KII6024 MANAGE FINANCES - ASSESSMENT 3

ASSESSMENT 3

Using the information above and that provided in Assessments Tasks 1 and 2. your task is to prepare reports about how you plan to implement the budget you prepared in the previous assessment (Assessment 2).

You are required to prepare a written report that addresses the following two points.

1. The circulation of the budget
Part of your role is to ensure that all budgets are circulated to the correct people and that they are clear about the budget expectations and the reporting requirements. along with delegation of financial  responsibility.

• Include in your report the following information.

1. The persons to whom the budgets should be circulated for discussion. feedback and implementation?
2. The persons to whom financial responsibility should be delegated for implementing and monitoring of their part of the budget?
3. How often should management receive reports from responsible personnel regarding the budget vs actual trading?
4. Why is it important to receive reports as often as you've stated in the last question?

2. Controls and audit trail.

The General Manager is also concerned that there needs to be proper controls (reporting methods) in place to ensure that budget problems are quickly identified if they arise and that an audit trail can be easily maintained. Your report should have advice on how this should be done.

Include in your report details on the following information.

1. What internal controls on records will need to be put in place to:

1. ensure that all financial transactions are recorded properly?
2. ensure that funds are not misappropriated?

2. How will discrepancies (variances from budgets) be identified and managed?

3. How will management ensure that they are acting with due diligence with regard to managing the budget and finances of the business?

4. How would management use an aging debtors Listing to monitor accounts receivable (Debtors) of the business to ensure that customer payments are collected in accordance with credit terms?

5. Attach an example and explain what it shows.

6. What Actions should be taken if customers are slow to pay?

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