throughout their initial three years of training YEAR ONE Emphasis is on good accounting practices especially checking of work, preparing work papers, identifying issues for managers attention, prioritising work and understanding the importance of client service. A graduate in their first year with Curtis McLean would attain experience in all of the following: 1. Preparation of Financial Statements for small to medium businesses. This would include the most basic tasks such as coding, review of figures for reasonableness, preparing work papers, updating of presentation of reports, printing final reports. Graduates are encouraged to prepare the financial statements from start to finish under close supervision. Only in a few cases would they only complete part of the task and have a more senior person complete. 2. Basic GST Return preparation including understanding how GST works, what constitutes a Tax Invoice, basic adjustments, possible risks, basic timing issues and return periods. 3. Preparing basic Tax Returns and understanding how the tax liability is calculated (usually this would not include calculating provisional tax). 4. Preparing Fringe Benefit Tax Returns for motor vehicles and calculating the GST adjustment. 5. Use of the Solution Six software so that they are proficient in formatting financial information in a limited manner within the reports, updating of the notes, printing report and backing up ledgers. 6. Preparing Companies Office and associated documents, understanding the filing deadlines and how to record share transfers and changes of statutory information. 7. Preparing the Annual General Meeting Minutes and Directors Resolutions for companies including recording salary information and understanding why this is an important requirement. 8. Checking of basic tax assessments received for taxpayers from Inland Revenue, identifying problems, advising Inland Revenue of any discrepancies and updating of the tax monitoring system software. Emphasis on the importance of what action is taken including noting IRD personnel names, dates when action was to have occurred and the penalties for late payment to ensure accountability is maintained. 9. Telephone contact with a few clients and with IRD personnel to gain confidence in dealing with people and to obtain information from people to perform the job. 10. Management of bank accounts for some clients including transferring funds when required, reconciling creditor statements, payment of creditors and dealing with banks to remit funds by fax or phone. 11. Preparing basic cash books, schedules and work papers in Excel. The graduate is expected to attain enough spreadsheet knowledge to be able to competently arrange and work with files and data within a spreadsheet. 12. Preparation of debtors statements, entering of source data and reconciliation to the general ledger. 13. Use of Word (fax) and email for basic correspondence. 14. Use of electronic time sheets, an understanding of how the costing system operates, recoveries and invoicing. YEAR TWO In Year Two a graduate would be expected to expand on the basic concepts of their first year but would gain further knowledge especially in the following areas: 1. Preparation of Financial Statements would include larger clients, those for which some records are missing and different entities such as nonprofit organisations, partnerships and trusts. A high standard of work paper preparation is expected and most problems or issues should be sorted before manager/partner involvement. 2. Tax Return preparation which include provisional tax and use of money interest calculations and the checking of complicated assessments. The preparation of the Company and shareholder Tax Returns would normally be expected while being alert to other information that would be included on the Tax Returns without specific direction. 3. Correspondence skills should be of a standard whereby a skeleton of a reporting letter can be formulated and basic requests answered for clients. 4. Telephone manner should be of a standard whereby telephoning of clients is not uncommon to request information and discuss basic queries. 5. Preparation of GST Returns to a high standard and being aware of reconciliation issues, being able to reconcile GST to a general ledger and knowledge of how to locate discrepancies and taking responsibility for arranging payment of GST by the due date. 6. A basic knowledge of payroll preparation is attained including how to calculate payments to employees, PAYE calculations, returning PAYE to Inland Revenue, preparation of annual PAYE reconciliations and reconciliation of these to the financial statements. 7. Preparation of management reports including working to a time deadline and reviewing the management reports for discrepancies or items that would be of concern to the client. YEAR THREE For Year Three graduates we would expect them to have developed a maturity to deal with client issues with relatively infrequent input from their manager or partner and to have taken responsibility for a number of smaller clients. Preparation of Financial Statements and Tax Returns would remain the main focus of work undertaken but in addition the graduate would be expected to achieve or be involved in other duties including: 1. Attending meetings between client and partner to review financial performance, taxation and other issues. Whilst not necessarily expected to have material input the graduate would be expected to provide assistance to the partner when, for example, the client queries how particular amounts in the financial statements were calculated. 2. Preparation of management reports, GST Returns and wages or similar at client premises without partner input. 3. Preparation of management reports or assisting clients in preparing their own reports using the clients software. This involves an understanding of how financial reports are prepared and being able to use other accounting software. 4. In addition to preparing Tax Returns an awareness of Provisional Tax issues such as income fluctuations for estimation, voluntary uplifting of payments, calculating family support and being aware of tax issues when reviewing transactions. 5. Involvement with invoicing of clients including calculating the amount to be invoiced and justifying any write off. 6. Supervision of junior team members on client work with which they are familiar. Responsibility is expected for the team members work that they have supervised.
"The Language of Business: How Accounting Tells Your Story" "A Comprehensive Guide to Understanding, Interpreting, and Leveraging Financial Statements for Personal and Professional Success"