21 Jun EXPLAIN THE PRINCIPLES OF ÖNANCIAL AUDITING.
Unit FM5.05 Financial management in facilities management Aim of the unit: This unit enables a learner to apply the principles of Önancial management and Önancial policies to facilities management. To effectively manage budgets and cash ×ow and to prepare Önancial cases. Title: Financial management in facilities management Level: 5 1. Be able to understand the principles and practices of management accounting to facilities management. 1.1 Describe management accounting techniques which support the facilities management process (including return on capital employed, return on investment), internal rate of return discounted cash ×ow, asset values, balance sheets, proÖt and loss accounts, budget control and reporting, and accrual management) 1.2 Describe the Önancial systems and processes used for the effective management of facilities management budget (including accounts payable, accounts receivable, cash ×ow, budget coding and monitoring, capital and revenue spend proÖling, asset registers). 2. Be able to understand sound Önancial policies within area of responsibility. 2.1 Explain the principles of Önancial auditing. (including ‘true and fair’ probity, conformance and accuracy). 2.2 Describe how these principles are applied within own area of responsibility (see below) 2.3 Review the Önancial implications of using codes of ethics in the context of corporate responsibility (see below) 2.4 Make suitable adjustments to improve good practice and transparency (see below) 2.5 Explain how a true and fair view of assets, liabilities, proÖts and costs can be presented (see below) (The second to Öfth assessment criteria for this learning outcome can be addressed by reference to practice at an organisation where the learner works or has worked in the past. The principles of Önancial auditing should be related to process such as the use of levels of authority, devolved authority and sample checking. The implications of using codes of ethics should be related to concerns such as the avoidance of fraud & waste, ensuring best value for money, avoidance of Önancial penalties (Önes) and maintaining reputation. The recommended adjustments and the explanation of how to present a true and fair view should be related to the management accounting techniques and Önancial systems described in relation to the previous learning outcome). 3. Be able to manage and review capital and revenue budgets in a facilities management context 3.1 Prepare revenue budgets (see below) 3.2 Review and manage revenue budgets (see below) 3.3 Apply the techniques used by facilities managers to acquire capital budgets (see below) 3.4 Set capital budgets. (no additional guidance) 3.5 Review and manage capital budgets (see below) 3.6 Explain the tools of Önancial appraisal and how these are used to inform Önancial management and budgetary decisions (see below) (All of the assessment criteria for this learning outcome can be addressed by an exercise based on practice at an organisation where the learner currently works or has worked in the past. The management of both revenue and capital budgets should take account of issues such as the lag between committed spend and payment, the use of stage payments and retentions, seasonal effects, and tracking of spend and savings against individual projects. The tools used to inform Önancial management and budgetary decisions should include examples such as whole life costing, discounted cash ×ow, net present value, internal rate of return, and return on capital employed.) 4. Be able to manage cash ×ow. 4.1 Apply the principles, techniques and processes of cash-×ow projections to manage the ×ow of cash within the facilities management business cycle (see below) 4.2 Apply the principles, techniques and processes in the management of cash ×ow for contracts and projects (see below). (All of the assessment criteria for this learning outcome can be addressed by an exercise based on practice at an organisation where the learner currently works or has worked in the past. The principles, techniques and processes should include the raising and processing of purchase orders, authorisation of payments, accrual management, stock management, ×exing of people, resources and budgets, and revenue protection. Their application should take account of the business case and the impact of time passing (e.g, on project slippage, and on contracts that cover more than one Önancial year).) 5. Be able to prepare Önancial cases. 5.1 Identify and apply the principles and techniques to prepare Önancial cases (see below) 5.2 Prepare Önancial cases to secure required approvals (see below). (Both of the assessment criteria for this learning outcome can be addressed by an exercise based on practice at an organisation where the learner currently works or has worked in the past. The Önancial case should include analyses such as whole life costing, cost/beneÖt, strategic Öt, next best alternative, and hard/soft estimates)
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