BSB20220517 Project Portfolio Assessment BSBFIN601

Version: 1.
0 - 04 JAN 2022
RTO No. 41297
CRICOS Provider No. 03444C
BSBFIN601
Manage Organisational Finances
Assessment 2 Project Portfolio
Student Name: _________________
Choice Business College Pty Ltd trading as Choice Business College

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Contents
Instructions to the students: 3
Right of appeal 5
Student assessment agreement 5
Student declaration 6
Assessment for this unit 6

Introduction 7
Assessment Task 2: Project Portfolio 8
Section 1: Financial management review 15
Section 2: Establish budgets and allocate funds 19
Section 3: Financial management monitoring and evaluation 21
Assessment Task 2: Checklist 24
Final results record 28

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Instructions to the students:
Your assessor will provide you with an appropriate timeframe in which to resubmit your work,
according to your RTO’s reassessment policy and procedure.
 Complete this page and ensure you accept, sign and date the student declaration on the Student
Learning Management System (LMS).
You are required to:
 Read through and follow all instructions provided.
 Answer all the questions. Keep in mind you are studying a Nationally Recognised Advanced
Diploma level unit of competency
 Your answers must reflect the depth of knowledge and understanding expected of a person who can
work under minimal supervision and competency requires a high level of judgement and decision
making. This assessment is to be conducted in a supervised classroom environment.
 You must complete your own work without assistance from other persons
 Your assessor will predetermine the timeframe for the assessment
 Submit your assessment to the Student Learning Management System (LMS) by the due date.
Ensure your submission identifies your name, unit code and title.
PLAGIARISM AND COLLUSION:
Plagiarism is ‘a practice that involves the using of another person’s intellectual output and presenting
it as one’s own’. This includes the presentation of work that has been copied, in whole or part, from
other sources (including other students’ work, published books or periodicals, the Internet,
unpublished works or unauthorised collaboration with other persons), without due acknowledgement.
CONSEQUENCES OF PLAGIARISM AND COLLUSION:
A student found to have plagiarised material will be instantly graded Not Yet Competent (NYC) and may

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be subject to one or all of the following:

 Referral of the matter to the Academic Coordinator for: an intervention meeting, issuing of written
warning, clarification regarding assessment re-submission requirements and allocation of additional
assessment tasks.
 Referral of the matter to the Director for: official disciplinary action by Choice Business College
and/or suspension from the course.
ASSESSMENT
ASSESSMENT RULES UNIT OUTCOME
SUMMARY
 For a student’s performance to be  This assessment task  At the successful completion

deemed satisfactory for the whole contains a series of problem- of all assessment tasks, a
unit of competence, they must solving questions designed Competent result will be
demonstrate satisfactory to allow students to awarded.
performance in all tasks within demonstrate competence in  The overall unit result and
this assessment. the unit. feedback are recorded on
 If part of a task is not satisfactorily  It contains a variety of the unit result summary on
completed the assessor will arrange questions and practical LMS.
for the student to complete further activities to best demonstrate
assessment to demonstrate the student's skills and
competence. Knowledge of the subject
 Students are permitted three (3)  Performance outcome will
attempts to demonstrate be indicated as Satisfactory
competency. or Unsatisfactory.
 Overall student performance in the
unit is to be recorded as either
Competent or Not Yet Competent.

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Right of appeal
You have the right to appeal the outcome of assessment decisions if you feel that you have been
dealt with unfairly or have other appropriate grounds for an appeal.
You should refer to your RTO’s assessment appeals process for more information.
Student assessment agreement
Make sure you read through the assessments in your student assessment booklet before you fill out
and sign the agreement below.
If there is anything that you are unsure of, consult your assessor prior to signing this agreement.
Have you read the assessment requirements for this unit?  Yes  No
Do you understand the requirements of the assessments for this unit?  Yes  No
Do you agree to the way in which you are being assessed  Yes  No
Do you have any specific needs that should be considered  Yes  No
If so, explain these in the space below.
Do you understand your rights to reassessment?  Yes  No
Do you understand your right to appeal the decisions made in an  Yes  No

assessment?
Student name
Student ID number
Student signature
Date
Assessor name
Assessor signature
Date

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Student declaration
To be filled out and submitted with assessment responses
 I declare that this task is all my own work and I have not cheated or plagiarised the work or
colluded with any other student(s).
 I understand that if I am found to have plagiarised, cheated or colluded, action will be taken
against me according to the process explained to me.
 I have correctly referenced all resources and reference texts throughout these assessment tasks.
Student name
Student ID number
Student signature
Date
Student name:
Assessor:
Date:
Business this assessment is

based on:
Assessment for this unit
This unit describes the skills and knowledge required to undertake budgeting, financial forecasting
and reporting. This unit also describes the skills and knowledge required to allocate and manage
resources to achieve the required outputs for the business unit. It includes contributing to reviewing
financial information, analysing financial risks, preparing a budget and reporting on financial activity.
The unit applies to individuals who have managerial responsibilities which include overseeing the
management of financial and other resources across a business unit, a series of business units or
teams, or an organisation. It covers all areas of broad financial management. In a larger organisation
this work would be supported by specialists in financial management.
No licensing, legislative or certification requirements apply to this unit at the time of publication.

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Introduction
The assessment task for BSBFIN601 Manage Organisational Finances is outlined in the assessment
plan below. These tasks have been designed to help you demonstrate the skills and knowledge that
you have learnt during your course.
The following written questions use a range of “instructional words” such as “identify” or “explain”,
which tell you how you should answer the question. Use the definitions below to assist you to provide
the type of response expected.
 Note that the following guidance is the minimum level of response required.

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Assessment Task 2: Project Portfolio
Information for students
In this task, you are required to demonstrate your skills and knowledge by working through a number
of activities and completing and submitting a project portfolio.
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
 Project Portfolio template
 Budget template
 Financial Reports.
Ensure that you:
 review the advice to students regarding responding to written tasks in the Business Works
Student User Guide
 comply with the due date for assessment which your assessor will provide
 adhere with your RTO’s submission guidelines
 answer all questions completely and correctly
 submit work which is original and, where necessary, properly referenced
 submit a completed cover sheet with your work
 avoid sharing your answers with other students.
i Assessment information
Information about how you should complete this assessment can be found in Appendix
A of the Business Works Student User Guide. Refer to the appendix for information on:
 where this task should be completed
 how your assessment should be submitted.

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Note: You must complete and submit an assessment cover sheet with your work. A
template is provided in Appendix B of the Student User Guide. However, if your RTO
has provided you with an assessment cover sheet, please ensure that you use that.
Activities
Complete the following activities:
1. Carefully read the following:
This assessment requires you to demonstrate your skills and knowledge in

managing finances.
This project can be based on the case study business in the BSBFIN601 Simulation
Pack, or you may like to base this on your own business, or a business you are
currently working for or are familiar with.
Speak to your 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 Portfolio requirements.
Read through the steps in this assessment to make sure you have appropriate
information.
You will be collecting evidence for this unit in a Project Portfolio. The steps you
need to take are outlined below.
1. Preparation
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 of 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.
Complete Page 4 of your Project Portfolio for this unit.
Read through the requirements of Section 1, 2 and 3 of your Project Portfolio which
include detailed guidance relevant to all the assessment activities.
Start working on Section 1 of your Project Portfolio. Step 3 forms part of Section 1.
If you are using the case study, refer to the Simulation Pack for the information
required to complete this Section.

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If you are using your own business or a business you work for, you will need
access to financial statements (profit/loss statements, ageing summaries and cash
flow statements), the business plan, relevant workplace policies and procedures, as
well as software currently used for financial management.
2. Review financial information to prepare for financial management
You are required to prepare for financial management for the next reporting period.
This involves:
 reviewing the business plan to identify and report on initiatives relevant to

developing a budget (including the timing of initiatives)
 reviewing and reporting on statutory requirements relevant to compliance with

financial requirements and tax liabilities.
 reviewing the policies and procedures relevant to financial management and

reporting, including:
o the processes that must be followed to ensure that funds are not
misappropriated
o the reporting requirements and financial delegations that apply to financial
management
o effectiveness of:
 systems to record transactions
 maintenance of audit trails
 due diligence compliance.
 accessing previous or current financial reports (profit and loss statements,

cash flows, ageing summaries etc.) to:
o identify profits and losses
o provide the reasons for the profits and losses
o assess and report on cash flow trends
o identify at least one risk (or potential risk) in the existing financial
information where funds can be misappropriated.
 Using digital information sources to do research on:
o the key initiatives in the business plan that will need to be factored into
budget
o the software currently used for financial management by the business
o at least one other financial management software that you believe could

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also be suitable.
 comparing your organisation’s existing software to the software identified in

your research, to choose the most appropriate one.
i If you are completing this for the case study business, you will answer all the
questions in your Portfolio based on your Simulation Pack and the financial reports
for FY 2019/2020.
If you are using your own business, the financial reports should cover at least one
reporting period which should ideally be for one year.
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
Complete Section 1 of your Project Portfolio.

Submit your Portfolio to your assessor.
Start working on Section 2 of your Project Portfolio. Steps 4 and 5 form part of
Section 2.
3. Establish a budget
Now that you have prepared for financial management, you are to 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 (identified in Section 1)
 does not misappropriate funds.
i 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.

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You may use financial software of your choice to create the budget. For example,
Excel or a financial software system of your choice. If you would like to use the
Budget Forecast template included in the Simulation Pack you may or you can
develop your own.
Once you’ve created your budget, develop 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 Section 1) are clearly understood .
i You will be presenting this presentation in step 5.
Circulate the budget to at least one superior or appropriate manager (via draft
email) prior to meeting with them.
i Your email should be addressed to the superior(s) and other managers who are
associated with the budget. Use appropriate email conventions and protocols (e.g.
professional greeting and sign-off). You will be assessed on this.
Complete Section 2 of your Project Portfolio.

Submit your Portfolio to your assessor. Your assessor will then advise you of the
date and time of your presentation, as well as the students who will be
participating.
Start working on Section 3 of your Project Portfolio. Steps 5 and 6 form part of
Section 3.
4. Financial management presentation
In a group round-table style discussion with a student group of approximately two

or three, you will provide your presentation.
Each person will have a turn (15 minutes per person) to present their work. The
other students and/or your assessor will attend the discussion in the capacity of
role-play managers or superiors.
At the discussion, you should:
 present your presentation (prepared in Section 2).
 seek input to identify (and generate ideas to resolve) any issues with the
budget
 agree on the budget information, reporting processes and financial delegation

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requirements.
Your assessor will be looking to see that you can:
 demonstrate effective communication skills including:
o speaking clearly and concisely
o asking questions to identify required information
o using active listening techniques to confirm understanding.
 use language that your audience can understand.
i Your presentation will last for approximately 15 minutes. This 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 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 of time 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 Simulation Pack for the information
required to complete this Section.
5. Reporting on finances
You are to assess the overall financial performance of the forecasted budget
against actual results. Include:
 a 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.
i 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 and 2020/2021.
If you are using your own business and you do not have access to sufficient
information, review the information in the Simulation Pack and complete this step
as set out in the portfolio for the case study information.
You may make assumptions to create an audit trail (e.g. document assumed
invoices).

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Once you’ve assessed the financial performance, revise any financial reports
(profit/loss statements, ageing report or budget) for the current reporting period to
manage inconsistencies (if relevant).
Then provide recommendations on financial performance and management for

future reporting cycles, including:
 recommended revisions to the budget you prepared in order to deal with

contingencies (consider revisions to the conference if you are using the case
study)
 at least one proposed 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%).
Make sure you show your calculations.
Draft an email to your superior/manager to make the recommendations for future

improvements.
i Your email should be addressed to the superior(s) and other managers who are
associated with the budget. Use appropriate email conventions and protocols. You
will be assessed on this.
6. Submit your completed Project Portfolio
Make sure you have completed all sections of your Project Portfolio, answered all
questions, provided enough detail as indicated and proofread for spelling and
grammar as necessary.
Submit to your assessor for marking.

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Section 1: Financial management review
Business plan review Growing Management Consulting is a control consulting firm that
focuses on offering services to businesses to help them improve the
team's management performance. To support clients with overall
performance leadership, they are building management consulting
based entirely on their current knowledge and competencies in good
practice management approaches.
1. enhancing marketing and advertising

Describe the overall
objectives for the business, 2. consistently improving the quality of the service provided to
including financial objectives. customers
3. maintaining good communication lines with all stakeholders to
identify market needs and then develop products and modify services
as a consequence
4. Frequently enhancing verbal channels of communication with all
our stakeholders, providing a drift of accurate and timely information
to support efficient decision-making and planning.
1. Start your preparation checklist.

List the key initiatives in the
business plan that will need to 2. Year-to-Date (YTD) analysis and forecasting in full.
be factored into budget 3. Set your strategic objectives.
development. Outline the
timelines associated with 4. Decide which budget input method is best.
these initiatives. 5. Be Careful When Planning During Uncertain Times.
6. Appreciate the 4 Major Results of a Successful Annual Budget.
7. Approach Your Annual Budget as an Initiative.
 Executive summary. .
 Business description.
Highlight the relevant
 Market analysis and strategy.
information in your business
 Marketing and sales plan.
plan.  Management and organization description.

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 Products and services description.

 Competitive analysis.
 Operating plan.
Attach your business plan as

proof to this section of your
Project portfolio.
Legislative requirements
Discuss each of the following
as relevant to the business:
In general, a statutory requirement is an established rule by law, like
 statutory requirements for
copyright, trademark protections, Sarbanes-Oxley Act (SOX). A
financial compliance regulatory requirement is established by government agencies.
 tax liabilities
Business tax liability is the sum of taxes due that is entirely
dependent on the current income of your company. If your company
is organized as a sole proprietorship, partnership, corporation, or
LLC, you are permitted to use pass-through taxation, which means
that any revenue generated by the company is taxed on your
personal tax return.
Financial reporting enables the business and its finance teams to

 legislative financial monitor and analyse cash inflows and outflows in order to identify
reporting requirements. current and potential cash drift concerns. This guarantees that the
company has enough cash on hand to expand and seize
opportunities when they present itself.
Policy and procedure Policies that balance sales and expenses will allow grow control
summary consultants to operate in a way that is financially sustainable.
Summarise your These are the financial planning strategies we use:
organisation’s financial
• yearly financial objectives.
management and reporting
policies and procedures • Annual budgets are established.
including: procedures
 a description of the For each relevant branch, budgets are established. The main
processes that must be foundation of budgets is anticipated revenue and expenses. The
followed to ensure that finance team can be used to create budgets. Each manager should
funds are not review their budget and may speak with the finance team to make
misappropriated. any necessary changes. They ought to make a convincing case for
any modifications. Every price range often includes a contingency
 the reporting allowance to cover unforeseen costs. It is expected of managers to
requirements and inform their staff of the budget and to give them with the tools and
financial delegations that mechanisms they need to perform their duties.
apply to financial

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management.
Highlight any applicable
sections of the policies and
procedures and attach them
to this section of your
portfolio.
Policy and procedure review

Analyse the effectiveness of:
 the systems to record all These encompass profits (earnings and loss) statements and stability
transactions sheets. Those statements allow you to in handling your bank or
creditors and help you control your enterprise.
 how audit trails are Automated audit trails are the most efficient. While many buildings
maintained place an emphasis on preventing door breaches, real-time audit trail
reports can also raise the red flag for questionable in-resident
behaviour or misuse. As long as the audit trail integrity is
maintained, where the logs are stored and who has access are
equally important.
 due diligence Due diligence on compliance can help the acquirer determine what
compliance. corrective actions and enhancements will be made to the
compliance framework introduced after the purchase, as well as
Use the information you’ve
estimate their cost and assess far less tangible concerns such as
summarised on the legislative
reputational issues.
requirements and existing
policies and procedures to
help you answer.
Financial review A tiny management consulting company called expand management

consultant’s focuses on providing management development
services. The organization offers a range of services to help
organizations assess the managerial style and overall performance
indicators of current managers. Additionally, based on the
assessment, they create and implement unique management
programs. Offerings are made available all around Australia. Aside
from you, the employer also employs a management officer, a
receptionist, two principal experts who are also directors, one senior
representative, two main experts, and two main experts. The
company has changed over the previous few years and now provides
regular professional development courses on all aspects of
managing and leading a workforce. These workshops are held in all
major cities, including Sydney, Brisbane, and Melbourne, about every

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three months.
Access financial reports for The employer conducted a total of 36 workshops in FY 2019/2020.
the business for at least one Recently, the group has also created material on leadership skills.
reporting period – ideally over Due to the workshops' poor attendance, it is intended to replace
one year. them with an annual convention for the following fiscal year (2020–
2021). Customer feedback and steadfast business indicate that a
customized, company-cantered approach in the form of consulting
services is the preferred provider.
Identify the profit or loss made Profit is made by the business for that reporting period.
by the business for that
reporting period.
Setting up budgets and applying spending limits based on the review.
Discuss the reasons for the
People should budget for a 5% price increase as well as a 10% rise
profit or loss.
in sales for consulting services and government search. The agency
intends to hold an annual conference commencing in 2011 as
detailed in the business plan.
Assess and report on the The forecasted costs and earnings document includes the
cash flow trends. convention fees, which were anticipated with the help of the primary
consultant. One hundred attendees at a cost of $750 each are
expected at the event.
Identify at least one risk in the Failing to satisfy the customer needs
existing financial information.
Attach proof of your financial

information to this section of
your portfolio.
Financial research Financial research focuses on gathering and analysing economic

data to support groups in making business decisions. While some
examine the financial accounts of businesses to determine an
investment's viability, economic analysts examine financial market
patterns to assist with investment decisions.
Summarise research on the

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key initiatives in the business  Net Income

plan that will need to be  Fixed expenses
factored into budget  Flexible expenses
development.  Discretionary Expenses
Research and report on at

least one other financial 1. QuickBooks:
management software (other The recommended all-inclusive economic management tool for
than the software currently small and medium-sized businesses and accountants is QuickBooks.
being used) that you believe You can use it to help with bank reconciliation, bills, watchdog fees,
could also be suitable. payroll, and excellent reporting. Both cloud-based and on-premises
options are available. Although more complicated, its useful
features provide a strong argument if you frequently deal with large
volumes. A small firm that meets the standards might find QB a little
bit intimidating.
Attach proof of at least two

digital sources of information
to this section of your portfolio
(e.g. screen shot of internet
searches or a voice recording
of a Siri interaction etc.).
Financial software Quicken is less expensive and easier to use than QuickBooks. It also
comparison has more features for personal finance, such as the ability to track
investments, keep track of rental properties and create debt
reduction plans.
Indicate the name of the

Mint is the name of the software that is currently utilised for
software that is currently
financial management in your organisation.
utilised for financial
management in your
organisation.
Provide an assessment of the Mint is one of the most popular budgeting and expense
extent to which you believe tracking tools available. You can have the software pull in your
this financial software is
bank and credit card information to analyze your spending and
suitable for the business.
pinpoint areas where you can cut back to improve your

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finances.
Compare the current software Mint is a Personal Finance and Budgeting application that is used by
to the software you individuals worldwide to manage their income and savings. Quick
researched indicating which books are a full-fledged Accounting and Bookkeeping software used
by individual business owners and companies of all sizes to manage
you believe would be better.
their business accounts and finances. Hence, both platforms are
meant to be used for different purposes.
Attach: Business plan
Policies and procedures
Financial information
Proof of information sources ☐

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Section 2: Establish budgets and allocate funds
Complete this section prior to the meeting.
Budget preparation The process of creating a budget involves certain

organizations and individuals that have tasks that must
You are to prepare a budget for the
be completed within a specified timeframe. A budget is
upcoming reporting period (one year).
a tool for keeping track of your income and expenses.
Increasing a price range is an essential cornerstone of
your shared success and security. It enables you to
monitor and more clearly determine whether your
business generates enough income (incoming money)
to cover its costs.
Budget range alignment enables to prioritize or create

Explain here how your Budget aligns with portfolio options for that spending, ensuring that
the business plan. decisions about economic allocation are entirely based
on your company's goals—and not just the loudest
voice in the room. It enables the business owner to
concentrate on cash flow, cost-cutting, profit
improvement, and return on investment. The key to
every successful business endeavour is budgeting. It
enables the business enterprise's budget to be planned
for and managed.
To address risk following points are used:-

1. Risk avoidance.
Also explain how you addressed at least 2. Risk monitoring.
one risk (as identified in Section 1) in the 3. Risk controlling.
budget. 4. Risk sharing.
5. Risk transfer.
There is no misappropriation of funds because it

recommends keeping petty cash secure in a safe or
lock-box monitored by cameras. The article also
Confirm that there is no misappropriation of encourages companies to limit the amount of money
funds. that can be spent at a given time and to mandate
receipts for all purchases.
Attach your budget to your Portfolio.

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Meeting preparation
Prepare a presentation in order to
communicate the financial management
plans to your team.
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.
Attach the presentation to your Portfolio.
Circulate budget
Prepare a draft email using appropriate
conventions and protocols (e.g.
professional greeting and sign-off) to
circulate the budget to at least one
manager or superior who is associated with
the budget prior to meeting with them to
present the budget information.
Attach your draft email to the portfolio.
Attach: Forecasted budget ☐
Presentation ☐
Draft email to circulate the budget ☐

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Section 3: Financial management monitoring and

evaluation
Presentation An audience receives information from a speaker through a

presentation. Presentations are typically displays, works of art,
If not already viewed in
lectures, or speeches used to educate, persuade, inspire, motivate,
person by your assessor,
foster goodwill, or introduce a novel idea or product.
attach your recorded
presentation to your Portfolio.
Budget and financial

performance reporting
You are required to 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

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RTO No. 41297
study).
Attach proof of your audit
trail to this section of the
portfolio (e.g. you may
make assumptions and
record details of possible
invoices that were paid).
Show your calculations.
Revise financial reports to

manage inconstancies
If relevant, revise the current
financial year financial
records (e.g. profit/loss
statement, ageing summary
and/or budget) to rectify any
issues.
Attach your rectified financial
report to this section of the
portfolio.
Financial management
processes
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

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to make a profit of at least

20%).
Communicate
recommendations
Draft an email to
communicate the
recommendations you have
identified in this Section of the
Portfolio to relevant superior
and/or manager(s).
Attach your email to this
section of your portfolio.
Attach: Recorded presentation (if relevant) ☐
Proof of audit trail ☐
Rectified financial report ☐
Draft email with recommendations ☐

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Assessment Task 2: Checklist
Student’s name:
Completed
successfully? Comments
Did the student: Yes No
Review financial information to prepare

for financial management, including:
 reviewing the business plan to

identify and report on initiatives
relevant to developing a budget
(including timing of initiatives)
 reviewing and reporting on statutory

requirements relevant to
compliance with financial
requirements and tax liabilities
 reviewing the policies and

procedures relevant to financial
management and reporting,
including:
o the processes that must be
followed to ensure that funds
are not misappropriated
o the reporting requirements and
financial delegations that apply
to financial management
o effectiveness of:
 systems to record
transactions
 maintenance of audit trails
 due diligence compliance
 accessing previous or current

financial reports (profit and loss
statements, cash flows, ageing
summaries etc.) to:
o identify profits and losses
o provide the reasons for the

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profits and losses
o assess and report on cash flow

trends
o identify at least one risk (or
potential risk) in the existing
financial information where
funds can be misappropriated
 doing research using digital sources

on:
o the key initiatives in the
business plan
o the software currently used for
financial management
o at least one other financial
management software that
they believe could also be
suitable
 comparing their organisation’s

existing financial management
software to the software identified in
their research, to choose the most
appropriate one?
Establish a budget based on prior

financial information including:
 developing (using financial

software) a budget for the next
reporting period that:
o considers the business plan
requirements and
organisational and statutory
compliance
o addresses the risk for
misappropriation
o does not misappropriate funds.
 circulating the budget to relevant

management (via email)
 developing a presentation to:

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o present the budget to

management for approval
o describe the processes in

place to ensure funds are not
misappropriated
o ensure that reporting
requirements and financial
delegations are clearly
understood?
Implement and review financial

management by:
 presenting their budget to relevant

superior(s) and/or manager(s),
including
o seeking input to identify and
resolve any issues with the
budget
o agreeing on the budget
information, reporting
processes and financial
delegation requirements
 reporting on finances including:
o a review of overall
performance and total income,
expenses and profit margins
o calculation of variation in actual
versus budgeted amounts for
each income source
o calculation of variation in actual
versus budgeted costs
o the discrepancies between
agreed budget allocations and
the actual data (with an audit
trail)
 revising any financial reports

(profit/loss statements, ageing
report or budget) for the current
reporting period to manage
inconsistencies (if relevant)

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RTO No. 41297
 providing recommendations to
financial performance and
management for future reporting
cycles, including:
o recommended revisions to the

budget to deal with
contingencies
o at least one proposed future
cost for the next reporting
period
 communicating the
recommendations via email to
relevant management?
During the presentation, demonstrate

effective communication skills including:
 speaking clearly and concisely
 asking questions to identify required

information
 responding to questions as required
 using active listening techniques to

confirm understanding?
Task outcome:  Satisfactory  Not satisfactory
Assessor signature:
Assessor name:
Date:

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Final results record
Student name:
Assessor name:
Date
Final assessment results
Result
Task Type Satisfactory Unsatisfactory Did not submit
Assessment Task 1 Knowledge questions S U DNS
Assessment Task 2 Project Portfolio S U DNS
Overall unit results C NYC
Feedback
 My performance in this unit has been discussed and explained to me.

 I would like to appeal this assessment decision.
Student signature: _________________________________________ Date: _________________
 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.
Assessor signature: _______________________________________ Date: _________________

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Assessment 2 Project Portfolio

Student Name: _________________

Choice Business College Pty Ltd trading as Choice Business College

Assessment for this unit 6

Choice Business College Pty Ltd trading as Choice Business College

Instructions to the students:

PLAGIARISM AND COLLUSION:

CONSEQUENCES OF PLAGIARISM AND COLLUSION:

Choice Business College Pty Ltd trading as Choice Business College

be subject to one or all of the following:

 For a student’s performance to be  This assessment task  At the successful completion

Choice Business College Pty Ltd trading as Choice Business College

Student assessment agreement

Do you have any specific needs that should be considered  Yes  No

If so, explain these in the space below.

Do you understand your rights to reassessment?  Yes  No

Do you understand your right to appeal the decisions made in an  Yes  No

Choice Business College Pty Ltd trading as Choice Business College

Business this assessment is

Assessment for this unit

Choice Business College Pty Ltd trading as Choice Business College

Choice Business College Pty Ltd trading as Choice Business College

Assessment Task 2: Project Portfolio

Information for students

 your learning resources and other information for reference

 Project Portfolio template

Ensure that you:

 adhere with your RTO’s submission guidelines

 answer all questions completely and correctly

 submit work which is original and, where necessary, properly referenced

 submit a completed cover sheet with your work

 avoid sharing your answers with other students.

 where this task should be completed

 how your assessment should be submitted.

Choice Business College Pty Ltd trading as Choice Business College

1. Carefully read the following:

This assessment requires you to demonstrate your skills and knowledge in

Choice Business College Pty Ltd trading as Choice Business College

2. Review financial information to prepare for financial management

 reviewing the business plan to identify and report on initiatives relevant to

 reviewing and reporting on statutory requirements relevant to compliance with

 reviewing the policies and procedures relevant to financial management and

 systems to record transactions

 maintenance of audit trails

 due diligence compliance.

 accessing previous or current financial reports (profit and loss statements,

o provide the reasons for the profits and losses

o assess and report on cash flow trends

 Using digital information sources to do research on:

Choice Business College Pty Ltd trading as Choice Business College

 comparing your organisation’s existing software to the software identified in

Complete Section 1 of your Project Portfolio.

 considers the business plan requirements and organisational and statutory

 addresses the risk for misappropriation (identified in Section 1)

 does not misappropriate funds.

Choice Business College Pty Ltd trading as Choice Business College

Once you’ve created your budget, develop a presentation to:

 present the budget to management for approval