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    Please find Sources Online Only!
    MANAGE FINANCES
    ACTIVITY 1.
    Participants must conduct research and read materials from other sources in order to answer the questions. Answers that use information from readings must be properly cited and referenced.
    1,500 Words References from easily locatable internet sites or easily locatable books/scholar articles found online.
    Planning for financial management
    Write a paper explaining why it is necessary for all business organisations to have effective financial management systems and explaining how the information held in financial management systems contributes to ongoing business performance and business planning.
    ACTIVITY 2.
    Participants must conduct research and read materials from other sources in order to answer the questions. Answers that use information from readings must be properly cited and referenced.
    A full answer will require 1,000 words References from easily locatable internet sites or easily locatable books/scholar articles found online.
    Establishing budgets, allocating funds and implementing budgets
    Answer each of the following questions in detail:
    1. What is a budget, why is it necessary, how is it used?
    2. How does analysis of previous financial data impact on projected resource
    estimates and allocations?
    3. How do profit and loss statements, cash flow and aging summaries contribute to
    new budgets?
    4. How can you ensure that managers and supervisors in the organisation
    understand the budget and understand their reporting requirements with regard to financial management?
    5. Budgets are used to identify and track discrepancies between agreed and actual
    allocations. Explain.
    6. How do budgets contribute to analysis of existing financial management
    approaches?
    ACTIVITY 3.
    Participants must conduct research and read materials from other sources in order to answer the questions. Answers that use information from readings must be properly cited and referenced.
    A full answer will require 1,000 words References from easily locatable internet sites or easily locatable books/scholar articles found online.
    Reporting on financial performance
    Scenario:
    Your organisation, which has a number of different cost centres, is conducting an internal audit. You have been asked to act as a project manager to assist with data collection, to provide data, ensure that any other assistance is provided and to collaborate with regard to writing the audit report.
    During the year the organisation transacted a number of mergers and acquisitions.
    You have been asked to pay special attention to the acquisitions and to check the due diligence processes. You also need to determine whether any changes or adjustments need to be made to the current budgets.
    Explain what all this means and how you would manage the audit process.
    In answering those questions, you will need to also address these questions:
    1. What is an internal financial audit?
    2. How does this help to mitigate the risk of mismanagement of funds?
    3. What data do you think will contribute to the audit and what financial reports might contribute to an audit?
    4. What structure and formats might financial report take?
    5. Are there particular statutory requirements that should be followed?
    6. What does due diligence mean in terms of finances and financial reporting?
    7. Under what circumstances might budgets need to be revised?
    8. To whom might you circulate reports and why would you circulate them to these people?
    9. What reports might be prepared for the ATO?
    PROJECT 1.
    Participants must conduct research and read materials from other sources in order to answer the questions. Answers that use information from readings must be properly cited and referenced.
    A full answer will require 600 Words References from easily locatable internet sites or easily locatable books/scholar articles found online.
    Answer all questions in detail.
    Answers will each require 150 words.
    1. Explain financial probity.
    2. Personnel working in the financial services division of a company need to understand and be able to explain principles of accounting and financial systems (Accounting and Financial Information Management Systems—AIS and FIS). What are accounting and financial systems and how do they assist business operations?
    3. List at least 10 forms of legislation and conventions (Australian, international and/or local) that could apply to your work.
    4. Explain the requirements for each of the following:
    10. Goods and Services Tax2
    11. Company Tax
    12. PAYG
    PROJECT 2.
    1).
    Participants must conduct research and read materials from other sources in order to answer the questions. Answers that use information from readings must be properly cited and referenced.
    A full answer will require 700 words References from easily locatable internet sites or easily locatable books/scholar articles found online.
    For the business in which you work you need to prepare a budget.
    The budget must align with the business plan.
    1. Describe the business and its core operations.
    2. Explain what data you would use to inform the budget and why this data
    would be relevant.
    3. Who else would you involve in developing the budget?
    4. Draw up the budget to cover the next financial year.
    5. Explain how the budget would be used to monitor the financial performance
    of the organisation.
    6. List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation.
    7. Write a report explaining how the budget that you have developed contributes to financial management.
    8. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions.
    9. Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they?
    10. What software packages/ programs have you used when developing the budget and how did these assist?
    Submit:
    ◦ the budget—with appropriate explanations about its implementation
    ◦ answers to the questions
    ◦ the report on how the budget contributes to financial management
    ◦ the report on how effective current financial management approaches are
    If you are not working develop a scenario for an imaginary business. Describe the business and what it does then address the assessment project questions. The business could be a private or a not-for-profit organisation.

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