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Qualification - OTHM Level 5 Diploma in Accounting and Business
Unit Name - Financial Planning and Control
Unit Level - Level 5
Unit Reference Number - M/617/3297
Assignment Title - Financial Planning and Control
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Unit Credit - 20
Learning outcome 1: Understand corporate governance in relation to financial planning and control.
Answer: Corporate governance is a crucial framework that dictates how a company is directed, controlled, and held accountable, directly influencing its financial planning and control. It establishes a system of rules, practices, and processes designed to ensure transparency, accountability, fairness, and responsibility in financial decision-making. Key principles include clear roles and responsibilities for the board of directors and management, independent oversight, robust internal controls, and accurate, timely financial reporting. By ensuring that financial decisions align with the long-term interests of all stakeholders (shareholders, employees, customers, etc.) and comply with legal and ethical standards, strong corporate governance helps mitigate financial risks, prevent fraud and mismanagement, and enhance investor confidence. It provides the necessary checks and balances to ensure that financial planning is strategic and well-executed, and that financial controls are effective in safeguarding assets and maintaining the integrity of financial information, ultimately contributing to sustainable growth and improved financial performance.
Learning outcome 2: Understand the financial management environment.
Answer: The financial management environment encompasses all the internal and external factors that influence a firm's financial decisions and performance. Internally, this includes the company's organizational structure, management philosophy, financial goals (e.g., profit maximization, wealth maximization), risk tolerance, and the efficiency of its internal financial controls and information systems. Externally, the environment is shaped by a multitude of interconnected elements. The economic environment plays a significant role, with factors like interest rates, inflation, GDP growth, and unemployment rates directly impacting investment opportunities, borrowing costs, and consumer spending. Financial markets and institutions (e.g., stock markets, bond markets, banks, investment funds) provide the avenues for raising capital and investing surplus funds, and their efficiency and accessibility are crucial. Legal and regulatory frameworks (e.g., corporate laws, tax policies, securities regulations, accounting standards like IFRS or GAAP) impose constraints and requirements on financial activities, demanding compliance and transparency. The political environment, including government stability, fiscal and monetary policies, and trade agreements, can introduce significant uncertainty and risk. Lastly, technological advancements are continuously reshaping the financial landscape, introducing new financial instruments, payment systems, data analytics tools, and cybersecurity challenges. Understanding this dynamic environment is essential for financial managers to make informed decisions that ensure the firm's long-term financial health and value creation.
Learning outcome 3: Be able to assess potential investment decisions and global strategies.
Answer: Assessing potential investment decisions and global strategies requires a systematic approach to maximize returns and manage risk in a complex international environment. This process begins with clearly defining financial goals, whether they are short-term gains, long-term wealth creation, or specific objectives like funding retirement or education. Crucially, investors must then determine their risk tolerance - the degree of financial risk they are willing and able to take, which heavily influences asset allocation. This involves a comprehensive market and industry analysis, examining economic conditions, industry trends, and the competitive landscape globally. For each potential investment, a rigorous financial analysis is undertaken, evaluating profitability, cash flow, return on investment (ROI), and conducting scenario analysis to understand potential outcomes under different conditions. When considering global strategies, it's vital to account for geopolitical risks, currency fluctuations, differing regulatory environments, and cultural nuances. Finally, diversification across various asset classes, geographies, and industries is a key strategy to mitigate risks inherent in global markets. The entire process demands continuous monitoring and rebalancing of the portfolio to adapt to changing market conditions and ensure alignment with evolving financial goals.
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Aim: The aim of this unit is to provide learners with knowledge of financial planning and control in organisations with reference to corporate governance, and the financial management environment. Learners will develop the skills required to assess the potential investment decisions and global strategies of organisations.
Learning Outcome 1
Corporate governance: direction and control; increased accountability; appropriate governance structures; fiduciary duties of officers; bribery and fraud; independent audit; key governance regulations (e.g. UK Corporate Governance Code and company law); international governance.
Practical implications: reporting requirements on application of code; arrangements for accountability; management and control of risks; board remuneration; arrangements for engagement and communication with stakeholders; understanding stakeholder interests; audit committees; director re-election; remuneration committee; impact on corporate financial objectives; stakeholder conflicts.
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Learning Outcome 2
Economic environment: economic policy; role of fiscal, monetary, interest and exchange rate policies; competition policy; government assistance; green policies; impact on business decisions.
Financial and money markets: role of national and international money markets; financial intermediaries; functions of stock market and corporate bond market; role of money markets (short term liquidity, short term trade finance, managing currency and interest rate risk); role of banks and financial institutions; principle instruments (interest-bearing, discount, derivatives).
Sources of finance: short-term finance (overdraft, loans, trade credit, lease finance); long-term finance (equity, debt, lease, venture capital); raising short and long-term finance; internal finance (retained earnings, working capital management, dividend policies); SME finance (business angels, government assistance, supply chain, crowdfunding); cost of finance; gearing ratios; interest coverage; lease/buy decisions; liquidity; capital structure theories (Miller and Modigliani, pecking order theory of finance selection).
Risks of finance: identifying risk (foreign currency, interest rate); causes of exchange rate fluctuations; purchasing power parity/ interest rate parity; causes of fluctuation in interest rates; hedging techniques to manage currency and interest risk.
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Learning Outcome 3
Investment decisions and strategies: investment appraisal (Payback, Accounting Rate of Return (ARR) and Net Present Value (NPV), Internal Rate of Return (IRR)); usefulness and limitations of each method; impact of taxation and inflation on appraisal methods; adjusting for risk and uncertainty (probability, sensitivity analysis, simulation, adjusted payback, risk-adjusted discount rates); lease or buy decisions; asset replacement; capital rationing.
Impact of global financial environment: financial strategies used in the global environment; capital investment relating to funds invested in a business organisation for the purpose of furthering its strategic objectives; international aspects of strategy (scope of operations, resource allocation, competitive advantage, synergy).
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Learning Outcomes- The learner will:
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Assessment Criteria- The learner can:
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1. Understand corporate governance in relation to financial planning and control.
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Explain the role and purpose of corporate governance for organisations in relation to financial obligations.
Assess the practical implications of compliance with the legal framework.
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2. Understand the financial management environment.
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Outline the economic environment for businesses.
Explain the role of financial and money markets.
Analyse the sources of business finance.
Assess the risk involved in a range of sources of finance.
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3. Be able to assess potential investment decisions and global strategies.
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Analyse the potential investment decisions and strategies available to a business organisation.
Assess how the global financial environment affects decisions and strategies for a business organisation.
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