Elements and Performance Criteria
- Plan preparation timetable
- Identify assumptions and parameters
- Business plans and exception reports are reviewed to identify and resolve conflicts in assumptions
- Assumptions and parameters are reviewed to ensure compliance with company policy and procedures
- Current and historical financial reports are examined to establish trends
- External environment is examined to gain an objective overview
- Issue instructions and relevant aids for preparation of forecasts and projections
- Instructions issued are clear and unambiguous and comply with company format to ensure ease of use and consistency of interpretation
- Types of business are identified to enable effective models to be selected
- Training is provided to ensure comprehensive understanding and effective use of financial models by users
- Collect, consolidate, model and analyse data
- Data is reviewed to ensure consistency with actual results and model used
- Analysis results are documented in a clear and unambiguous way
- Data collected are reliable, valid, complete and comprehensive
- Processing is completed in accordance with established timetable
- Data are consolidated in a logical structured format that enables ready analysis
- Document results and obtain approval
- Results are documented in a clear and understandable manner
- Documented results are in a format suitable to meet needs of target users
- All approvals are obtained in accordance with management objectives, financial and company policies
- Results are distributed within timetable and according to company policy