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 adifferentreferral for each professional. NOTE:Refer to the relevant links related to Professional Services tab in the Assessment 1 block of Brightspace. PROFESSIONAL REFERRAL BAS Agent Name: Address: Phone: Bookkeeper Name: Address: Phone: Accountant Name: Address: Phone: Tax Agent Name: Address: Phone: Financial Adviser Name: Address: Phone: Commercial Lawyer 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 assessmentis 2 pagesgiven the following are included: – Purpose of the letter of engagement. – A well-defined scope of engagement listing the accounting and/or bookkeepingservices offeredby your organisation. – Define thelimitationsof your service engagement, what services do younotoffer. – Specifyresponsibilitiesyou require yourclientto undertake and comply with. These will enable you to carry out your services and not cross any regulatory limitations. – Students will need to acknowledge theCOVID 19business environment and provide advice to your client in this area. Advice needs to covertwoareas: 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 toJob KeeperandIncreasing 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 nominatethree  ethical principlesanddescribethese within the context of your organisation in delivering its services. – Specify adispute resolution procedureto be followed if a conflict should arise between your organisation and client. -Fee structuresandpayment termsshould also be outlined. -Additional terms and conditionsrelevant 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: Clients Name: Clients 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. Selectoneof 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 minimum1 sentenceeach, ensure youlist and explainall answers. NOTE:Refer to the relevant links related to Professional Ethics located in the Assessment 1 block of Brightspace. CHOSEN CORPORATE OFFENCE: . QUESTION 1: Explain the misconduct relating to the entitysaccounting/financial advice practicesin the context of the corporate offences. QUESTION 2: Explain1accounting ethical principle(refer to APES)you think wasnotcomplied with in the context of the corporate offences. QUESTION 3: Identify1legislation/compliance(Australian laws only)requirement which you think was breached in the context of the corporate offences.
Q4.BUSINESS STRUCTURES: Below arethreedifferent 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 minimum1 sentenceeach, ensure youlist and explainall answers. NOTE:Refer to the relevant links related to Business Structures located in the Assessment 1 block of Brightspace. LEGAL STRUCTURE QUESTION 2: List and explain1 advantageand1 disadvantageof this structure QUESTION 3: List at least1 piece of legislation/regulationthat 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:
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