ASSESSMENT 2 – PROJECT - STUDENT INFORMATION
This information is to be handed to each student to outline the assessment requirements.
Student Instructions
For this project you are required to demonstrate your ability to analyse the effectiveness of existing financial management approaches, including the management of risk of potential misappropriation of funds, and that systems are in place to properly record all financial transactions.
For this assessment you may choose to use as a business model-
i. The organisation where you currently work or another organisation that you are familiar with
ii. The organisation that you used as your business model for Assessment 1,
provided in either case that you have access to, and permission from the organisation to access their financial systems and use the necessary information and data (see * below).
If you choose option (i) above, you must discuss which organisation you will use with your Assessor and have it approved by your Assessor BEFORE you start, to ensure it is of appropriate scope and to confirm that have access to the required information. You must be able to provide copies of relevant documents for your Assessor if asked.
*At a minimum, you will need to have access to the following information and systems for the organisation -
? Financial and accounting procedures, including delegations of responsibility and authorisations
? Payment Procedures
This assessment is to be undertaken in two steps, which should be undertaken consecutively.
1. Review and provide a summary report to describe the organisation’s existing financial systems and processes, specifically answering-
i. how financial transactions are recorded
ii. how financial payments are authorised
iii. how due diligence is effected
iv. what controls are in place to avoid potential misappropriation of funds
v. what are the audit trails in place to ensure accurate tracking and to identify discrepancies between agreed and actual allocations
2. Analyse the effectiveness of the organisation’s existing financial management approaches and prepare a report of your conclusions, with any recommendations for changes, including-
i. whether the existing financial software in use is adequate
ii. whether the potential for misappropriation of funds has been adequately managed
iii. whether the records systems for financial transactions are appropriate
iv. if audit trails are adequate
v. whether due diligence is adequate.
DOCUMENTS TO BE SUBMITTED to complete this assessment
1) Summary of existing financial management systems as outlined in step1 above (500 to 1000 words as a guide)
2) Report and recommendations as outlined in step 2 above (500 to 1000 words as a guide)
ASSESSMENT 2 – ASSESSOR CHECKLIST
This checklist is to be used when assessing the students in this task. This checklist is to be completed for each student. Please refer to separate mapping document for specific details relating to alignment of this task to the unit requirements.

Did the student: Satisfactory Comments
review and provide a summary describing
? how financial transactions are recorded
? how financial payments are authorised
? how due diligence is effected
? what controls are in place to avoid misappropriation
? the audit trails in place
? Yes ? No
? Yes ? No
? Yes ? No
? Yes ? No
? Yes ? No
analyse the effectiveness of existing financial management approaches and provide conclusions and recommendations where appropriate, including-
? whether the existing financial software in use is adequate
? whether the potential for misappropriation of funds has been adequately managed
? whether the records systems for financial transactions are appropriate
? if audit trails are adequate
? whether due diligence is adequate.
? Yes ? No
? Yes ? No
? Yes ? No
? Yes ? No
? Yes ? No
Summary of financial management systems attached
? Yes ? No
Report and recommendations attached ? Yes ? No
Comments
Result: Satisfactory / Not Satisfactory
Assessor: I declare that I have conducted a fair, valid, reliable, and flexible assessment with this student, and I have or will provide appropriate feedback Signature: ____________________________
Date: ____/_____/_____