1. PORTFOLIO AND REPORT
According to Bizfluent.com Accounting policies are important to any business to maintain consistency and to set up a standard for decision-making. Based on policies, procedures are developed and followed, including paying bills, cash management and budgeting.
Accounting policies are usually approved by management and do not change much throughout the years. They are developed for long-term use, reflecting a firms’ values and ethics. Accounting policies are not the same as accounting principles. Accounting principles are the rules, and accounting policies are how a firm adheres to these rules.
Instructions
You will need to research information to assist with your responses for this task.
What you will need to complete this task
• Research materials such as books, internet, magazines, workplace documentation etc.
• Access to legislative and regulatory documentation relevant to own state or territory.
You should use a variety of sources to gather information including training resources, workplace policies and procedures (if you are able to access these) and government and industry bodies.
You are required to provide information about the following points. You must prepare a written response to each task, which can be supported by example documentation as required. Ensure material is referenced appropriately.
Word limit
To complete this activity, you are required to submit a portfolio and written responses of
Long Answer Minimum of 8 typed lines = 100 words for each Task in Part 1& Part 2
Part 1. Portfolio and Report
Tasks:
1. For this task you must assemble a portfolio of policies, procedures and codes of practice.
You are required to submit:
a. 2 sample policies and procedures for bookkeeping and accounting
b. 2 sample codes of practice that relate to bookkeeping and accounting
2. You should read, review and research to answer the following questions in your own words. You may use reference sources from the internet, your workplace or another reference source such as a library.
a. Describe at least two avenues for identifying other relevant professionals.
b. Explain the requirements of at least two relevant industry codes of practice.
c. Explain the policies and procedures relevant to your role in a book-keeping organisation.
d. Describe the relevant statutory, legislative and regulatory requirements for documentation of accounting procedures.
Part 2. Report of the requirements to work effectively in the accounting and bookkeeping industry
For this part of your assignment you are to write a report and document and respond to the tasks below to show your understanding of the requirements to work effectively in the accounting and bookkeeping industry.
You may draw and include a flowchart where a process is identified in the task or list the steps required to complete the tasks as well as providing a written response.
Tasks:
1. Describe how you would set up and maintain systems to meet your compliance requirements through the following actions:
a. Develop systems to support user needs.
b. Develop and document instructions and guidelines for carrying out daily activities according to their compliance requirements
c. Conduct regular reviews of the system, adapting it as necessary.
2. Detail the steps you would take to complete your work, working both autonomously and in a team to complete the following work activities:
a. Identify what the tasks are to be done, and identify the conditions required for the autonomous or team environment work.
b. Plan out and document the work to manage resources, time and priorities
c. Throughout teamwork, provide feedback to team members to encourage, value and reward individual and team efforts, and contributions.
d. Work together in the team to identify and resolve problems that impede team performance. How would you record the problems identified and how they were resolved?
Discuss how you would respond to changes in technology and work organisation
