In December 2020 a revised APES 305 was released with a mandatory requirement, effective 1 July 2021, to disclose material outsourcing. In section 3.6 Where a Member in Public Practice will utilise Outsourced Services in the provision of Professional Services to a Client, the Member shall document and communicate the details of the Outsourced Service Provider, the geographical location of …
Australian tax compliance Client confidentiality and the TPB’s take
In 17 November 2020 the TPB released some Question and Answer comments on Cloud computing and confidentiality as a result of questions received during the webinar. There are a couple of very interesting answers that will surprise most accountants. It’s worth also referring to the TPB practice note TPB(PN) 1/2017 on Cloud computing and the Code of Professional Conduct which …
APES 305 – Australian accountants required to disclose details of cloud computing effective 1 July 2021
APES 305 arrived with not too much fanfare in December 2020, and it hasn’t received too much news at present. In December 2020 a revised APES 305 was released with a requirement, effective 1 July 2021, to disclose material outsourcing. A Member in Public Practice shall document and communicate to the Client the Terms of Engagement. Utilising Outsourced Services or …
Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305
APES 305 sets the standards in respect of Terms of Engagement for Members in Public Practice in the provision of quality and ethical Professional Services to Clients. In December 2020 a revised APES 305 was released with a mandatory requirement, effective 1 July 2021, to disclose material outsourcing. In section 3.6 Where a Member in Public Practice will utilise Outsourced …
Is independence really so difficult? Comments on APES110 Auditor independence
The APES 110 Code of Ethics for Professional Accountants (including Independence Standards) has been in the news more recently as the SMSF Association has sought to secure an extension for the deadline by which auditors are required to comply with the amended independence standard defined by APES 110. There has been plenty of news, social media commentary, podcasts and discussion groups …
The risk of becoming a digital outcast: time to revisit Accounting Automation
“Automation to gut 1.5 million jobs from Australian economy” was the heading 24 Feb 2021 in the online Australian article. As per the article, there is one job sector that will dramatically change in the next few years, forcing Australians to pivot as many will inevitably lose jobs. The report suggests those most at risk are those who perform structured …
Overseas call centres returning to Australia: Lessons from the Telstra experience
Recently Telstra CEO Andy Penn announced Telstra aims to bring all of its call centres back to Australia within the next 18 months and allow more employees to work from home. Part of the reason for this is the declining call volumes: The number of calls Telstra receives has fallen from 50 million in 2016 to 15 million a year …
Australian Compliance Outsourcing: A healthier work-life balance solution for accounting business owners
Many people who start their Australian accounting business have chosen outsourcing because they want freedom. It might be freedom to make decisions or freedom around their time and choosing where and when they work. There is a temptation to do everything yourself, often because you feel the need to control everything. Eventually though, you realise you are better off hiring …
Key Criteria to choose a Right Australian Accounting Outsourcing Partner for your firm
During the festive season, many Australian accounting firms have closed and not work on their compliance jobs. In order to reduce the burden of deadlines after the holiday, Australian accounting firms can choose a better solution: outsourcing. Indeed, most of outsourcing firms in Asia countries like Vietnam still process work during the Christmas and New Year season. However, it is …
5 reasons why “Outsourced” Remote staff are outperforming local office workers
In a recent report, the number of people who say they can’t concentrate at their desk has increased by 16% since 2008, and the number of those who don’t have access to quiet places to do focused work is up by 13%. Office space design today seems to come with noises and other distractions that break concentration or inhibit the …
