Ethics for Accountants – 6 program on-demand webinar series

Program 1: Ethical Dilemmas in Public Practice

In today’s world of ever increasing amounts of complex legislation to either convey to clients or apply to the services offered to them, there are likely to be numerous times in the day of a public accountant where time and cost constraints impinge on providing those services to an optimum level. This session explores the day to day issues accountants in practice can face and strategies to ensure professional obligations are being met, including:

• Dealing with:
  • situations where the budget/client spend doesn’t match the services considered necessary
  • a complex tax system that clients think is simple
• When specialist advice is needed however client instruction is not forthcoming
• Your obligations when a GST going concern exemption is in a client contract however you don’t consider the exemption conditions are met
• Can an accountant segregate the services they will provide? ie. CGT and other income tax issues, but not GST?
• The off the cuff client comment that “these records don’t include the cash” – what are the accountant’s obligations?
• Interaction of risk and responsibility to client, staff, professional associations, the broader community and the practitioner themselves
• Practical situations ie. mum and dad developer with a head in the sand approach to GST – what are the accountant’s obligations?

Program 2: APES 110 The Code of Ethics for Professional Accountants (including Independence Standards)

With APES 110 requirements constantly evolving, now is a good time to have a refresher on the obligations and get up to date on what is expected of a practising accountant. This session is designed to step you through the fundamental principles that need to be adhered to, including:

• The five fundamental principles of ethics
• What is the “Reasonable and Informed Third Party” test?
• How to manage “familiarity” and “intimidation” threats
• How bias can affect professional judgement
• Identifying potential conflicts of interest issues and determining what is an “acceptable level”
• Changing accountants – what information can be exchanged between the incoming and outgoing practitioners?
• What is NOCLAR and:
  • when may it require actioning?
  • is it applicable to SMEs?
• Practical examples of:
  • safeguards that can be implemented to address threats
  • when potential breaches of the code may occur

Program 3: Blow the Whistle or Client Confidentiality? Ethical Conundrums when Dealing with NOCLAR

For an accountant in public practice, it is not only the ethical issue at hand when dealing with a client’s actual non-compliance with laws and regulations that needs to be addressed. There is also the ethical dilemma of whether an obligation to report the non-compliance to an appropriate authority exists, which may blow client confidentiality out of the water. This session explores the issue and the process to follow to comply with the professional guidelines, including:

• How does NOCLAR apply to accountants in public practice?
• When would a matter be considered to be “inconsequential”?
• Practical examples of situations that may arise in practice that trigger a required response in accordance with the NOCLAR guidelines
• How do the NOCLAR requirement to disclose information to an appropriate authority impact on:
  • client confidentiality obligations (TPB(I)D50/2022)
  • the tax whistleblowing laws
  • reporting to professional associations a deficiency in professional standards of another accountant
• What are the processes APES 110 require practitioners to follow to ensure compliance with NOCLAR
• What obligations do auditors have under NOCLAR?

Program 4: Stay on Guard of Emerging Ethical Issues for Accountants

A recent statement from Federal Treasury indicates “the biggest crackdown on tax adviser misconduct in Australian history” is on the horizon. So, what are the issues that are leading to increased scrutiny of the tax industry and what impact will the crackdown have on tax practitioners. This session looks into the issues, including:

• What are the shortcomings in the tax industry that require the crackdown?
• What is a “tax exploitation scheme” and what are the penalties, both current and proposed, that can apply to advisers promoting them?
• What are the current areas of concern the ATO have with tax avoidance and which of those areas are commonly encountered in practice (QC 33631)
• Managing the ever-increasing gap between the growing complexities of our tax legislation and client expectations
• How “confidentiality” and “conflict of interest” requirements for accountants are in the authorities firing line

Program 5: You Win Some, You Lose Some - Ethical Standards Involving Client Engagement and Disengagement

Clients coming and going is a part of life in public practice. Applying an ethical perspective to client movement either way is required and assists in ensuring a smooth transition for all parties concerned. This session looks into the processes that support an ethical attitude to both client engagement and disengagement, including:

• Are there any ethical requirements when actively pursuing new clients?
• What are the ethical obligations when:
  • engaging a new client from another accountant?
  • responding to a proposed accountant’s enquiries to assist with their decision on whether to engage your former client?
  • a response is not received to an ethical clearance letter you send?
• Tips for when a response to an ethical clearance letter may risk being interpreted as defaming the outgoing client
• Situations where engaging a new client may pose a threat to a practitioner complying with APES 110
• How do the ethical requirements differ when the incoming or outgoing client involves an audit?
• Ethical requirements for a departing employee commencing practice who:
  • intends approaching the employer’s clients
  • is approached by employer’s clients
• Are there any ethical requirements to consider when providing services for recurring clients each year?
• Practical examples

Program 6: Ethics for Accountants: Should I be a Client's Executor or POA?

As an accountant, being asked to be a client’s executor or POA can cap off a client/accountant relationship as reaching its full potential in mutual trust. However, is that warm feeling sufficient to take on those responsibilities? This session can provide some food for thought prior to deciding to accept the offer, including:

• Are there conflict of interest issues to consider prior to accepting the appointment?
• What can happen if there is disagreement between parties as to whether someone has “lost capacity” to activate a POA?
• Who determines when someone has:
  • lost capacity?
  • the capacity to revoke a POA or change a will?
• What if you have accepted an appointment however now wish to decline?
• The skill set required when:
  • disputes arise
  • influence from third parties makes you unsure of who your client is
• How are professional fees determined when acting as an executor or POA?
• How do accountants PI policies address executor and POA roles?
• War stories of what can go wrong