FNSACC408 Work effectively in the accounting and bookkeeping industry - Assessment 3

Task 1

Part A

Provide two reasons as to why establishing and maintaining effective communicative relationships with your clients is important. (2 marks)

Part B

Determine roles and responsibilities of the following members of the accounting and tax profession according to business needs: (5 marks)

Part C

The following list of activities fall outside an accountant’s and bookkeeper’s role. Refer your client to networks of individuals for advice and services on carrying out the below: (2 marks)

1. Verifying the accuracy of financial reports
2. Advice on investments, superannuation, insurance and mortgages
3. Advice on system requirements and set up costs associated with the purchase and installation of accounting software
4. Savings and loan functions

Part D

Using the additional information provided with this assessment, document the outcomes of the meeting in the form of a ‘Letter of Engagement’.

• The letter should include the details of any decisions made and actions required as a result of the meeting. (6 marks)
• In this letter you may consider to include the following:
• Scope of work to be done - Details of the services to be provided
• Period of time
• Information required to provide service
• Fees and payments
• Privacy
• Disputes
• Termination
• Client acknowledgement and confirmation

Part E

You have decided to develop a questionnaire to seek feedback from your clients to enable you to identify areas where your service might be improved or tailored toward your client’s needs.

• Develop at least 3 questions to include in your questionnaire that will enable you to get feedback on the data you recently prepared and supplied for end of year financial reporting. Present your answer in a format that will encourage your client to respond. (3 marks)

Part F

List the ethical principles under its five categories that TASA Act 2009 requires registered tax agents, BAS agents and tax (financial) advisers to adhere to. (2 marks)