FNSINC401A & FNSBKG401A Assessment: Applying Principles in Finance

This assignment solution covers the FNSINC401A and FNSBKG401A assessment, focusing on professional practice and bookkeeping activities within the financial services industry. It addresses key elements of competency, including identifying industry scope and responsibilities, applying relevant guidelines and legislation, and addressing sustainability issues. The solution includes tasks related to researching compliance requirements, developing professional relationships, and implementing sustainable practices within a virtual office environment. Additionally, it explores methodologies for gathering client information, developing questionnaires, and identifying the role and responsibilities of a bookkeeper, including when to seek assistance from other professionals. The assessment also involves researching commercially available software tools for bookkeeping and developing client feedback processes and customer surveys to enhance service delivery. This comprehensive solution provides a detailed understanding of the principles and practices required in the financial services industry.

Assessment Tool Page 1 of 49
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning
FNSINC401A Apply Principles of Professional Practice to Work in the
Financial Services Industry
FNSBKG401A Develop and Implement Policies and Procedures Relevant
to Bookkeeping Activities
Name of Participant: Date:
Element of Competency - FNSINC401A
1. Identify the scope, sectors and responsibilities of the
industry
2. Identify and apply Financial Services Industry guidelines,
procedures and legislation
3. Identify sustainability issues for the Financial Services
Industry
4. Manage information
5. Participate in and facilitate work team activities
6. Plan work to be completed taking into consideration time,
resources and other constraints
7. Develop and maintain personal competency
Element of Competency - FNSBKG401A
1. Develop a professional working relationship with relevant
parties
2. Carry out research to identify compliance requirements and
support materials
3. Set up and maintain appropriate systems to meet
compliance requirements
Complete the following assessment tasks and ensure that any manual printouts of
evidence are signed by yourself in the bottom right hand corner. The completed
Assessment Tasks and any evidence must be presented to your Trainer in order to be
assessed on the subject, and ultimately marked Competent.
User Guide Activities
The course activities require you to work through the Professional Work Practice in the
Financial Services Industry (FNSINC401A FNSBKG401A) tdnaediuGresU. he
Virtual OfficeLink Workplace website. Each activity will guide you to use either the User
Guide (UG), Virtual OfficeLink Workplace (VOL) or both.
ASSESSMENT TOOL
Part 300ATF10 VOL
Version 6.13.2

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FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning
Activity Task 1 – UG Topics 1.1 – 1.3
(a) To which of the eight main sectors in the Financial Services Industry would
bookkeeping activities be most closely related?
(b) Provide an example of how the bookkeeping sector might relate and interact with
other sectors in the Financial Services Industry.
Activity Task 2 – UG Topic 1.4
(a) Identify one service provider (by company name) that fits into each of the
following categories:
ADI:
RFC:
MF:
Activity Task 3 – Topic 1.6 – 1.8
(a) Identify a major external force that had an impact on the Australian bookkeeping
industry in the last decade.
External Force:
Impact on bookkeeping industry:
(b) Identify one other external force that currently affects the bookkeeping industry
and provide an example of the impact on the bookkeeping industry.
External Force:
Impact on bookkeeping industry:
(c) Identify a major financial service provider who has gone through major changes
in their product and service range due to changing external forces or global
market trends. List and explain the changes that they have undertaken.
thre

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Activity Task 4 – Topic 2.1, VOL
(a) Discuss and list a minimum of three methodologies you could utilise to research
legislative, statutory and regulatory requirements applicable to the Virtual
OfficeLink Workplace (VOL).
Activity Task 5 – Topics 2.3 – 2.6, VOL
Using the Internet visit www.tpb.gov.au and answer the following questions.
(a) What are the application fees for a Tax Agent and a BAS agent and how long is
the registration period?
(b) Summarise what is described as a fit and proper person.
(c) Briefly describe the Code of Professional Conduct (Code) and state where you
can find full details of the principals of the code.
(d) What are the qualification and relevant experience requirements to register as a
tax agent and BAS agent?
(e) Where on the TPB website can you find the summary of penalties, sanctions and
termination booklet and what does it describe?
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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Activity Task 6 – Topics 3.1 – 3.2, VOL
a) List some behaviours that you, as an individual can undertake to enhance your
‘sustainability’ in your own life in the following areas:
Profit
People
Planet
b) Choose a large organisation that you are familiar with and list some of the
behaviours that they undertake to maintain their sustainability in the following
areas:
Organisation Name:
Profit
People
Planet
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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c) Discuss/explain some of the social and/or environmental behaviours of some
companies that you have noticed and how they may influence where you take
your business.
d) What behaviours and processes could be implemented by VOL in the following
areas:
Profit
People
Planet
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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Activity Task 7 – UG Topic 3.3, VOL
(a) Access some of the documents listed in the User Guide and list at least four
influences that the information found could have on the Financial Services
Industry and VOL.
1.
2.
3.
4.
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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(b) Complete the following questions in relation to VOL.
1. What is the name of the community VOL is located in?
2. What type of business is VOL in?
3. Why is sustainability important to your local environment?
4. What steps could VOL be taking to address sustainability?
5. In your own words, what would you, as a manager of VOL, like to have achieved
12 months from now?
6. What items (computers, printers etc.) would you consider to the major users of
energy within an office environment?
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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(c) Undertake some research to identify some of the areas within the business processes
of VOL that could be investigated listed below to meet sustainability requirements.
What changes could you make?
Consumables
Office supply requirements
Data storage
Power usage
(d) Using a program of your choice (for example Microsoft Word, Excel, Publisher or
PowerPoint) and the information gathered in this activity, create a sustainability
policy document that could be used within the Financial Services Industry.
Once you have completed this task, save your document and include it with your
Assessment Tool when submitting your work to your Trainer/Assessor.
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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Activity Task 8 – UG Topics 4.1 - 4.2, VOL
(a) With reference to VOL’s client list, outline some probable means for gathering
information regarding their business needs and expectations.
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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Activity Task 9 – UG Topics 4.1 - 4.2, VOL
(a) Using a program of your choice (for example Microsoft Word, Excel, Publisher or
PowerPoint), develop a questionnaire to determine the business needs and
expectations for a potential VOL client. This client is an owner of a small family-
owned carpet cleaning business who is looking to outsource their bookkeeping
and payroll processing.
(b) Once complete, compare your questionnaire to the Client Relationship Checklist
located within the VOL website.
(c) Make improvements to yours (or VOL’s) checklists as you feel necessary.
(d) Once you have completed this task, save your document and include it with your
Assessment Tool when handing your work in to your Trainer/Assessor.
Note: You will expand this questionnaire during Activity Task 11.
Activity Task 10 – UG Topic 4.3, VOL
(a) Research and review a selection of 3 or 4 bookkeeper job vacancies (online or
print).
(b) For these jobs, list any bookkeeping responsibilities, included as a requirement
for the job, that were not identified as a typical bookkeeping responsibility in the
User Guide or VOL job description.
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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Activity Task 11 - UG Topics 4.3, VOL
(a) Expand your Activity Task 9 questionnaire to include questions you would ask of
the business owner in order to determine your role and responsibilities as a
bookkeeper.
Activity Task 12 – UG Topic 4.4
(a) Discuss and identify two activities or business owner requests that would
generally fall outside the scope of a bookkeeper and would require the
assistance of other professionals.
(b) Identify the network/s able to carry out or provide advice regarding the
activities/requests.
(c) Explain why it would be appropriate to utilise the assistance of other networks for
this activity/request.
Example:
Activity: Preparing tax return
Referral Network: Accountant
Reason: Bookkeepers may not have the requisite knowledge and experience to
comply with the legislation allowing them to prepare tax returns.
Activity/request:
Referral network/s:
Reason:
Activity/request:
Referral network/s:
Reason:
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning

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Activity Task 13 - Topic 4.4
(a) Access the ATO’s website at http://www.ato.gov.au/
(b) Click “Tax Professionals” in the top menu, “Your tax practise” in the side menu
and “BAS agents”. Locate the information about the BAS agent free newsletter
and subscribe now.
(c) Print and attach as evidence a copy of the email response that is automatically
generated to your nominated email address to confirm your contact details.
Activity Task 14 - Topic 4.4
(a) Conduct research to identify two commercially available software tools designed
to assist in carrying out bookkeeping activities.
1.
2
(b) Briefly explain the differences between the two products.
(c) List some of the reporting functions of these software programs.
FNSINC401A FNSBKG401A AT VOL6.13 V6.13 © Copyright 2013 OfficeLink Learning