1-1.Term Definition1 Financial system D It is a way to organise financial transactions involving the creation, sale or transfer of financial assets2 Financial asset A It is generally accepted by the community as representing value, is not in tangible from and can be exchanged3 Financial intermediary F An entity who acts between two or more parties in a financial transaction4 APRA E Has responsibility for supervision and regulation of the Australian Financial system5 RBA B Has responsibility for Monetary Policy6 ASIC C It administers the Corporations Law, is responsible for registration of auditors and consumer protection across the financial system7 ACCC G Monitors mergers and takeovers to protect competition and the rights of customers1-2.The main sectors in the financial services industry are:AccountingInsuranceBankingBookkeepingFinancial planningSuperannuationFor commonwealth bank, the sectors of the industry they can fit in are Banking, Financial planning, Insurance, and Superannuation.1-3.The Australian economic and political systems that can affect the financial services industry are:Interest rateInflationGlobalisationConvergence1-4.Legislation Purpose Key RequirementTax Agent Services Act Establishes the Tax Practitioners BoardRequires BAS and Tax Agents to be registered and follow the TPB codes of PracticeConsumer Credit Code Credit providers are subject to regulations that govern the way they lend credit to consumers.
National Credit Code (NCC) came into effect for all credit contracts such as mortgages, guarantees and sale by instalments. The NCC deals with not only licensing requirements, but also responsible for lending and comparison rates for mortgages and loans.Privacy Act This act regulates the handling of personal information about individuals The Privacy Act regulates the privacy component of the consumer credit reporting system, tax file numbers, and health and medical research.Financial Transaction Reporting Act Assist in administering and enforcing taxation laws as well as other Commonwealth, state and territory legislation. FTR Act requires the reporting of certain transactions and imposes obligations in relation to certain services provided by ‘cash dealers’ under the ActCorporation Act This Act of Commonwealth of Australia deals with business entities in Australia at federal and interstate level.
It deals primarily with companies but also with other entities, such as partnerships and managed investment schemes. ASIC aims to look after consumers ensuring they receive proper disclosure, are dealt with fairly by qualified people, continue to receive useful information about their investment or product and can access proper complaints-handling procedures. Promoting investor and financial consumer trust and confidence is one of ASIC’s strategic priorities.Financial Services Reform Act The Financial Services Reform Act (FSRA): brings various financial services and products under one licensing regime; introduces a new disclosure regime for most financial products; establishes a standard of conduct for financial service providers a harmonised approach to licensing of financial services providers,including a disclosure and conduct framework;(b) a single statutory regime for financial product disclosure; and(c) The licensing of financial markets and clearing and settlement facilities.
Australian Accounting Standards The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Develop issue and maintain principles-based Australian accounting and external reporting standards and guidance that meet user needs and enhance external reporting consistency and quality.2-1.a) No, In certificate III in Accounting Administration curriculum does not include entering invoices and bills in MYOB and Xero and preparing BAS returns.
To provide these services individual must have at least a Certification IV bookkeeping or certification IV accounting from a registered training organisation (RTO) or equivalent institute.b) No, BOOKKEEPING4U business is already taken in ASIC Business Name Register search. If you have exact business name as another company, your state’s Secretary of State will not permit duplications so as to avoid confusion.
Furthermore, you can run into trademark issues if your business and another’s fall within the same category or are substantially similar.2-2. a) None of the Australian Privacy Principles (APP) applies to Centrelink.b) Yes, you can with permission of the customer and APP 7 applies.c) No, you can’t include a default in Mary’s credit report and APP6 applies.d) No, you can’t add them to your customer database to inform them of your products and services and APP4 applies.
2-3.a) I would process the cheque and send a friendly email or make a polite phone call to the client explaining the mistake, make a correction adjustment on a future invoice, or issue another Invoice or credit note correcting the mistake.b) Honesty and integrity is the principle, applied in making this decision. You must act honestly and with integrity.
You must comply with the taxation laws in the conduct of your personal affairs.If you receive money or other property from or on behalf of a client and you hold the money or other property on trust. You must account to your client for the money or other property.c) Workplace codes of conduct typically outline consequences for behavioural violations based on level of severity. Minor violations are usually treated with an initial verbal or written warning. More aggressive confrontations with colleagues, supervisors or customers, could lead to harsher penalties. Written, documented warnings and suspensions are examples of possible penalties for major conduct code violations.
In some instances, if the violation is related to misuse of resources or abuses of power, the employee may be stripped of some privileges or duties. Valid claims of sexual harassment, physical threats made against others, bringing a weapon to work, destroying work property and theft are all examples of more severe conduct code violations which may result in termination.2-4.a)Role YES/NO Professional RequiredPreparing tax returns NO AccountantLodging BAS statements YES Coding invoices YES Preparing financial reports NO AccountantAdvising client of insurance products NO Insurance adviserPreparing bank reconciliations YES Entering payroll information YES Checking contract prior to client to client signing them NO Lawyerb) To develop a network the first thing you should take into action before building a connection is to look for industries that are related to your field and that has more general business focus. Beside from that, you also need to join business meetings, seminars, events and more valuable activities where you could meet diverse business professionals and experts.
Look for people and businesses that share the database of the same customers you are targeting. Join in as a member in your professional organisation. 3-1.Triple bottom line (TBL) is a concept which focuses on the businesses to include social and environmental responsibilities. It measures company’s degree of social responsibility, its economic value, and its environmental impact.
Triple bottom line reporting can be an important tool to support sustainability goals by focusing on comprehensive investment results, with respect to performance along the interrelated dimensions of profits, people and the planet.3-2. Commonwealth Bank implements sustainability policies and practices through:Revised Group Environment PolicyEnhanced financed carbon emissions disclosureNew Human Rights Position StatementNew Wealth Management Responsible Investing FrameworkEmbedded approach to responsible lending3-3.a) Avoiding, reducing, reusing and recycling can lower your costs. For example, a few simple changes to deal with paper can involve staff in environmentally friendly processes while saving money:avoid using materials unnecessarilyreduce your paper needs by asking staff to print double-sidedEncouraging staff to reuse scrap paper for message taking instead of purchasing message padsRecycle by shredding excess paper commercially or invite staff to take it home for their compost or mulch heaps.b) Promoting environment friendly methods can set the business apart from your competitors and attract new customers who want to buy products and services from an environment friendly business.3-4.
The sustainability practices which can be used to reduce the organisation’s carbon foot-print areTurn off lights and electronicsGo energy efficientConserve waterRecycle paperInvest in a digital filing system4-1. Associate (AIPA) is entry level of membership and is perfect if you’re starting your accounting career. Joining is easy if you meet one of the below entry requirements:Eligible accounting qualification ORAustralian Diploma of AccountingAdvanced Diploma of AccountingUniversity Degree in AccountingUniversity Graduate Diploma in Accounting. The fees for each membership level are different.
4-2.In order to advance from AIPA to MIPA we need to satisfy the below:completed the IPA Program Stage 1 and the Mentored Experience Program (MEP);Current membership with an International Federation of Accountants (IFAC) Member level body, Member (MIPA) level equivalent.4-3.Continuing Professional Development (CPD) helps to enhance knowledge and remain up to date with legislative, technical and professional accounting standards changes. To maintain the membership (excluding honorary, retired and student members) they need to complete 80 hours of CPD every two years – a minimum of 10 hours must be completed in any calendar year.4-4.
Professional development activities that I would consider completing are diploma in accounting and Internship to obtain more knowledge and experience.5-1.The business needs of J;P Services Security ; Cleaning Pty Ltd. Are:hire a bookkeepercomputerise their payroll systemupdate their previous 6 months records and correct them5-2.The need for Bookkeeper is going to be constant because they play a major role in Maintaining Financial Records. Maintaining and updating financial records is a daily task for bookkeepers. As for computerised payroll once it’s done, we just need to update it with next payroll of employees and updating records and correcting them is one time job.
5-3.When developing policies and procedures in the work place it is important to ensure they meet the needs of the client the business and of course legislation. To do this, there are some basic steps that need to be undertaken to ensure the policies and procedures are correct and used by the business on daily basis.Decide on what needs a policy or procedure. There does not need to be a policy or procedure for everything that happens in a business.
Policy and procedure documents are required where there is a legislative requirement for certain things to happen, to mitigate risk in a business or to provide guidelines for decision making that can affect the business.Check the legislation. When writing a policy or procedure you must ensure that you check what is required for compliance and ensure it is clearly stated in your policy or procedure.Draft the policy or procedure and seek feedback. Once a policy or procedure is drafted, it is important to seek feedback for various sources. You can ask the people currently doing the task, a lawyer, specialist in the area or other professionals.
This ensures the document is complete and will provide valuable guidance to the business.Publish the policy/procedure. All staff must be made aware of the document being published and it must be stored in a manner that is easy to refer to.This is usually done on a company Intra-net site so employees always have the latest policy or procedure readily available to them.Verify. Internal audits can be used to ensure the policy/procedure is being followed.
This is a vital part of the business to ensure it is working efficiently and within the legal frame work.Review. Policies and procedures must be reviewed regularly to ensure they take into account any changes in legislation, compliance requirements, technology or systems within the business.5-4.The following criteria must be met before Account Payable invoices can be processed:Invoice must be addressed to J&P Services Security & Cleaning Pty Ltd.Invoice should include Vendor/Supplier name, business address, amount andDescription of goods and or services provided.
Australian Vendors must provide a Tax invoice. A Tax invoice must include the price of sale, whether it includes GST and the vendors Australian Business Number (ABN).If goods and or services are ordered using a J&P Services Security & Cleaning Pty Ltd purchase order the Vendors/Suppliers invoice must contain the relevant purchase order number.Invoices and purchase orders of J&P Services Security & Cleaning Pty Ltd must meet matching requirements.5-5. Customer service policies in J&P Services Security & Cleaning Pty Ltd for professional cleaners or housekeepers role include:Courtesy: All customers should be treated politely and respectfully.