BSBFIN601 Manage Organisational Finances: Analysing Financial Risks

BSBFIN601 Manage Organisational Finances:  Analysing Financial Risks

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BSBFIN601 Manage Organisational Finances

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Practical Assessment

The Practical Assessment is a set of tasks that must be completed in a workplace, or in an environment with conditions similar to that of a real workplace.

To be assessed for this unit of competency, you must demonstrate your skills and knowledge to undertake budgeting, financial forecasting and reporting. You must also demonstrate your skills and knowledge required to allocate and manage resources to achieve the required outputs for the business unit as well as to contribute to reviewing financial information, analysing financial risks, preparing a budget and reporting on financial activity.

The Practical Assessments in this workbook include:

1. Workplace Project Assessment

A series of written practical tests assessing the learner’s practical knowledge and skills underpinning of the unit of competency. This includes the learner completing workplace documents or similar as evidence of competent performance.

2. Workplace Practical Observation

A set of assessment tasks where the learner must demonstrate practical skills relevant to the unit of competency. These skills are to be demonstrated while being observed by the assessor.

IMPORTANT!

▪ All signatures/initials in your submissions, including yours, must be handwritten and dated. Submissions with signatures/initials must be scanned.

▪ The supervisor/observer who completes and signs your evidence submissions must provide their real name, contact number, and email address for your assessor’s reference.

▪ Should you encounter issue or concerns regarding your assessment, contact your assessor.

This workplace project assessment requires you to manage finances for at least one organisation or work area. While doing so, you must review previous financial statements; prepare, implement and revise a budget; contribute to financial bids and estimates; communicate with other people; and analyse the effectiveness of existing financial management approaches.

This assessment is divided into five tasks:

▪ Task 1: Review Financial Statements and Software

▪ Task 2: Develop Budgets

▪ Task 3: Confirm Management Literacy on Budgets, Reporting, and Delegations

▪ Task 4: Review and Analyse Financial Information

▪ Task 5: Report on Finances

This project requires you to complete the assessment tasks in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

Each task comes with a set of instructions. You are to follow and perform these instructions while being observed by the assessor and/or submit any required documentation.

Before starting this assessment, your assessor will discuss with you these tasks, including instructions and guidance for satisfactorily completing them.

You are required to:

▪ Complete the tasks within the time allowed, as scheduled in-class roll.

▪ Review previous financial statements

▪ Prepare, implement and revise a budget that aligns with the business plan; is based on research and analysis of previous financial data and cash flow trends; and meets compliance, statutory and organisational requirements

▪ Contribute to financial bids and estimates

▪ Communicate with other people, including reporting on financial activity and making recommendations; and ensuring that managers and supervisors understand key elements of relevant budgets

▪ Analyse the effectiveness of existing financial management approaches, including reviewing financial management software; managing risks of misappropriation of funds; ensuring systems are in place to record all transactions; maintaining and audit trail; and complying with due diligence.

Resources Required for Assessment

Resources you need to access to complete the project assessment are outlined in the Resources Required for Assessment section of this workbook, and in the corresponding Assessor’s Checklist and/or Observation Form of each task.

Discuss each requirement with your assessor before commencing with each task. They will organise the resources required for this assessment.

IMPORTANT: Additional workplace resources may be required upon the contextualisation of this assessment.

Forms and Templates Generic forms and templates are provided in the project tasks, unless otherwise specified.

If you are currently in a workplace, use similar workplace templates and forms used by your organisation to complete each assessment task. Discuss with your supervisor and your assessor first to ensure that the forms/templates you will use from your organisation cover all criteria required by each assessment task.

Review these forms and templates with your assessor before starting the task.

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