividends on investment | 0 | 52 | 52 | 0% |
| Unrealised gains/(losses) on investments | 57 | 32 | -25 | -44% |
| Profit (Loss) on sale of assets | 0 | 0 | 0 | 0% |
| Charity | -30 | -360 | -330 | 1100% |
| EBT | 2,542 | 18,975 | 16,433 | 646% |
| Company tax | 0 | 5,693 | 5,693 | 0% |
| Net Income | 2,542 | 13,282 | 10,740 | 423% |
As per the following horizontal analysis that demonstrate that with difference of two-year profit and loss it illustrates that the company has been total income increase by 12%. The other operating expenses is also showing increment in the profit and loss account. The net income has been demonstrated as 423% increase in the margin if the budget has been implemented as according to the projected budget.
Major variance in the profit and loss
The major variance is in-
Operating expenses of the company that include diversified expenses based on marketing and sales, administration, consumable and other expense. In these items some are consist of favourable and unfavourable variance.
Sales and total income of the company has unfavourable variance in the profit and loss as compare to actual budget.
The net income of the company has also showing unfavourable variance of –19,624.
Current position of the company
The current position of the company as compare to the cash flow trend will be consist and showing great growth as during 2016/17 the firm has been showing steady growth of 12% as shown in the horizontal analysis. The statement of profit has also showing proper utilization of resource and aspiring the projecting budget to meet the organziation five-year goals. The company receipt has been increased by 145390 as compared to previous year cash flow trends. The cash holding has been increasing by 58260 as compared to previous year performance.
List of recommendation
The list of recommendation that has been prepared for the ongoing financial viability is-
- Increase the sale margin and control the overhead of the companies.
- Follow and suggest the forecasting of the budget as per the requirement
- Use increment budgeting for effective budget formation
- Necessitate all the required benefit and analyse the market thoroughly.
- Increase investment and take risk for higher return.
Task Four
A forecasted cash flow budget for the 2017/18 financial year
| July | August | September | r October | November | r December | r January | February | March | April | May | June | |
| Receipts | 5289 | 6500 | 6500 | 6958 | 6589 | 6325 | 6900 | 7000 | 7,935 | 6,801 | 7,935 | 9,069 |
| Total Receipts | 5289 | 6500 | 6500 | 6958 | 6589 | 6325 | 6900 | 7000 | 7,935 | 6,801 | 7,935 | 9,069 |
| Payments to | 2159 | 2562 | 2396 | 2563 | 3256 | 3569 | 3000 | 3698 | 3921 | 2755 | 3667 | 3839 |
| Suppliers | ||||||||||||
| Payment to | 3000 | 3000 | 3256 | 3692 | 3369 | 3325 | 3126 | 3500 | 3376 | 3515 | 3648 | 4522 |
| Employees | ||||||||||||
| Capital Purchas es | 1500 | 1200 | 1100 | 1000 | 1100 | 1300 | 999 | 994 | 989 | 96 | 45 | 121 |
| Total Payments | 6659 | 6762 | 6752 | 7255 | 7725 | 8194 | 7125 | 8192 | 8286 | 6366 | 7360 | 8482 |
| Cash inc/ (d ec) | -1370 | -262 | -252 | -297 | -1136 | -1869 | -225 | -1192 | -351 | 435 | 575 | 587 |
| Cash at the beginning | 40000 | 45000 | 45963 | 49236 | 50000 | 54089 | 55489 | 55693 | 57,014 | 56,663 | 57,098 | 57,673 |
| Cash Held | 41370 | 45262 | 46215 | 49533 | 51136 | 55958 | 55714 | 56885 | 57365 | 56228 | 56523 | 57086 |
A forecasted profit and loss budget for the 2017/18 financial year
| 2017/18 | |
| TOTAL INCOME | 1,80,000 |
| operating expenses | |
| Payment to suppliers | 78,000 |
| Salaries & on costs | 46,000 |
| Marketing & sales | 3,000 |
| Accommodation | 700 |
| Communication | 180 |
| Governance | 500 |
| Administration | 240 |
| Consumables | 180 |
| Other staff related | 228 |
| IT, repairs & equip. Hire | 240 |
| Depreciation | 4,365 |
| TOTAL OPERATING | 1,33,633 |
| EBIT | 46,367 |
| Interest on investment | 1,800 |
| Dividends on investment | 52 |
| Unrealised gains/(losses) on investments | 32 |
| Profit (Loss) on sale of assets | 100 |
| Charity | 800 |
| EBT | 18,975 |
| Company tax | 5,693 |
| Net Income | 18,915 |
A forecast balance as at 30 June 2018.
| Budgeted balance sheet as at 28 February 2018 | |||||
| 2015/16 Actual at 30 June | 2016/17 YTD | 2016/17 YTD | Variance | 2017/18 Budget at 30 June | |
| 2016 | Actual | Budget | 2018 | ||
| ($ ’000) | ($ ’000) | ($ ’000) | ($ ’000) | ($ ’000) | |
| BALANCE SHEET | |||||
| Cash & bank deposits | 53,515 | 56,039 | 58,698 | -2,659 | 60,000 |
| Receivables | 3,520 | 3,892 | 3,600 | 292 | 4,000 |
| Inventories | 23,680 | 32,120 | 25,600 | 6,520 | 25,900 |
| Other current assets | 2,468 | 2,698 | 2,500 | 198 | 2,500 |
| Total current assets | 83,183 | 94,749 | 90,398 | 4,351 | 92,400 |
| Non-current investments | 1,45,698 | 1,58,123 | 1,52,000 | 6,123 | 1,62,000 |
| Plant & equipment | 32,000 | 36,982 | 38,000 | -1,018 | 40,000 |
| Intangible assets | 8,900 | 9,000 | 9,000 | 0 | 10,000 |
| Total non-current assets | 1,86,598 | 2,04,105 | 1,99,000 | 5,105 | 2,12,000 |
| Total assets | 2,69,781 | 2,98,854 | 2,89,398 | 9,456 | 3,04,400 |
| Current liabilities | 16,584 | 19,844 | 18,500 | 1,344 | 18,500 |
| Non-current liabilities | 897 | 985 | 980 | 5 | 980 |
| Total liabilities | 17,481 | 20,829 | 19,480 | 1,349 | 19,480 |
| Net assets | 2,52,300 | 2,78,025 | 2,69,918 | 8,107 | 2,69,918 |
| Total equity | 2,52,300 | 2,78,025 | 2,69,918 | 8,107 | 2,69,918 |
| Extract of balance sheet detail | ||
| 2016/17 YTD | 2017/18 | |
| Actual | Budget | |
| ($ ’000) | ($ ’000) | |
| Current liabilities | ||
| Trade creditors | 2,330 | 2220 |
| Net GST payable | 2,590 | 2500 |
| Sundry creditors | 740 | 700 |
| Unearned revenue | 0 | 0 |
| Annual leave provision | 5,465 | 5465 |
| LSL provision < 1 year | 3,863 | 3863 |
| Salaries clearing | 3,550 | 3600 |
| Group tax clearing | 66 | 70 |
| Superannuation clearing | 1,240 | 1260 |
| TOTAL CURRENT LIABILITIES | 19,844 | 19678 |
| Long service leave > 1 year | 985 | 985 |
| TOTAL NON-CURRENT LIABILITIES | 985 | 985 |
| TOTAL LIABILITIES | 20,829 | 20663 |
Task five
Plan for managing risks and dealing with contingencies
- key financial risks to the organisation
- Overlapping of budget
- Mishappening and increasing in wastage
- Natural calamities
- Economical fluctuation
- Increase in debt
- Contingency plan for identified financial risk
- Monitoring and management of the budget to stop overlapping
- Taking corrective action whenever the cost and revenue is showing error and does not match with predetermined objective
- Analyse the market and economic zones for better planning and preventive measures from the market risk
- Store some funds in reserve so that at time of crisis it will help out to make settlement
- The misappropriation of funds can be tackle through timely monitoring and controlling the management and employee action. So that any inappropriate action will lead to be manage soon and ensure the fund has not been overutilized.
- company use the financial system that record the transaction that is excel and MYOB and other software for efficient recording. Hence, through that the recording has been properly made.
- The audit trail can be maintain through monthly auditing of the accounts and serve the information to the user and the investor to maintain the trust between them.
- The discrepancies between agreed and actual term will be illustrated through the use the difference between both the budget. It can be either unfavourable and favourable.
- The transaction and budget can be proceed in accordance to due diligence process so that all the transaction has been examined and functioned effectively.
Task Six
Produce a report that makes recommendations on financial management
The financial report has been well structured and marginalised in accordance to year to data and month to date for better understanding. All the statutory requirement that is taxation norms, company tax, risk management standard has been followed under the ground of operation and no avoidance of any clause amended by ATO has been neglected.
Significant issue in the statement is
The statement has been fully confined with information and minor issue that is having in making cost decision for several expenses. As the charity item, dividend that can be illustrated through mere market effect and requirement. It can eliminate from list in several times. Hence, these are issue I have been faced.
Recommendation for financial viability
- Increase the sales and net income of the company by better practices and operation
- Ensure coordination and financial strengthen for improvement and consistency
- Use increment budgeting for effective budget formation
- Necessitate all the required benefit and analyse the market thoroughly.
- Increase investment and take risk for higher return.
- Follow the statutory and compliance for smooth functioning
Effectiveness of financial management process
The effectiveness of financial management process is accurate result, increase transparency, encourage more institutional investment, higher the operational efficiency, increase consistency and reliability in the performance of the company.
Task seven
Audit checklist
| Satisfactory | Not satisfactory | |
| Did the company has been using the appropriate software for recording | ||
| Employees are considerate toward their task | ||
| All the compliance and regulatory has been followed | ||
| Safety and security of the data base has been managed in the organziation | ||
| Does the reporting system of the company is strong | ||
| Does the company have been attending the turnover base accurately |
Assessment task 3
Role play observation
For this task an organization has to choose that is WES based on Australia, the consultant finance officer has been delivered the feedback and gathered the information about the BizOps Enterprises as according to other groups
Being a finance manager of the BizOps Enterprises the mere budget that has been prepared for the year 2017-18 has been submitted to the finance officer.
All the budget has been consisting of required detail that has been allocated in the department that the company consist. The budgetary function has been performed through using the software and the expert advisor and also through statistical measure.
As you have been seen in the document all the item has been arranged in an order and settle with comparability form so it is easy to understand and remark the changes.
So, as per the discussion I am asking you fill the peer reviewed form as framed in the document based on our performance.
BizOps Enterprises Peer Review Form
[Samuel Andrew]
| Fair | Good | Excellent | |
| 1. The performance was organised according to the BizOps Enterprises plans, policies and procedures related to financial management | Good | ||
| 2. The information was presented in a logical manner with insights into the preliminary budget and recommendations. | Excellent | ||
| 3. The language used was clear and concise. | Excellent | ||
| 4. The performer had good eye contact with the audience and used positive body language. | Good | ||
| 5. The performer listened to questions and answered appropriately. | Good | ||
| Comment (if any)
The overall performance of the company is excellent and present the statement properly in an order. The company should use project agile for measuring the cost for the project budget. |
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References
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