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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 to provide eco-tourism opportunities along with the more traditional holiday types.
KEY PERSONNEL
• General Manager – Amanda Booth
• Sales Manager – Terry White
• Accountant – This is you
Part C: Budget Implementation
Now that you have your budget for the coming year prepared, Part “B”, you are now required to prepare a written report that addresses the following;
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:
• 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. Include in your report your advice on how this should be done.
Include in your report details on:
• What controls will need to be in place to ensure that:
o All financial transactions are recorded properly
o Funds are not misappropriated
• How an audit trail will be maintained
• How discrepancies (variances from budgets) will be identified and managed
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