ACCM 4600 Accounting Theory

LO1: Research and argue a position in regard to a contemporary issue in the accounting profession.

The assignment assesses the following outcomes:

1. Your knowledge and your ability to research the issues outlined
2. Your ability to selectively apply the information appropriately to the given scenario
3. Your ability to use judgement correctly in selecting and designing an appropriate response with suitable references.
4. Professional Competency Skills - Communication skills: report writing skills

Your manager has requested that the report contains (but is not necessarily restricted to) responses to the following aspects:

1) Background and context:

• Describe the poor business practices within the Financial Planning and Mortgage Broking industries, that triggered the BRC.

2) What are the BRC recommendations to the Financial Planning and Mortgage Broking Industries?

• Incorporate explanations and examples of fiduciary duty and conflict of interest.

3) Provide details of the lessons learnt from the BRC in relation to:

• Culture and leadership
• Governance and ethical considerations
• Accountability
• Risk management

4) What is the direct impact on accounting firms who provide financial planning and/or mortgage broking advice and what is the indirect impact on all accountants?

5) Recommendations: What should accounting firms do in response to the BRC?