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Electronic Processing And The Role Of Professional Accouting And Finance Bodies And Cods Of Conduct

1225 words - 5 pages

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Electronic Processing and The role of professional Accouting and finance bodies and cods of conduct
Accounting and Finance ATAR Assignment
June 10, 2016
Ramla Mohamed
Australian Islamic College
June 10, 2016
Ramla Mohamed
Australian Islamic College

Part 1
a) What membership type are available for the organisation?
Types of membership include Associate, CPA and Fellow are an example of memberships available to CPA Australia.

b) What qualifications/experiences are required to become a member?
Associate(ASA)- As an ASA you have six years to complete the CPA Program, including six education subjects and the experience ...view middle of the document...

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e) What is the process of for dealing with members who are alleged to have breached professional requirements and their consequences?
CPA Australia’s Quality Review Program has identified the most common ways members breached professional standards or legislative or regulatory requirements.
. APES 315 Compilation of Financial Information
Not having all the required elements in a compilation report such as date, name, title, complete address (either a PO Box or Street address with applicable state), the specific purpose for which the special purpose financial statements have been prepared, as required by paragraph 12.6.
APES 305 Terms of Engagement
No evidence of having documented and communicated terms of engagement when performing professional services and not having documented the terms of the engagement in the engagement document as required by paragraphs 3.1 and 3.4.
APES 320 Quality Control for Firms
Not having established and maintained a documented system of quality control as required by paragraph 3.

2) Outline the various types of electronic processing methods and there risks and benefits?
Type | Benefit | Risk |
EFTPOS | Its efficient as funds are cleared straight away. Reduces theft as less is held on premises | System subject to outages. Risk of fraud to stolen cards. |
Bill Payments | Certainty of payments as receipts are issued. More variety of payment options rather than going to business premises | System subject to outages, Data theft and possible commission fees. |
Credit Cards | Can be used internationally, funds are cleared automatically and you can gain reward points. | Risk with stolen cards, subject to outages and fees associated with card processing |
Online Banking | Can be used anytime anywhere with an internet enabled device and there is also electronic proof of transaction | Subject to outages and maintenance, risk of fraud if account details are compromised. |
Direct Debit | Electronic proof that payment has been mad and convenient avoids or missed payments | Fees are incurred, risks of extra fees and penalties if insufficient funds in account and possible errors with incorrect amounts taken |

3) Explain the risks and benefits of electronic processing and their implication towards the business.
Benefits-
* Convenient for the customer- doesn’t need cash
* Less paperwork- receipts get printed automatically
* Faster delivery to customers
* Provision of goods and services anytime
* Cheaper to provide/less staffing costs
* Discounting possible due to lower costs....

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