Question

group assessments.

Environment in accounting industry

• Required skills for assistant accountant based on the Job Prospect and job advertisement.
• Role of ethics and corporate governance in the accounting industry
• What principles of Code of Ethics (APES 110) may be threatened in the above case?
• What are possible courses of action?

Answer 1

Answer:

1. An Accounts assistant will assist with financial records, deal with tax return forms and help to prepare accounts within an accountancy firm or as a member of an in-house finance team in one of a wide variety of industries. Accounts assistants work for an accountancy firm or other business, assisting with the preparation of accounts, keeping books, dealing with tax return forms and maintaining financial records. They may be responsible for a wide variety of financial tasks or, in larger firms, specialise in a particular area of accounting such as payroll or credit control.

SKILLS

Accounts assistants are required to have a logical mind and an ability to work well with numbers.Other skills needed for the job include:

1. Good verbal and written communication skills.

2. Excellent attention to detail.

3. The ability to maintain clear and accurate financial records.

4. Computer literacy and the ability to use various specialist applications.

5. Reasonable word processing skills.

6. A genuine interest in business and finance.

7. Good administrative skills.

2. Ethics and Governance:

Ethics and governance is a core component of the knowledge and skill base of today's professional accountants. As key business decision makers, accountants must be proficient in regulatory regimes, compliance requirements, and governance mechanisms to ensure lawful and effective corporate behaviour and operations. A better understanding of ethics, corporate governance frameworks and mechanisms links with the various roles and responsibilities outlined in other subjects of the CPA Program. From an individual perspective, this subject provides you with the analytical and decision-making skills and knowledge to identify and resolve professional and ethical issues. The skills and knowledge obtained are also important for subjects that specialise in the functional disciplines of accounting such as Advanced Taxation, Financial Reporting, Strategic Management Accounting and Advanced Audit and Assurance.

3. Principles of Code of Ethics (APES 110):

Accounting Professional & Ethical Standards Board Limited (APESB) issues APES 110 Code of Ethics for Professional Accountants (this Code). This Code is operative from 1 July 2011 and supersedes APES 110 Code of Ethics for Professional Accountants (issued in June 2006 and subsequently amended in February 2008). Earlier adoption of this Code is permitted. Transitional provisions relating to Public Interest Entities, partner rotation, non-assurance services, Fees – relative size, compensation and evaluation policies apply from the date specified in the respective
transitional provisions.

All Members in Australia shall comply with APES 110 including when providing Professional Services in an honorary capacity. All Members practicing outside of Australia shall comply with APES 110 to the extent to which they are not prevented from so doing by specific requirements of local laws and/or regulations.

4. Course of Action:

1. Any sequence of activities that an individual or unit may follow. 2. A possible plan open to an individual or commander that would accomplish, or is related to the accomplishment of the mission. 3. The scheme adopted to accomplish a job or mission. 4. A line of conduct in an engagement. 5. A product of the Joint Operation Planning and Execution System concept development phase and the courseof- action determination steps of the joint operation planning process. Also called COA.