Q1: What are the requirements for financial probity?Your response needs to provide an overview (in your own words)what financial probity entails and what this typically would require from you as an employee and an organisation for various business activities like e.g. tenders, procurement etc.Financial probity means,strict obedience to a code of ethics based on absolute honesty, especially in commercial (monetary) matters and beyond legal requirements. The requirements for financial probity as an employee or an organization are as follows:Officials must act ethically, in accordance with the APS Values (set out in section 10 of thePublic Service Act 1999) and Code of Conduct (set out in section 13 of thePublic Service Act1999), at all times in undertaking procurement.
treat tender participants (and potential tender participants) fairly and equally, and avoid giving one tender participant an improper advantage over another.maintain confidentiality of participants confidential information, including commercially sensitive information and intellectual property.ensure tender processes, negotiations, evaluation processes, and contract management processes are auditable, transparent and accountable.proactively identify and manage conflicts of interest whether real, potential or perceived appropriately and in accordance with applicable legal and policy requirements, including applicable Victorian Public Sector codes of conduct.Document Name: BSBFIM601 Manage Finances WorkbookRTO :51973CRICOS Code :03047ELocation:NovaCore CMS\DMS\Academic Drive\Faculty\Hospitality\Hospitality SIT16\SIT60316 – Advanced Diploma of Hospitality\BSBFIM601 Manage Finances\Assessment\Version:2.0Approved on:09-01-2019Review Date:09-01-2021Page 6of 21
Q2: Describe in your own words the concepts and principles of accounting:a)Accounting Entity Conceptb)The Reliability Principlec)The Going Concern Principlea)Accounting Entity Concept: It means that the business is kept as separate entity fromits owner. Any transaction made by the owner should be kept separate from the business transaction.For example: if the owner decides to sell his personal equipment, unrelated to the business, then the transaction should be kept separate from the business. This is because it is important for the business to keep record of its growth and performance. b)The Reliability Principle: The reliability principle is the concept of only recording those transactions in the accounting system that you can verify with objective evidence. Examples of objective evidence are:Purchase receiptsCancelled checks Bank statementsAppraisal reportsc)The Going Concern Principle: Going concern principle is one the fundamental assumptions in accounting on the basis of which financial statements are prepared.
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