Financial Statement Analysis Assessment Task 1 Answers in Australia

Financial Management Statement Analysis and Australian Tax office

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For a business you work in, have access to or a simulated business, in consultation with your Assessor, you are required to review the financial management of that business. In order to undertake budgeting, financial forecasting and reporting and to allocate and manage resources to achieve the required outputs for the business unit. You  will  need to  access  the business’  financial  data, relevant  legislation  and Australian  Tax  Office requirements and the business’ business plans, profit and loss statements, cash flows and  aging summaries. You must also refer to the business’ organizational financial policies and procedures and the financial management software utilized by the business.

a) Explain the relevant legislation and Australian Tax office (ATO)  requirements for business reporting. Outline how the business needs to comply with ATO reporting and the frequency of these reports

b) Create a report for management, analysing the financial performance and financial position of the organisation using relevant ratios to assess the profitability and the financial viability of the company. Use graphic representations wherever necessary.

c) Explain how bias, errors or material misstatement is to be avoided and how to ensure that the reports are checked for accuracy prior to release.

d) What is an audit trail? How do companies maintain an audit trail to ensure diligence in financial reporting?

e) Explain the benefits of using Accounting software available to businesses for the management of their financial operations.

f) Using the information available from your trainer, develop a financial budget for the business. Explain why it is important to communicate with different departments with regard to the budget.

Also, explain how you would communicate this budget information to other departments as well. A Contingency plan needs to be developed for any uncertain items.

 

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