BSBFIA401 3

7. Research the Internet and find out how the Privacy Act 1988 will be changed
in regard to storage of client data on cloud servers. What would an accounting
firm need to do if it stores client data on an online/cloud accounting system?
-Organisations will need to disclose to their clients that their data is being stored on a
cloud server and detail the country in which the server is located.
-Use and disclose it as required by relevant legislation, code of practices and policies
 and procedure and only with the clients consent under most circumstances.
-Protect the customers information against loss, against unauthorised access, use
modification or disclosure and against other misuse.
-User name and password are required when accessing the data only authorised
person or staff can access and backup the data regularly.
 

8. Review the APES 110 Code of Ethics for Professional Accountants on the
Internet. Explain what a Member of Business should do if they are not
satisfied that the financial statements of an employing organisation are
presented in line with Australian Accounting Standards.
. -In all cases, notify those Charged with Governance and document the
communication and qualify and declarations given by the Member in compliance with
legislative and regulatory requirements or the organisation’s reporting requirements
 

9. Review the APES 110 Code of Ethics for Professional Accountants on the
Internet. Explain how threats to compliance with the fundamental principles
occur.
They are created where a Member in business is pressured (either externally
or by the possibility of personal) to become associated with misleading
information or to become associated with misleading information through the
actions of others.
 

10. Explain the Australian Securities & Investments Commission’s (ASIC’s) role in
approving codes of practice for the financial services sector. List their criteria
for approval. 
. ASIC has the power to approve codes in the financial services sector. They
have released Regulatory Guide 183 Approval of financial services sector
code of practice.
An approved code of practice should meet a number of criteria including:
·         A comprehensive body of rules developed in consultation with
stakeholders
·         Enforceability against subscribers to the code
·         Adequate provisions for dispute resolution and sanctions
·         Effective and independent administration. Including compliance m
 
 11. Explain whether financial services industry associations have to seek
approval from ASIC regarding their codes of practice. Give examples of at
least two financial services industry codes of practice. 
. ASIC had not approved codes of practice developed by the financial services
industry under RG 183, and ASIC do not oversee their administration. However, they
are format codes developed by the financial services industry and may be useful to
consumers.
·         Code of Banking Practice; developed by the Australian bankers
Association.
·         Customer Owned Banking Code of Practice;developed by the
Customer Owned Banking Association
·         FPA Code  of Professional practice; by  the Financial Planning
association of Australia
·         General insurance Code of Practice; developed by the Financial
Planning Association of Australia
·         General insurance Code of practice; developed by the insurance
industry
·         Insurance Brokers Code  of Practice ;developed by the National
insurance Brokers Association of Australia
 

12. List four types of laws that ASIC administers.

·         Australian Securities investments commission Act 2001
·         Corporations Act 2001
·         Business Names Registration Act 2001
·         Business Names Registration (transitional and consequential
provisions)Act 2011
·         Insurance contracts Act 1984
·         Superannuation (Resolution of Complaints) Act 1993
·         Superannuation Industry (Supervision)Act 1993
·         Retirement savings Accounts Act 1997
·         Life insurance act 1995
·         National Consumer Credit protection Act 2009 and
·         Medical indemnity (prudential supervision and product standards)Act
2003

13. Explain two posting methods used in computerised accounting systems.

  Transactions are recorded into the computerized accounting system by one of two
methods:
 Batch method-enter transaction to a batch and then post each transaction
batch to the master table.or
 Direct-entry method-enter each transaction directly into the master table