Accounting Compliance for SMEs

Overview

As an accountant, you can play a vital role filling a gap in the knowledge and capabilities of SME owners.  You can help keep them compliant.  But there are lines of responsibilities – are you clear on when you may be taking risks by doing too much or not enough?

In this session, David Sauer reviews the range of accounting, record-keeping and reporting obligations facing typical SME entities. He discusses what needs to be done, and who should do it. You will also receive reference material giving you a quick “go-to” summary for your library.

Topics Covered

• Accounting compliance versus business compliance
• Records– what, where, format (e.g. electronic), retention
• Financial reporting
• Making and recording financial decisions (e.g. financial contracts, dividends)
• Directors’ duties and demonstrating they have been satisfied, including solvency
• Due care - accountants’ duties to inquire and report, SME’s ability to rely on professionals
  • Including Fair Work and Ezy Accounting case
• Non-compliance with laws and regulations (NOCLAR) and whistleblowing