FNSINC401 The Financial Services Industry

FNS50217 - Diploma of Accounting

FNS50417 – Diploma of Payroll Services

FNSINC401 - Apply principals of professional practice to work in the financial services industry

Assessment 1 – Case Study 1 Legislation

Instructions for Student:

  • This is an individual assessment.
  • Students must attempt all questions.
  • Questions are to be completed using this file in Microsoft Word.
  • Assessments are to be submitted no later than the due date as per this unit guide.
  • Late submission without application and approval of an extension prior to the due date will forfeit your chance for a resubmission.
  • Ask your assessor if you are unsure about any aspect of the assessment.

Assessment Task: The assessment file is available on VU Collaborate

Documents to submit:

  • A soft copy of your assessment is to be submitted to the VU Collaborate Dropbox
  • The file name should follow the following convention:

 [Unit Code] – [Assessment Title] – [First & Last Name] [Student I.D.]

  • When resubmitting, file name should follow the following convention:

Resubmit [Unit Code] – [Assessment Title] – [First & Last Name] [Student I.D.]

Case Study 1: Identify and Apply Guidelines, Procedures, Legislation and Codes of Practice

In this case study, four scenarios are given that will require you to apply your knowledge of guidelines, procedures and legislation relevant to the financial services industry. Read each scenario carefully and answer the questions that follow.

Scenario 1: Recovering a Debt

A company repeatedly contacted or attempted to contact a customer to recover the customer’s debt to the company. The company has made repeated phone calls to the customer’s home and mobile numbers between October and December. In one week in October, the company made 22 calls to the customer, ten of which were answered, and sent one collection letter. The company also made the same number of calls to other customers, on a weekly and monthly basis, during November and December.

Are the recovery measures taken by the company correct? Why?

Scenario 2: Record Keeping

Kel’s Trucking Services operates a fleet of heavy vehicles. They use MYOB software along with other documentation to support their fuel tax credit claims. The documentation includes tax invoices showing the number of litres of fuel acquired.

During February of the current year, the company’s office premises suffered a fire. All the paper trail including tax invoices and vehicle and fuel issue records for the month and for all fuel acquisitions during the previous year was consumed in the fire.

Kel’s Trucking Services still has their computer records containing their records and contractor’s statements, and these contain information on the quantity of fuel acquired and used in the business during that time.

Will they be able to rely on these as acceptable documents to support their claims? How?

Scenario 3: Change in Superannuation

Jack earns $90,000 before tax, excluding his employer’s super contribution. Jack wants to redirect $10,000 of his pay into salary sacrifice super contributions. Before you effect his request, what should you do?

Scenario 4: Limited Resources 

You are a qualified accountant. You have been asked by your manager to complete a costing exercise with a very short deadline and limited resources. You think that the management is planning to use this information to restructure the company, including making some of your close colleagues redundant. You are worried that your work cannot be robust enough to be used for such a big business decision, but your manager is putting you under a lot of pressure to complete the work quickly.

1. What are the principles of the code of ethics affected that could potentially be breached here? Explain the way/s in which these principles could be breached in this situation.

2. What is your possible course of action for this?





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