Project assessment

Criteria

Unit code and name

BSBFIN601 | Manage organisational finances

Qualification/Course code and name

Teaching staff/student to select the correct qualification the student is enrolled in from the below dropdown list:

Student details

Student number

 

Student name

 

Assessment declaration

Note: If you are an online student, you will be required to complete this declaration on the TAFE NSW online learning platform when you upload your assessment.

This assessment is my original work and has not been:

plagiarised or copied from any source without providing due acknowledgement.

written for me by any other person except where such collaboration has been authorised by the Teacher/Assessor concerned.

Student signature and date

Assessment instructions

Table Assessment instructions

Assessment details	Instructions
Assessment overview	The objective of this assessment is to assess your knowledge and performance to produce a written report that includes financial reporting, budgeting, analysis and recommendations.
Assessment event number	2 of 2
Instructions for this assessment	This is a project-based assessment that assesses the student on their knowledge and performance of the unit. This assessment is a report consisting of 4 parts: Part 1: Financial management r e view Part 2: Establish budgets and allocate funds Part 3: Financial management presentation Part 4: Financial reporting And is supported by: Part 5: Assessment checklist Observation checklist   Assessment feedback (not included here) Supporting documents BSBFIN601 Simulation Pack Note: This assessment may contain links to external resources. If a link does not work, copy and paste the URL directly into your browser.
Submission instructions	On completion of this assessment, you are required to submit it to your Teacher/Assessor for marking. Where possible, submission and upload of all required assessment files should be via the TAFE NSW online learning platform. It is important that you keep a copy of all electronic and hardcopy assessments submitted to TAFE and complete the assessment declaration when submitting the assessment.
What do I need to do to achieve a satisfactory result?	To achieve a satisfactory result for this assessment you must complete all four parts meeting the assessment criteria. If a resit is required to achieve a satisfactory result it will be conducted at an agreed time after a suitable revision period.
What do I need to provide?	TAFE NSW student account username and password . If you do not know your username and password, contact your campus or service centre on 131601. Computer or other device with word processing software and internet access Writing materials , if required
What the Teacher/Assessor will provide	Access to this assessment and learning resources, including the student workbook and any supporting documents or links. Computers, data sheets, reference text, organisational policy etc that is referenced in the assessment. These may be hard copy or made available online.
Due date Time allowed	Please refer to Unit Assessment Guide (UAG) 5 hours (indicative only)
Assessment feedback, review or appeals	In accordance with the TAFE NSW policy Manage Assessment Appeals, all students have the right to appeal an assessment decision in relation to how the assessment was conducted and the outcome of the assessment. Appeals must be lodged within 14 working days of the formal notification of the result of the assessment. If you would like to request a review of your results or if you have any concerns about your results, contact your Teacher/Assessor or Head Teacher. If they are unavailable, contact the Student Administration Officer. Contact your Head Teacher/Assessor for the assessment appeals procedures at your college/campus.

Recording video evidence

If you are submitting video evidence, you must:

Provide a video for each participation clearly meeting all requirements.

Ensure you have access to the equipment and resources required to participate in each demonstration.

Follow the

 

Video recording instructions (pdf)

¹

.

 

This one-pager includes useful tips, links to resources, and a demonstration video.

Address the questions or items listed in the Observation checklist, either during the demonstration or record them in a separate video file.

Specific task instructions

The instructions and the criteria in the tasks and activities below will be used by the Teacher/Assessor to determine if the student has satisfactorily completed this assessment event. Use these instructions as a guide to ensure the student demonstrates the required knowledge and skills.

Supporting resources

The following supporting documents are provided for students to refer and use as resources and evidence to complete this project:

Budget forecast template

Cash Flow Statement 2019-20

Profit and Loss Statement 2020 – 21

Ageing Summary for Ebook customers

Simulation Pack which includes:

Business plan and strategic direction

Finance policies and procedures

Evidence you must provide

Collect evidence for your project as you work through the tasks in this assessment. Keep a Project Portfolio that will include a WORD document with any responses, calculations and submit with additional information, for example, your budget, financial information etc

to

your Trainer/Assessor

at the end of the project. Be sure to identify the task in your project portfolio, for example Part 1 (b).

The evidence you will collect and submit will include:

Copy of Business Plan (if you are conducting the project in your workplace)

Financial information

Policies and procedures (if you are conducting the project in your workplace)

Proof of information sources (if you are conducting the project in your workplace)

Forecasted budget

Presentation

Recorded presentation (if relevant)

Draft email to circulate the budget

Proof of audit trail

Rectified financial report

Draft email with recommendations

Project

In this assessment, you are required to demonstrate your skills and knowledge by working through several tasks and completing and submitting evidence of completed tasks which may include reports, calculations and in some circumstances, video recordings.

Information for Students

This assessment is in 4 Parts.

You will need access to:

a suitable place to complete activities that replicates a business environment including a meeting space and computer and internet access

BSBFIN601 Simulation Pack or, if you are using your own workplace, access to financial data, statements, the business plan, financial management policies and procedures and financial management software

your learning resources and other information for reference

Templates

Financial Reports.

Part 1: Financial management review

This project can be based on the case study in the BSBFIN601 Simulation Pack, or you may like to base this on your own business or a workplace where you are working.

Speak to your Teacher/Assessor to get approval if you want to base this on your own business or one you work for. You must have access to relevant business documents and financial information to complete the Project requirements. Read through the steps in this assessment to make sure you have appropriate information.

Preparation

You will be collecting and submitting evidence for this unit. The steps you need to take are outlined below.

Make sure you are familiar with the business you are basing this assessment on and have read through the necessary background information and policies and procedures. For the case study business, this is all the documents included in the BSBFIN601 Simulation Pack. If it’s your own business or a business where you are working or are familiar with, it’s important at this step that you have your business or case study approved by your assessor.

Task

You are required to prepare for financial management for the next reporting period. If you are completing this for the case study business, you will answer all the questions below based on your Simulation Pack and the financial reports for FY 2019/2020.

If you are using your workplace, the financial reports should cover at least one reporting period which should ideally be for one year. When using this as evidence, inform a senior manager from your workplace of the purpose of the information and obtain permission to use it.

If you are using the case study, refer to the Simulation Pack².

The task will involve:

a)

R

eviewing

 

the business plan to identify and report on initiatives relevant to developing a budget

(including the

timing of initiatives

)

. If you are in a workplace, include your workplace Business Plan as reference. Remember:

 

When providing workplace documents, inform a senior manager from your workplace of the purpose of the information and obtain permission to use the information.

b)

R

eviewing and reporting on statutory requirements relevant to compliance with financial requirements

and

tax liabilities.

Note: The following links may be useful when summarising legislative requirements:

https://asic.gov.au/regulatory-resources/financial-reporting-and-audit/

https://www.austrade.gov.au/international/invest/guide-to-investing/running-a-business/understanding-australian-business-regulation/financial-reporting-in-australia

https://www.legislation.gov.au/Details/F2021C00369

https://www.aasb.gov.au/admin/file/content102/c3/AASB_RR10_09-19_Legislative_Requirements_2ndEdn.pdf

c)

R

eviewing the policies and procedures relevant to financial management and reporting, including

:

the processes that must be followed to ensure that funds are not misappropriated

the reporting requirements and financial delegations that apply to financial management

effectiveness of:

systems to record transactions

maintenance of audit trails

due diligence compliance.

H

ighlight any applicable sections of the policies and procedures and

submit with your Project Portfolio at the end of your assessment.

d)

A

ccessing previous or current financial reports (profit and loss statements, cash flows, ageing summaries

,

etc

)

to:

Access financial reports for the business for at least one reporting period – ideally over one year.

Identify the profit or loss made by the business for that reporting period. If you are using the case study access this profit and loss statement³.

Identify the reasons for the profit or loss.

Assess and report on the cash flow trends. If you are using the case study access the cash flow statement⁴.

Other relevant financial reports, for example, ageing summary report. If you are using the case study access the ageing summary report⁵.

Identify at least one risk in the existing financial information.

Remember: If you are in a workplace, inform a senior manager of the purpose of the information and obtain permission to use the information.

e) U

sing digital information sources to d

o research on:

the key initiatives in the business plan that will need to be factored into budget

the software currently used for financial management by the business

at least one other financial management software that you believe could also be suitable.

Submit

proof of at least two digital sources of information (

for example,

screen shot of internet searches or a voice recording of a Siri interaction

,

etc)

with your Project Portfolio at the end of your assessment.

f)

C

omparing your organisation’s

or the case study organisation’s

existing software to the software identified in your research, to choose the most appropriate one.

Indicate the name of the software that is currently utilised for financial management in your organisation or in the case study.

Provide an assessment of the extent to which you believe this financial software is suitable for the business.

Compare the current software to the software you researched indicating which you believe would be better.

Submitting your assessment

Submit evidence in your Project Portfolio at the end of your overall assessment (identify the task, for example, Part 1a).

Checklist

The following checklist will be used by your Teacher/Assessor to mark your performance against the assessment criteria of your project. Use this checklist to understand what skills and/or knowledge you need to demonstrate during this assessment event. All the criteria described in the Assessment checklist must be met.

 

Part 1: Assessment Checklist

Task	Review financial information	S	U/S	Assessor comments
a.	Review business plan Describe the overall objectives for the business, including financial objectives. List the key initiatives in the business plan that will need to be factored into budget development. Outline the timelines associated with these initiatives. Highlight the relevant information in your business plan.	Date of Observation: Assessors are to record their observations in enough detail to demonstrate their judgement of the student’s performance against the criteria required.
b.	Legislative requirements Provide details of each of the following as relevant to the business: statutory requirements for financial compliance tax liabilities legislative financial reporting requirements.
c.	Policy and procedure summary Summarise your organisation’s financial management and reporting policies and procedures (or those from the case study) including: a description of the processes that must be followed to ensure that funds are not misappropriated. the reporting requirements and financial delegations that apply to financial management.
d.	Financial review access financial reports for the business for at least one reporting period – ideally over one year identify profits and losses provide the reasons for the profits and losses assess and report on cash flow trends identify at least one risk (or potential risk) in the existing financial information where funds can be misappropriated.
e.	Financial research Summarise research on the key initiatives in the business plan (for your workplace or the case study) that will need to be factored into budget development. Research and report on at least one other financial management software (other than the software currently being used) that you believe could also be suitable.
f.	Financial software comparison Indicate the name of the software that is currently utilised for financial management in your organisation or in the case study. Provide an assessment of the extent to which you believe this financial software is suitable for the business. Compare the current software to the software you researched indicating which you believe would be better.

 

 

Part 2: Establish budgets and allocate funds

Now that you have prepared for financial management, establish a budget and allocate funds for the next reporting period.

This involves developing a budget for the next reporting period that:

considers the business plan requirements and organisational and statutory compliance

addresses the risk for misappropriation

does not misappropriate funds.

If you are completing this for the case study business, prepare a budget for FY 2020/2021 and use the 2019/2020 financial reports to inform your 2020/2021 budget.

If it is for your own business or workplace, you will need to access previous financial data to prepare the budget. The budget can be for the organisation as a whole or a specific work area. You must inform a senior manager of the purpose of the information to be used and get permission to use the financial data.

You may use financial software of your choice to create the budget. For example, Excel or a financial software system of your choice. You can use the Budget Forecast template⁶ for the simulated workplace; or use your workplace template; or you can develop your own.

You will need to complete the following tasks:

Prepare a budget

Prepare a budget for the upcoming reporting period (one year) using a Budget Template.

Explain in your project portfolio, how your Budget aligns with the business plan.

Explain how you addressed at least one risk (as identified in Task 1) in the budget.

Confirm that there is no misappropriation of funds.

Provide responses in your Project Portfolio and submit your budget with your Project Portfolio at the end of your assessment.

D

evelop a presentation to:

present the budget to management for approval

describe the processes in place to ensure funds are not misappropriated

ensure that reporting requirements and financial delegations (as per the policies and procedures summarised in Part 1) are clearly understood.

Your presentation can be in a form of your choice such as a PowerPoint presentation.

Your presentation is to include:

Details of the budget.

Information on the processes that will be used to ensure funds are not misappropriated.

Information on reporting requirements and financial delegations.

Save your presentation as BSBFIN601 Presentation 2b Firstname lastname and submit with your Project Portfolio at completion of assessment.

Circulate the budget

Prepare a draft email using appropriate conventions and protocols (

for example,

professional greeting and sign-off) to circulate the budget to at least one manager who is associated with the budget prior to meeting with them to present the budget information

(you can address to manager in your workplace or in case study)

.

Save your draft email as BSBFIN601 Email 2c Firstname lastname and submit with your Project Portfolio at the end of your assessment.

Part 2: Assessment Checklist

The following checklist will be used by your Teacher/Assessor to mark your performance against the assessment criteria of your project. Use this checklist to understand what skills and/or knowledge you need to demonstrate during this assessment event. All the criteria described in the Assessment checklist must be met

Task	Budgets	S	U/S	Assessor comments
a.	Budget preparation Prepare a budget for the upcoming reporting period (one year) using a Budget Template. Explanation how Budget aligns with the business plan. One risk addressed (as identified in the budget). Confirmed there is no misappropriation of funds.	Date of Observation: Assessors are to record their observations in enough detail to demonstrate their judgement of the student’s performance against the criteria required.
b.	Meeting preparation Prepared presentation to communicate the financial management plans to team. Your presentation included: Details of the budget. Information on the processes that will be used to ensure funds are not misappropriated. Information on reporting requirements and financial delegations.
c.	Circulate budget Budget circulated: to an appropriate manager (via draft email) prior to meeting with them. a ddressed to the managers who are associated with the budget and u se appropriate email conventions and protocols (e.g., professional greeting and sign-off) .

Part 3: Financial management presentation

To complete this part of the assessment, you will participate in a role play to demonstrate your ability to complete skills-based tasks to industry standards. The role play will be observed by your Teacher/Assessor or can be digitally recorded and submitted as evidence.

Your demonstration will be used as part of the overall evidence requirements of the unit.

You should refer to the list of criteria provided in the Observation Checklist to understand what skills you need to demonstrate in this section of the assessment. This Checklist outlines the Performance Criteria, Performance Evidence and Assessment Conditions your Teacher/Assessor will be marking you on.

Once completed you will need to submit this assessment to your Teacher/Assessor for marking with your Project Portfolio.

Role Play

In a group round-table style discussion with a student group of approximately two or three, you will deliver your presentation you developed in Part 2.

Each person will have a turn (10 to 15 minutes per person) to present their work. The other students will attend the discussion in the capacity of role-play managers.

Your presentation can either be viewed in person by your assessor or you may like to video record the session for your assessor to watch later. Your Teacher/Assessor can provide you with more details at this step. Make sure you follow the instructions above and meet the timeframes allocated.

Assume that a period has passed, and information is available to review the financial performance of your business. This should include financial reports for the reporting period for which you created the budget.

If you are using the case study, refer to the case study in the Simulated Pack for the information required to complete this Section.

Refer to the Observation Checklist below to see what your Teacher/Assessor will be assessing in the role play.

Observation checklist

The observation checklist will be used by your Teacher/Assessor to mark your performance in the presentation. Use this checklist to understand what skills you need to demonstrate in the observation. The checklist lists the assessment criteria used to determine whether you have successfully completed this assessment event. All the criteria must be met. Your demonstration will be used as part of the overall evidence requirements of the unit. The Teacher/Assessor may ask questions while the demonstration is taking place or if appropriate directly after the task/activity has been completed.

To achieve competency in the unit, students need to satisfactorily complete the tasks covering the following areas:

Financial management presentation

Task #	Task/Activity performed During the observation, the student demonstrated the following:	S	U/S	Assessor comments (Describe the student’s ability in demonstrating the required skills and knowledge)
1	Delivered presentation and sought input to identify and generate ideas to resolve any issues with the budget			Date of Observation: Assessors are to record their observations in enough detail to demonstrate their judgement of the student’s performance against the criteria required.
2	A gree on the budget information, reporting processes and financial delegation requirements.	Date of observation:
3	D emonstrate effective communication skills including: speaking clearly and concisely asking questions to identify required information using active listening techniques to confirm understanding use language that the audience can understand	Date of observation:

Part 4: Reporting on finances

You are to assess the overall financial performance of the forecasted budget against actual results. Tasks will include:

Report on overall financial performance for the business

, as well as any variances between the actual and budgeted amount for the budget. Include:

review of overall performance and total income, expenses, and profit margins

calculation of variation in actual versus budgeted amounts for each income source

calculation of variation in actual versus budgeted costs

the discrepancies between agreed budget allocations and the actual data (for the conference if you are using the case study) - make sure you include an audit trail for one of the discrepancies (you may make assumptions to create an audit trail, for example, document assumed invoices).

If you are using the case study, review the profit and loss statements as well as the cash flow statements for both

FY 2019/2020

⁷

 

and

2020/2021

⁸

.

If you are using your own business

or workplace and

you do not have access to sufficient information, review the information in the Simulation Pack and complete this step as set out for the case study information.

 

Provide responses and s

how your calculations

in your Project Portfolio and submit

proof of your audit trail (for example, you may make assumptions and record details of possible invoices that were paid)

with your project portfolio when you have completed the assessment

.

If relevant, revise the current financial year financial records (

for example,

profit/loss statement, ageing summary and/or budget) to rectify any issues.

Submit your

rectified financial report

with your Project Portfolio when you have completed your assessment tasks

.

Consider financial management processes. This includes:

Reflect on the financial management processes you have followed.

What do you believe could be improved?

Recommend revisions to the budget you prepared in order to deal with contingencies (consider revisions to the conference if you are using the case study).

Propose at least one future cost for the next reporting period (if you are using the case study, estimate the conference fee for 2021/2022 conference assuming attendance of 70 people and to make a profit of at least 20%).

Include your responses in your Project Portfolio. Make sure you show your calculations.

Draft an email to communicate the recommendations you have identified

above

to

a

relevant manager.

Save your

draft email

as

BSBFIN601 Email 4d Firstname lastname

and submit with your Project Portfolio at the end of your assessment

Part 4: Assessment Checklist

The following checklist will be used by your Teacher/Assessor to mark your performance against the assessment criteria of your project. Use this checklist to understand what skills and/or knowledge you need to demonstrate during this assessment event. All the criteria described in the Assessment checklist must be met

Task	Financial reporting	S	U/S	Assessor comments
a.	Conduct budget and financial performance reporting including: review of overall performance and total income, expenses, and profit margins calculation of variation in actual versus budgeted amounts for each income source calculation of variation in actual versus budgeted costs the discrepancies between agreed budget allocations and the actual data (for the conference if you are using the case study).
b.	Revised financial reports to manage inconsistencies If relevant, revised the current financial year financial records (for example, profit/loss statement, ageing summary and/or budget) to rectify any issues.
c.	Reviewed financial management processes including: Reflected on the financial management processes What could be improved? Recommend revisions to the budget prepared in order to deal with contingencies (considered revisions to the conference if using the case study). Proposed at least one future cost for the next reporting period (if using the case study, estimated the conference fee for 2021/2022 conference assuming attendance of 70 people and to make a profit of at least 20%).
d.	Communicate recommendations Drafted an email to communicate recommendations to a relevant manager. Use appropriate language and protocols.

Part 5	Submit the following files, evidence of the assessment.	S	U/S	Assessor comments
	Copy of Business Plan (if you are conducting the project in your workplace)
	Financial information
	Policies and procedures (if you are conducting the project in your workplace)
	Proof of information sources (if you are conducting the project in your workplace)
	Forecasted budget
	Presentation
	Recorded presentation (if relevant)
	Draft email to circulate the budget
	Proof of audit trail
	Rectified financial report
	Draft email with recommendations

Assessment feedback

NOTE: This section must have the Teacher/Assessor and student signature to complete the feedback. If you are submitting through the TAFE NSW online learning platform, your Teacher/Assessor will give you sfeedback via the platform.

Assessment outcome

Satisfactory

Unsatisfactory

Assessor feedback

Has the assessment declaration for this assessment event been signed and dated by the student?

Are you assured that the evidence presented for assessment is the student’s own work?

Was reasonable adjustment in place for this assessment event?

If yes, ensure it is detailed on the assessment document.

Comments:

 

Assessor name, signature and date

 

 

Student acknowledgement of assessment outcome

Would you like to make any comments about this assessment?

 

Student name, signature and date