Q1.
REFERRAL LIST
:
Imagine you have a client who asks you to explain to them which services can be offered by each type of professional in the accounting and bookkeeping industry (and by related professionals).
Demonstrate your knowledge and practical skills to identify roles and responsibilities of various members of the accounting and tax profession by completing the table below. Students will need to research three examples of tasks & services that each specified professional is able to offer in the “Tasks & Services” column.
Under the “Referral” column, students will need to research and detail a professional/firm/or entity that is able to provide the services required. You must provide a
different
referral for each professional.
NOTE:
Refer to the relevant links related to “Professional Services” tab in the Assessment 1 block of Brightspace.
PROFESSIONAL
|
TASKS & SERVICES
|
REFERRAL
|
BAS Agent
|
1.
2.
3.
|
Name:
Address:
Phone:
|
Bookkeeper
|
1.
2.
3.
|
Name:
Address:
Phone:
|
Accountant
|
1.
2.
3.
|
Name:
Address:
Phone:
|
Tax Agent
|
1.
2.
3.
|
Name:
Address:
Phone:
|
Financial Adviser
|
1.
2.
3.
|
Name:
Address:
Phone:
|
Commercial Lawyer
|
1.
2.
3.
|
Name:
Address:
Phone:
|
Q2.
LETTER OF ENGAGEMENT
:
As a professional in the accounting and bookkeeping industry, it is common professional practice to have a Letter of Engagement.
A Letter of Engagement is a formal document setting out necessary information to potential clients who are considering engaging in your services.
Demonstrate your ability to establish and maintain effective relationships with clients and colleagues by preparing a Letter of Engagement ensuring you complete and fill each section of the template. In preparing the Letter of Engagement, students will be required to research and identify tasks, policies and procedures relevant to an accountant and/or bookkeeping role.
The minimum length for this assessment
is 2 pages
given the following are included:
- Purpose of the letter of engagement.
- A well-defined scope of engagement listing the accounting and/or bookkeeping
services offered
by your organisation.
- Define the
limitations
of your service engagement, what services do you
not
offer.
- Specify
responsibilities
you require your
client
to undertake and comply with. These will enable you to carry out your services and not cross any regulatory limitations.
- Students will need to acknowledge the
COVID 19
business environment and provide advice to your client in this area. Advice needs to cover
two
areas:
o Between 3-5 pieces of advice should be suggested to your client to assist them with managing their business through the COVID 19 crises
o Tax advice in relation to
Job Keeper
and
Increasing the instant asset write off
- Outline the organisational ethics policy/reference your accounting and/or bookkeeping organisation complies with as per its professional code of ethics
.
You need to nominate
three [3] ethical principles
and
describe
these within the context of your organisation in delivering its services.
- Specify a
dispute resolution procedure
to be followed if a conflict should arise between your organisation and client.
-
Fee structures
and
payment terms
should also be outlined.
-
Additional terms and conditions
relevant and necessary should be included. This is optional but preferable as good professional practice.
It is recommended that students edit and customise the following template to suit their organisation.
NOTE:
Refer to the relevant links related to “Client Engagement Letters” located in the Assessment 1 block of Brightspace. These links provide examples of Client Engagement Letters and links on business management and tax advice to small businesses to support and best manage businesses during the COVID 19 period.
LETTERHEAD
Your company names
Address
Contact details
ABN/ACN xx-xxx-xxx-xxx
|
CLIENT DETAILS
Date:
Company:
Name/Representative:
Client Address:
Contact Email:
Contact Phone:
|
PROFESSIONAL GREETING & INTRODUCTION
Include a professional greeting to establish an effective professional relationship.
This should state the purpose of this letter and what will be included/detailed in this document.
|
ENGAGEMENT DETAILS
SCOPE OF ENGAGEMENT
Services Offered and Key Responsibilities:
-
-
-
-
LIMITATIONS OF ENGAGEMENT
Services and Key Responsibilities Not Offered:
-
-
-
-
CLIENT RESPONSIBILITIES
-
-
-
-
COVID 19 ADVICE
General Advice for managing your business during the crises:
-
-
-
-
Tax Advice to support your business during the crises:
Job-Keeper:
Instant Asset Right Off:
ORGANISATIONAL ETHICS
-
-
-
-
DISPUTE & CONFLICT RESOLUTION
-
-
-
-
FEES STRUCTURE
-
-
-
-
ADDITIONAL TERMS & CONDITIONS
-
-
-
-
|
ACCEPTANCE & CONFIRMATION
Your Name:
Signature: ………………………………………..
Position:
By signing this I acknowledge and confirm my authority to legally bind (INSERT BUSINESS NAME) to this agreement.
Direct Contact Detail:
Client’s Name:
Client’s Signature: ………………………………………..
Position:
By signing this Letter of Engagement, I acknowledge that I have authority to bind the business to this agreement.
Direct Contact Detail:
|
Q3.
PROFESSIONAL ETHICS
:
Please conduct research and answer the following questions in relation to professional ethics, statutory and legal obligation (including compliance requirements).
Students are to demonstrate ability to research and apply accounting and bookkeeping codes of practice and relevant statutory, legislative and regulatory requirements impacting on an accountant and/or bookkeeping role to one of the following case studies.
Select
one
of the following accounting related corporate offences to research:
- One Tech Media & Allianz Metro
- CBA & AgriAdvantage Plus Package
- Colonial First State
- Financial advisor, Sam Henderson
Required length for answers is minimum
1 sentence
each, ensure you
list and explain
all answers.
NOTE:
Refer to the relevant links related to “Professional Ethics” located in the Assessment 1 block of Brightspace.
CHOSEN CORPORATE OFFENCE: ……………….
|
ANSWERS
|
QUESTION 1:
Explain the misconduct relating to the entity’s
accounting/financial advice practices
in the context of the corporate offences.
|
|
QUESTION 2:
Explain
1
accounting ethical principle
(refer to APES)
you think was
not
complied with in the context of the corporate offences.
|
|
QUESTION 3:
Identify
1
legislation/compliance
(Australian laws only)
requirement which you think was breached in the context of the corporate offences.
|
|
Q4.
BUSINESS STRUCTURES
:
Below are
three
different types of business structures available for Australian organisations to operate a business under.
You are required to demonstrate an understanding of different legal structures by explaining each business structure and providing one piece of legislation applying to each type of business structure.
Required length for answers is minimum
1 sentence
each, ensure you
list and explain
all answers.
NOTE:
Refer to the relevant links related to “Business Structures” located in the Assessment 1 block of Brightspace.
LEGAL STRUCTURE
|
QUESTION 1:
Describe the main features of this structure.
Provide an example of a business using this type of structure.
|
QUESTION 2:
List and explain
1 advantage
and
1 disadvantage
of this structure
|
QUESTION 3:
List at least
1 piece of legislation/regulation
that each structure must comply with
Explain what must be complied within the legislation.
You must nominate a different piece of legislation for each legal structure.
|
Sole Proprietor
|
|
Advantage:
Disadvantage:
|
|
Partnership
|
|
Advantage:
Disadvantage:
|
|
Company
|
|
Advantage:
Disadvantage:
|
|