Answer questions on “Making decisions in a legal context

Make Decisions in a Legal Context

List 4 sources of information for obtaining up to date information in regards to the regulations of the Australian Financial Services Industry. Give an example for each

(e) Explain why it is important to ensure that you maintain up to date knowledge in regards to the regulations of the Australian Financial Service Industry.

(f) List four potential penalties/ramifications that may be applied should the Acts, Legislations or Law or Laws Australian Financial Services Industry be breached. Include an Act, Legislation or Law that may carry each of these potential penalties

(g) List and explain five ways that you can ensure that regulatory requirements are adhered to in the daily processes of a company within the Australian Financial Services Industry

(H) Explain the purpose of a workplace audit in maintaining workplace regulatory compliance

Part B : Practical Exercise/ Evidence

You have been appointed as HR and Compliance Manger to a bookkeeper firm consisting of 10 bookkeepers. The company is in a bit of trouble with issues such as the dismissal of three bookkeepers in the past six months due to various “ethical” issues and the loss of 40% of the company’s clients list. The management of your company are aware of these problems and have hired you to rectify this situation as soon as possible.

Upon commencement of your duties, you are astounded to find that none of the bookkeepers seem to be up to date with their statutory requirements and there is no paperwork in place to assist the bookkeepers in their roles. Before calling the team into the conference room, you will need to complete the following:

Create an information pack to be given to the bookkeepers including

1. List of applicable Regulatory Bodies and brief outline of their functions

1. List of applicable Acts and Legislations including brief description, links to relevant websites and list of possible penalties if breached.

1. Brief description on common law implications to the bookkeeping industry including structure of Australian Court system.

1. Code of Conduct documents

1. Compliance checklist for use when dealing with clients

Part c

In order to obtain statutory compliance for each of your bookkeepers, you also need to provide them with the information they need to meet their requirements as a bookkeeper.

2. Create a compliance pack for each bookkeeper including.

1. Outline of statutory requirements for a bookkeeper including links to the website of the applicable governing body.

1. Checklist of tasks to be undertaken by each bookkeeper to attain compliance against the statutory requirements.

1. Timeframe stipulations for achievement of compliance

3. Write a brief report of your manager covering the following areas:

1. Steps undertaken and documents created.

1. Processes to be undertaken to meet the statutory compliance requirements of each bookkeeper.

1. Review processes that will need to be implemented to ensure compliance is maintained.

1. Ant costing for the bookkeeper compliance processes