Assignment Task:
Task 1:
Use the following assessment report template and complete the following:
- Provide answers for the following questions:
- Identify the current statutory requirements for tax compliance for Houzit Pty Ltd.
- Explain the current compliance requirements and liabilities for Houzit Pty Ltd under the Corporations Act 2001
- Analyze the case study information and complete the budget table found in the following pages based on the following:
- Establish the budget objective for the year 2018/19 by gathering prior period data
- Review and establish critical dates and initiatives that would be implemented for the upcoming budget forecast
- Ensure that statutory requirements for tax compliance and liabilities are adhered to
- Make provisions of new items for inclusion in the budget
- Tabulate calculations for profit and loss, cash flows and ageing summaries
- Provide adjustments to the budgets as deemed necessary to reflect changes or contingencies based on the organization’s requirements
- Ensure structure and format of reports are clear and conform to organization and statutory requirements
- Analyze the case study information and complete the budget table found in the case study material. You would need to ccomplete an actual-to-budget variance computation and examine the sales, profit budget, cash flow budget and debtor ageing summary to identify variances by comparing actual results with the established budget
Task 2:
- Provide a brief report of the financial management processes in place for the organisation in light of your assessment of the issues, reasons for variances and organisational performance you have identified as follows:
- Budget analysis
- Variance analysis
- Cash flow analysis
- Reporting requirements
- Financial delegation
- Provide recommendations for the following questions:
- Provide a review on what is commercially available and justify your choice, a financial management software that you think would be most suitable software for Houzit Pty. Ltd.
- List the new or modified internal controls that could improve risk management for Houzit Pty Ltd including the maintenance of audit trails.
- Deliberate the consideration of the practice due diligence in financial management and the importance to stress the adherence of financial probity to the accounting department.
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