Reference no: EM133085531

BSBFIN601 Manage organizational finances - Central Australian College

Report on finances

This task will require you to prepare a draft report containing financial recommendations based on your review of organisational financial processes and statements, in accordance with organisational and statutory financial reporting requirements. You will also be required to seek inputs from at least two relevant stakeholders on the draft report.

This task is divided into two parts:

Use Table A in the following pages to complete Part A of this task. Use your workplace/organisation's template to complete Part B of this task.

Part A. Identify Organisational and Statutory Financial Reporting Requirements
To complete this task, you must:
• Access and review:
o Statutory financial reporting requirements.
These are the financial reporting requirements mandated by the Corporations Act 2001 (Corporations Act) and other relevant laws may apply to your organisation.
o Your organisation's financial reporting requirements.
These are the financial reporting requirements mandated by your organisation in their financial reporting policies & procedures, guidelines, and manuals. They are typically more detailed than statutory requirements and lay down internal policies and procedures that must be followed to comply with statutory requirements.
• Identify the documents/sources reviewed for statutory financial reporting requirements.
• Identify at least three statutory financial reporting requirements.
• Identify the documents/sources reviewed for organisational financial reporting requirements.
• Identify at least three organisational financial reporting requirements.
• Complete Table A in the following pages with the information identified. You will need this later to complete Part B of this task.

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

Attachment:- Manage organisational finances_Booklet.rar