Assignment Task
Assessment: All q+a, role plays and research throughout, and at then end of, the workbook must be completed and submitted as one submission to be accepted. Any submission must have questions written and answers written and numbered, be in hard copy, preferably typed, loose leaf (not stapled or bound) with pages numbered.
1 What documents are required with ‘trust records’?
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Get Help Now!2 What policy and procedures (p+p) are in place at your organisation to ensure trust requirements are met, and meet, compliance requirements?
3 It is acceptable that you can’t be a qualified accountant, lawyer, conveyancer financial planner etc. So what professional third parties do you use and refer to at your organisation? What is the process to action their recommendations and how is it disbursed/communicated to the employees?
4 What type of accounting system does the organisation use and why was it chosen? And what are the compliance requirements for trust accounts?
5 What are source documents and how are they identified, stored and retrieved?
6 If there is an error at your organisation, how is it reported and how is it corrected? Who would you seek out if you needed help with a problem?
7 What is a trust, and why or when would I prefer to use one. How did they come about and why?
8 What are the powers and duties of a trustee? Are there any reasons why wouldn’t you agree to become a trustee?
9 List the types of trusts with a brief clarification of how they differ.
10 What is, and what are, the features of a fiduciary relationship? Who has a fiduciary obligation?
11 Trusts are inter vivos. What does this mean? Include express and discretionary trusts in your answer.
12 Describe the winding up process of a trust.
13 Is there a different process for manual versus electronic transactions? Explain.
14 How are your clients’ funds protected? Is this in line with current legislation – quote the relevant legislation in your answer and include the issue of privacy in your answer.
15 How are funds disbursed and how are those disbursements authorised, checked for accuracy and to prevent fraud? Refer to the relevant legislation in your answer.
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