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1 Communicate budget and financial plans 1.1 Budget/financial plan communication package is reviewed by finance specialists

01 / 10 / 2021 Essays & Coursework 1

This paper circulates around the core theme of 1 Communicate budget and financial plans 1.1 Budget/financial plan communication package is reviewed by finance specialists together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

Unit Sector

Not applicable.

Elements and Performance Criteria

ELEMENT S 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 

Communicate budget and financial plans 

1.1

Budget/financial plan communication package is reviewed by finance specialists

1.2

Package is amended/revised where appropriate

1.3

Training activities are undertaken with users of the budget and plans across the organisation

1.4

Data and terms are defined to assist users of the plans

1.5

Communication outcomes are tested to ensure clarity of objectives, processes and accountabilities

2 

Monitor and control activities against plans 

2.1

Delegations and budget accountabilities are confirmed in writing prior to budget period

2.2

Funds are allocated in accordance with budget objectives and parameters

2.3

Audit requirements and legal obligations are met through recording systems and documentation

2.4

Risk management plans are implemented and contingency plans are in place for all financial plans

2.5

Performance is monitored and variances are identified on a real time basis

2.6

Variances are analysed in conjunction with relevant experts to determine cause and effect

3 

Report outcomes of financial plans 

3.1

Records of financial performance are properly maintained within organisational systems

3.2

Financial performance is analysed and reported in a form and language appropriate to the audience

3.3

Non-financial objectives are reported in the context of overall organisational performance

3.4

Strategies and plans are reviewed and updated to optimise organisational performance



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