Bookkeeping and Accounting: Professional Tasks & Services, Letter of Engagement, Chosen Scandal, Legal Structure

This article covers topics related to Bookkeeping and Accounting including Professional Tasks & Services, Letter of Engagement, Chosen Scandal, Legal Structure. It includes information about BAS Agent, Bookkeeper, Accountant, Tax Agent, Financial Advisor, Commercial Lawyer, Sole Proprietor, Partnership, Company and more.

Running head: BOOKKEPING AND ACCOUNTING
BOOKKEPING AND ACCOUNTING
Name of the Student:
Name of the University:
Author Note:

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Bookkeeping and Accounting
Table of Contents
Answer to question 1:......................................................................................................................2
Answer to question 2:......................................................................................................................4
Answer to question 3:......................................................................................................................7
Answer to question 4:......................................................................................................................9

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Bookkeeping and Accounting
Answer to question 1:
PROFESSIONAL TASKS & SERVICES REFERRAL
BAS Agent 1. Advising or ascertaining about liabilities,
entitlements or obligations of any client under the BAS
provisions.
2. The agents represents their client with the
commissioner of taxation in their dealings which is in
relation to BAS provisions.
3. The clients are served with reasonable service for
obligations or liabilities or to claim entitlements under
BAS provision.
Name: Australian Bookkepers
Network ( Austbook.net., 2020)
Address: Level 3, Plaza Chambers
15 Dennis Rd Springwood
QLD 4127
Phone: [phone]
Bookkeeper 1. Credit card management.
2. Bank reconciliation.
3. Trial balance reconciliation.
Name: “A” Class Bookkeeping
Services
Address: Doncaster VIC, 3108
Australia
Phone: [phone]
Accountant 1. Accounting and Auditing.
2. Management Consulting.
3. Company Formation and secretarial Services.
Name: KPMG Australia (KPMG.,
2020)
Address: 151 Pirie Street
Australia
Phone: [phone]
Tax Agent 1. Advising and ascertaining about the entitlements,
obligations or liabilities of entities under taxation law.
Name: Everest Tax Accountant and
Business Advisors

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Bookkeeping and Accounting
2. The agents represents their clients with the
commissioner of taxation in their dealings which is in
relation to taxation law.
3. The clients are served with reasonable service for
obligations or liabilities or to claim entitlements under
taxation law.
Address: 9A/49 Hay St, Subiaco
WA 6008
Phone: [phone]
Financial Advisor 1. Employee benefits planning.
2. Emergency funds management.
3. Investment selection and management.
Name: Your Private Advisers ( Your
Private Advisers., 2020)
Address: Level 57, MLC Centre, 19-
29 Martin Place, Sydney, NSW
2000
Phone: [phone]
Commercial
Lawyer
1. Advises the company regarding the contract law.
2. Handles the real estate issues for their clients.
3. Provides licensing and taxation to their clients.
Name: Cowell Clarke Commercial
Lawyers
Address: LEVEL 9, 63 PIRIE ST
ADELAIDE SA 5000
Phone: [phone]

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Bookkeeping and Accounting

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Bookkeeping and Accounting
Answer to question 2:
Letter of Engagement
Frank Taylor & Associates
1 Broadmore Building, Bradmore Green
Brookmans Park, Hertfordshire AL9, 7QR
0330 088 11 56
21st February, 2020
ABC Ltd
Andrew Math
2 Broadmore, Hertfordshire
AL10, 8QR
[e-mail]
0330 098 10 47
Dear Sir,
This is to inform you that we are extremely excited that we got an opportunity to serve you with
our dental practices. Our motive has always been to provide the best practice service to our
clients.
All the engagement details are provided below which will be helpful for you to understand about
the purpose of engagement.
ENGAGEMENT DETAILS
Services offered and key responsibilities:
- Top class dental practices
- Depth experience in sale and valuation of dental practice.

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Bookkeeping and Accounting
- Worldwide service support.
Key responsibilities and some services which are not offered:
- Other medical practices
Client’s key responsibilities:
- Maintaining the payment deadlines
- Informing about any issues before extreme damage
Organizational ethics:
- Maintaining good relation with customers
- Obeying code of conduct
- Respecting the contract with clients
Additional terms & conditions:
- Each and every detail provided must be genuine
- Before conducting any contract full address must be verified
Mathew Strek
____________________
Professional in bookkeeping and accounting industry
By signing this I acknowledge and confirm my authority to legally bind FT & Associates to this
agreement.
1252/A, Loco Colony

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Bookkeeping and Accounting
Sydney
9568877206
Andrew Math
______________________
Owner of ABC Ltd
By signing this letter of engagement, I acknowledge that I have authority to bind the business to
this agreement.
2 Broadmore, Hertfordshire
AL10, 8QR
[e-mail]
0330 098 10 47

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Bookkeeping and Accounting
Answer to question 3:
CHOSEN SCANDAL:
Clive Peeters, 2010
ANSWERS
QUESTION 1: Explaining the misconduct
which is relating to the accounting
practices of the entity in the context of the
scandal.
The payroll manager Sonya Denise Causer of
Clive Peeters have made fraud in the
company by showing false inflation in the
company payroll expense and the she used her
own company online banking access so that
she can transfer the difference amount
between actual and reported expenses. She
stole almost A$20 million from Nov 2007 to
June 2009. She used the money for the
purpose of purchasing 43 properties and 3
cars (The Sydney Morning Herald., 2020)
QUESTION 2: Explain 1 accounting
ethical principle you think was not
complied with in the context of the scandal.
APES 110 Code of Ethics for Professional
Accountants was not complied with the
scandal because the accountant manager was
not following the ethics of duties and all the
ethics were violated while preparing the
financial statements (Legislation.act.gov.au.,
2020)
QUESTION 3: List one of the
legislation/compliance requirement which
Corporation law compliance with the context
of scandal because Sonya has violated the law

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Bookkeeping and Accounting
according to you has been breached in the
context of the scandal.
of Corporation Act 2001
(BusinessDictionary.com., 2020). This law
states all the factors under corporate
governance which needs to be maintained by
the corporate bodies and the employees of
that company.

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Bookkeeping and Accounting
Answer to question 4:
LEGAL
STRUCTURE
QUESTION 1: describe the
type of business this
structure most suitable for
with some example.
QUESTION 2: list and explain
1 advantage and 1
disadvantage of this structure.
QUESTION 3: list at least
1 piece of
regulation/legislation that
each of the structure must
have similarities with.
Sole
Proprietor
FT Associates is an
accounting firm in Sydney,
Australia. They are popular for
providing day to day service of
bookkeeping. Their clients are
mostly the small companies of
medical, interior designing,
wholesale and many others
(Frank Taylor & Associates.,
2020).
Advantage: it is one of a cheap
option for doing a business
because they adopt affordable
models when they start and
continue (Skillmaker.edu.au.,
2020)
Disadvantage: the owner is fully
liable. When any loss happens
then the owner have to borne the
loss alone which will impact the
business.
A sole proprietorship
business needs to register
themselves with Australian
Business Number (ABN)
which consists of 11 digit
number and used while
business dealings in the tax
office or in any other
government departments
(Systemday.com., 2020)
Partnership Red Bull & GoPro has a
partnership in which GoPro
sells portable cameras and Red
Bull sells energy drinks. They
both are lifestyle brands with
similar goals.
Advantage: there is always a
person who is present to share
the burden and hence a single
person does not have to borne the
losses alone.
Disadvantage: however, the
Partnership Act 1963 has a
division as Division 6.3
which states that the address
and personal detail of every
partner must be clearly
submitted so that there is no

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Bookkeeping and Accounting
liability is unlimited and hence
both the partners have to tackle
the full debt and losses. The
partners might have to sell their
possession for the settlement of
losses. So if one takes any
decision it will affect the other
partner also.
fraudulent case.
Company Woolworths Limited is a big
company which deals with
extensive retail interest in
Australia and New Zealand
(Woolworthsgroup.com.au.,
2020)
Advantage: transferring of
ownership involves easy simple
steps of selling shares without
any hassle.
Disadvantage: is somehow the
directors of the company fails to
complete their legal obligation
then they will be personally help
liable for any debts.
Corporations Act 2001 is a
primary legislation which
regulates and operates the
companies in Australia. One
of a division in this act like
Division 6 states the rules
and regulations needs to be
maintained by subsidiaries
and related bodies corporate.
References:
Austbook.net. (2020). ABN BAS Agent | Australian Bookkeepers Network. Austbook.net.
BusinessDictionary.com. (2020). What is corporate legislation? definition and meaning.
BusinessDictionary.com.

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Bookkeeping and Accounting
Frank Taylor & Associates. (2020). Sell my dental practice | Buy a dental practice. Frank Taylor
& Associates.
KPMG. (2020). KPMG Australia. KPMG.
Legislation.act.gov.au. (2020). Legislation.act.gov.au.
Skillmaker.edu.au. (2020). Sole trader regulations in Australia – Skillmaker. Skillmaker.edu.au.
Systemday.com. (2020). Australia Company Law - Companies Act. Systemday.com.
The Sydney Morning Herald. (2020). Clive Peeters left reeling by $20m sting. The Sydney
Morning Herald.
Woolworthsgroup.com.au. (2020). Woolworths Group: Quality Brands and Trusted Retailing.
Woolworthsgroup.com.au.
Your Private Advisers. (2020). HOME • Your Private Advisers. Your Private Advisers.