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You work in the finance department of a large organisation and have been asked to assess the organisation’s compliance with statutory requirements. You have identified that it is outside of your scope of operation but there is no one else who can undertake the task. The requirements are that you examine current policies and practice, assess compliance and make recommendations for improvement.
You will need to:
a. Scope the task.
b. Identify the requirements.
c. Conduct an examination of current practice and policies.
d. Identify and involve others.
e. Make recommendations.
The question is asking for the process you would follow, rather than the actual policies and processes.
a. Scope the task….What are you expected to do?
b. Identify the requirements….. What would be your plan of action?
c. Conduct an examination of current practice and policies….How would you complete this task?
d. Identify and involve others….Who would you involve?
e. Make recommendations….How would you submit this report? What actions/follow-up should be included
2. What will determine how often you generate reports?
3. Under the Code of Professional Conduct, what action should you take if you become aware of discrepancies between what the client has told you and some of the documentation that you have examined?
4. An existing client approaches you in early November stating that the income tax return of a friend has not been prepared or lodged for the previous financial year. Your client is aware that tax agents can lodge later than the October 31 deadline so requests that you assist the friend and prepare and lodge the tax return to avoid penalties. Under the Code of Professional Conduct, what advice do you provide to your client to pass on to the friend?
5. A professional client for whom you have acted for many years has provided documents and claims for an overseas trip that was taken to attend a conference. You have prepared the tax return on the basis of that information. When the client comes in to sign the tax return they talk about the overseas trip and show you photographs of the family holidaying around Europe after the conference. What do you need to do
6. Describe the distinction between legislative requirements and the Code of Professional Conduct.
7. You have been acting as a tax agent for a married couple for many years. They are jointly involved in a business. They have recently become divorced and you are preparing their individual tax returns. They have continued to run the business. In the past you have legitimately claimed certain deductions from the husband’s income. Now that they are divorced it is clear that claiming deductions for the ex-husband means that the ex-wife is unable to make similar claims to reduce her taxation liabilities. What would you do to resolve this situation?
7. One of the principles for the Code of Professional Conduct for agents, states:
‘You must take reasonable care in ascertaining a client’s state of affairs, to the extent that ascertaining the state of those affairs is relevant to a statement you are making or an activity you are undertaking on behalf of the client.’ What does this mean to you in terms of the manner in which you need to act, in explaining the impact of taxation on the individual and who is likely to be held responsible if an agent wilfully included false information, of which the client had no knowledge, in a tax return?
8. Describe the processes used to determine tasks and relevant conditions as they relate to workplace planning.
9. Conduct research and explain the importance of ethical practice in the financial services industry.
10. When setting goals you need to be clear about what is needed and how, why and when it can be achieved. Why is this important?
11. Why should organisations embrace change in technology and work practices?
12. What are the limitations placed on people working in the financial sector who do not meet training standards?
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