FNSACC408 Work effectively in the accounting and bookkeeping

FNSACC408 Work effectively in the accounting and bookkeeping
industry
Assessment Task 3: Your NAME
Upload two (2) files to Connect:
This document - Your NAME AT3 PD Plan Attempt 1
Marking Criteria – Your NAME AT3 MC Attempt 1 (Complete your details at the
top)
Review Assessment Tasks 1 and 2. Based on this information, prepare a
Professional Development Plan for yourself.
Criteria Response
1. Identify key tasks and
responsibilities within your role
The key task and responsibility which can be
identified within the role of a bookkeeper are
mentioned below in details:
a. The primary function which can be
identified for a bookkeeper is related to the
process of maintaining the books of
accounts for the business. The books of
accounts are the basis on which the
financial statements are prepared by the
business.
b. The bookkeeper also needs to make
entries in the books of accounts and make
adjustments as and when required in the
same.
c. In addition to this, the book keepers would
also be responsible for the payroll system
which is established in the business.
d. The bookkeeper would also be reviewing
the financial statements on a regular basis
in times of inspection so as to ensure that
the financial statements are not showing
any discrepancies.
e. The bookkeeper also provides assistance
to the financial accountant to satisfy
compliance requirements in relation to
preparation of the financial reports of the
business.
f. The bookkeeper also has the
responsibility to keep the financial
accountant updated on the entry process
of information and the bookkeeper also
needs to managing the online software for
entering the transactions of the business.
2. Identify your competency and
currency requirements, including
The accountant has a very important role to play
PROFESSIONAL DEVELOPMENT PLAN - YOUR NAME 1

any legal, ethical and licensing
requirements
in a business as he is responsible for preparing
the financial statements which reflect the
performance of the company during the period
and therefore a qualified accountant is required
so that the quality and accuracy of the financial
reports are maintained..In order to become a fully
qualified bookkeeper or accountant, the
management of the company needs to consider
the current competency requirements such a
proper degree in financial accountant from a
recognised institute which can prove the
competency of the employee. In Australia, a
recognised degree from CPA Australia is
considered to a valid proof of competency for the
field of accounting. The ethical and legal
regulations also need to be considered for the
position of bookkeeper is important. In addition to
this, in many of the companies, generally the
requirement if of a certified cost accountant or a
chartered accountant for handling the books of
accounts of the business. In such a situation a
valid license would be required by the employee
for managing transactions and preparing the
financial statements of the business.
3. Review your current
competency and currency
achievements
The current competency which is required by the
business is that of a bookkeeper who would be
responsible for maintaining the books of
accounts of the business and also passing
necessary journal entries and posting the same
in ledger accounts. As per my present role, I
need to pass journal entries and also check for
any errors or omission in the financial
statements. In addition to this, I also need to
adhere to the relevant rules and regulations
which are associated with accounting policies
and relevant accounting standards which are
formulated by the IASB. I also will be performing
some supporting roles such as reviewing the
payroll process and processing salary slips,
reviewing inventory, debtors and creditors
records during the time of inspection. In the
present scenario, I am competent enough to
handle the accounting transactions and preparing
the books of accounts.
4. Review feedback from peers
and others
I would be getting support from the other
bookkeepers who would be working under the
same accountant and reviewing the books of
accounts of the business. The accountant would
also be providing feedback to bookkeepers
regarding the posting and work which is prepared
PROFESSIONAL DEVELOPMENT PLAN - YOUR NAME 2