Accounting Professional And Ethical Standards Board (APESB)

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a. The Accounting Professional and Ethical Standards Board (APESB) is an independent body established in 2006 as an initiative of CPA Australia and the Institute of Chartered Accountants in Australia (ICAA). The role of the APESC is to develop and issue professional and ethical standards to members of CPA Australia, The Institute of Chartered Accountants (ICAA) and The Institute of Public Accountants (IPAs)

Because the accounting profession is co-regulated by the three accounting bodies mentioned above, ethics is fundamental to the accountability of the accounting profession. Accountants must abide by the Code of Ethics. The Code of Ethics pledges ethical practice in the accounting profession - constructed by the principles of integrity, …show more content…

Invoices must be sent promptly and statements sent monthly. Overdue payments are followed up immediately via a friendly phone call or email. And a letter of demand is sent as a last resort as it will affect the relationship with the customer before it is forwarded to a debt collection agency.

If a customer is unable to pay we may develop a debt recovery plan. A debt recovery plan is a formal agreement between the business and debtor. It will address the terms of the outstanding balance owing where the customer agrees to a payment plan by set dates.

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Many businesses use Excel as their main tool in creating financial spreadsheets and storing financial data. It is an invaluable tool in all levels of business whether you are a trader, manager or an accountant. By creating spreadsheets efficiently and effectively via Excel we are able to provide reports to both internal and external parties that may require it. It can allow us and other external parties to compare and track progress of the business which is necessary when trying to make adjustments to plans and aid in executing future

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