Monitor and control finances



Monitor and control finances

Submission details.

Submit this document with any required evidence attached. See specifications below for details.

Performance objective

The candidate will demonstrate the ability to monitor and control finances.

Assessment Description

In response to the scenario provided, you will create a simple spreadsheet budget to capture

monitoring information. Using the information provided to you by your assessor, you will then use the

budget spreadsheet to produce a report on expenditure in accordance with organizational policies

and procedures. You will also modify a contingency plan.


1. Read through the scenario provided in Appendix 1 to this assessment task and tasks A and


2. Design and develop a spreadsheet to capture budgeted and actual figures to produce a

variance report.

3. Access actual budget figures from relevant managers and accounting systems (assessor).

4. Monitor and record actual figures.

5. Consider feedback from team members.

6. Produce a variance report as per organizational requirements.

7. Consider the scenario information and contingency plan provided and analyze the variance


8. Modify the contingency and implementation plans provided in the scenario to improve


9. Submit all documents required in the specifications below to your assessor. Ensure you

keep a copy of all work submitted for your records.


You must provide:

  •  a budget variance report
  •  a modified contingency plan and modified implementation plan
  •  your notes on procedures.

Your assessor will be looking for:

  •  numeracy skills to read and understand a budget and to produce a variance report
  •  technology skills to use the software associated with financial recordkeeping
  •  knowledge of basic accounting principles to identify and use account balances
  •  knowledge of organizational requirements related to financial management
  •  knowledge of organizational requirements for records and reports
  •  knowledge of principles and techniques involved in budgeting, profit and loss statements,

electronic spreadsheets.

Adjustment for distance-based learners

  •  No variation of the task is required.
  • A follow-up interview may be required (at the discretion of the assessor).
  •  Documentation can be submitted electronically or posted in the mail.

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