Category Archives: Blog

The Evil of Inflation

Accountants in public practice now need to shift the focus toward clients. How can clients live with inflation? Most practicing accountants were not around in the 1980s so have little experience with high inflation. Businesses need to monitor their costs and then adjust their prices accordingly. Let competitors have reduced profits and even go broke. […]

Old and even deceased Prime Ministers still causing problems for Accountants

Are you serious? Yes, but you were probably born after these dates. In 1979 John Howard when he was Federal Treasurer was reclaiming the tax mess made by the Chief Justice of the High Court, Sir Garfield Barwick. Barwick took a literal interpretation of the tax law and thus allowed all sorts of tax schemes […]

What is social engineering?

Social engineering is one of the most significant security threats facing businesses today, and unfortunately it’s becoming more common and sophisticated. This means businesses need to be savvy in how they identify social engineering and embed organisation-wide processes to prevent it. Basically, social engineering is like a modern-day con artist. Cybercriminals use deception to manipulate […]

AFSL Holders: New Education Requirements You Need to Know About

If you’re in the business of giving out financial advice, you may have heard about the reforms introduced by the Professional Standards Act from 1 January 2019. Here’s how the new standards and educational requirements may affect you and your business. What are the new professional standards? As of 1 January 2019, the Financial Advisor […]

All You Need to Know About the ASIC Fees to Resign as an Auditor

There’s a wealth of information on the ASIC website about the process to resign as a financial auditor of a company but here are the key points you need to be across. Information about auditors of a public company limited by guarantee There are 3 types of public companies limited by guarantee, with different reporting […]

Professional Indemnity: Most Common Claims

Why do accountants need professional indemnity? Being detail-oriented and meticulous is key for any accountant. After all, your job is to be across the small print of documents, crunch endless numbers – and help clients reduce their financial risk. That said, mistakes happen, and accountants are equally at risk of getting into legal hot water […]

Five Warning Signs of a Professional Indemnity Insurance Claim

Maybe you’ve had that sinking feeling before. It’s the feeling that says, “This client is not happy, and a complaint is coming.” Mistakes happen, even to detail-oriented people like accountants. If you provide inaccurate or incomplete advice, your client might hold you liable for their losses even if it was a genuine mistake. In essence, […]