Your tasks Using the information below, and that provided in Assessments 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. • Who the budgets will be circulated to. • Who financial responsibility is delegated to. • How often reporting should take place. 2. Controls and audit trail The general manager is also concerned that there needs to be proper controls (reporting methods) in place to insure 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. • What controls will need to be in place to ensure that all financial transactions are recorded properly, and that funds are not misappropriated. • How an audit trail will be maintained. • How discrepancies (variances from budgets) will be identified and managed. Background information XYZ Company is a Travel Agency that operates at an inner city location and caters for different and/or unusual holiday ideas. The company has started to promote to different market sectors to expand their operations by MartinCollege DE1120 Manage Finances Assessment 3 page 121 providing eco-tourism opportunities along with the more traditional holiday types. The key people in the company are: The general manager: Amanda Booth The sales manager: Terry White The accountant: This is you
Please use the information from the files Assignment 1 & Assignment 2 to complete the report for this answer.