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FNSACC505 Student Guide WP

Here is a 1000 word report addressing the points outlined in the assessment: Ethical Considerations for Financial Reconstruction Financial reconstruction work involves handling sensitive client information and making important decisions that impact individuals and businesses. As such, strict ethical standards must be followed to ensure integrity and protect all stakeholders. Some key ethical considerations include conflicts of interest, confidentiality, and disclosure requirements. Conflicts of interest can arise when an advisor's personal interests compete with their professional responsibilities. For example, an advisor reconstructing the finances of a struggling business should not have any personal investments or ties to that business. Full disclosure of any potential conflicts is necessary to maintain transparency. Maintaining confidentiality of client information is also paramount. Financial data contains

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Louise Hurrell
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515 views9 pages

FNSACC505 Student Guide WP

Here is a 1000 word report addressing the points outlined in the assessment: Ethical Considerations for Financial Reconstruction Financial reconstruction work involves handling sensitive client information and making important decisions that impact individuals and businesses. As such, strict ethical standards must be followed to ensure integrity and protect all stakeholders. Some key ethical considerations include conflicts of interest, confidentiality, and disclosure requirements. Conflicts of interest can arise when an advisor's personal interests compete with their professional responsibilities. For example, an advisor reconstructing the finances of a struggling business should not have any personal investments or ties to that business. Full disclosure of any potential conflicts is necessary to maintain transparency. Maintaining confidentiality of client information is also paramount. Financial data contains

Uploaded by

Louise Hurrell
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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1.

PERFORMANCE EVIDENCE
Evidence of the ability to:
identify and document record and systems requirements
evaluate alternative systems and acceptance test systems
prepare systems documentation and implement reporting systems and records
that comply with:
statutory requirements
organisational policy and procedures
monitor and review reporting systems.
Note: If a specific volume or frequency is not stated, then evidence must be provided at
least once.

2. KNOWLEDGE EVIDENCE
To complete the unit requirements safely and effectively, the individual must:
outline the key features of statutory requirements, codes of practice and
organisational policy and procedures relating to accounting systems
discuss ethical considerations for the handling of financial reconstruction
explain the key features of financial legislation relating to taxable transactions
and reporting requirements
outline a range of considerations for developing accounting system specifications
compare and contrast methods of data protection
explain the key principles and practices of budgetary control and implications for
accounting systems
explain the process and procedures for recording and storing financial data.

3. ASSESSMENT CONDITIONS
Assessment must be conducted in a safe environment where evidence gathered
demonstrates consistent performance of typical activities experienced in the accounting
field of work and include access to:
common office equipment, technology, software and consumables
an integrated financial software system and data
organisational records, policy and procedures.
Assessors must satisfy NVR/AQTF assessor requirements.

A SS E SS M E N T 1 C A S E S T U DY
For this assessment the student must complete the following case
study.
Stratford on Murray is a company that arranges cosmetic parties and
presentations in customers homes selling a range of Stratford cosmetics and
giftware. The firm is currently comprised of Qiuhong, Samia and Samias
daughter, Erica. Sales have been increasing steadily and Quihong and Samia
wish to migrate from a manual system to a computerised management
information system.
They wish to record sales and receipts, maintain debtor control and keep better
track of customers. Instead of only providing cash sales, they will accept credit
flexibility obtained through Veeza, a large credit provider. Veezas terms are a
minimum flat fee per transaction of $2.50 or 3.50% of the value charged.

Stratford on Murray receive orders from clients, if


paying by credit card a check is conducted to make
sure that the credit card is not on the list of stolen
or cancelled cards. If it is on the list, credit is
refused immediately. If not, an invoice is raised
and a Veeza receipt is printed for the client to sign.
All invoices are posted at the end of the day.
Quihong and Samia will both draw $1800 a
fortnight as a salary paying full tax on it. Cheques
are drawn and data is processed and posted.
A purchasing/accounts payable system is also
required with facility for BPAY, payment by direct
transfer and cheques.

REQUIRED:
The student must prepare a report outlining the Design of the Accounting system
to be used by Stratford on Murray.
Areas to be included are:
Objectives of Accounting system
System specification
System design
Documentation design
System Testing
Security requirements
Recording processes
Implementation plan
Training Schedules
Compliance
Integrity of system
Reporting requirements
Reporting Procedures
Evaluation and modification of accounting system
Continuous Improvement
Students will need to research beyond the learner resource to complete this
assignment.

Answer Sheet (Expandable)

A SS E SS M E N T 2 - K N O W L E D G E
QUESTIONING
Answer Sheet (Expandable)
1. How would you define an Accounting Information System?

An accounting information system (AIS) is a system of collection, storage


and processing of financial and accounting data that is used by decision
makers. An accounting information system is generally a computer-based
method for tracking accounting activity in conjunction with information
technology resources.
2. Different users want different things from their accounting system. What
might those things be?

3. What tasks does a basic accounting system perform?

4. What steps are involved in Identifying and recording system requirements?


Prepare comprehensive specifications based on requirements of potential users that include
system objectives, document specifications, and security and records requirements
Review features of any existing system and records to establish their suitability and usability
Establish recording processes according to accepted practice and in accordance with legislation
and codes of practice

5. What are five (05) primary components of a Management Information


System (MIS)?

The five primary components of a Management Information System are:


Hardware
Software
Data (information for decision making)
Procedures (design, development and documentation)
People (individuals, groups, or organisations)
6. How would you evaluate alternative systems?
Compare and measure features of various systems against user requirements in
order to identify alternative systems and solutions
Carry out costbenefit analysis of the alternative systems and solutions, and
document recommendations . A cost-benefit analysis is an analysis of the benefit
and the costs of the product on paper so that the user can more easily compare
the product.

7. Why should you perform a test on the system prior to purchasing?


You test systems in an operational environment in order to ensure compliance
with the user requirements, company policy and guidelines as well as system
specifications and relevant legislation or industry codes of practice
8. Write down 4 vital security elements for an Accounting Information

System.
Physical security
Authentication
Virus protection
Backup
9. How can you ensure system documentation is prepared thoroughly?

10.What are the 5 critical steps when implementing a new accounting


system? Describe each one.
11.Monitoring and reporting of systems is vital in continuous improvement
and to ensure compliance. Why?
12.Write down five steps of Communication Process.

A SS E SS M E N T 3 - P R O J E C T
For the project the learner will complete the following assessment.
The project will allow the learner to display required knowledge and skills that
are essential when contextualising overall competency. This assessment should
be no less than 1000 words and should address each of the below points.
Your task is to research the following information and prepare a short report on
each of the following points:

Ethical considerations for the handling of financial reconstruction such as:


o

Conflict of interests

Confidentiality

Disclosure requirements

Financial legislation such as:

o Taxable transactions
o

Reporting requirements

Methods of data protection including:


o

Back-ups

Security

Principles and practices of budgetary control such as:


o

Double-entry bookkeeping

Accrual accounting

Principles of internal control including statutory reporting

Procures and procedures for recording and storing financial data

The information in your report must be relevant to the financial services sector
and should be presented in a formal structure.

Answer Sheet (Expandable)

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