Accounting in Australia
BAO3316
The Practicing Accountant & Technology
First Assignment – Semester 2/2003
BAO3316 The Practising Accountant & Technology
Background
For the last 6 years, I have been employed within the WorkCover Division of a claims management company, that being Wyatt Gallagher Bassett Workers Compensation P/L (WGB).
To understand my current role, some background information regarding the WorkCover industry in Victoria needs to be provided. In Victoria, the State Government controls the WorkCover scheme. The government body that oversees the WorkCover scheme is the Victorian WorkCover Authority (VWA). The administration of the system is performed by a select number of claims specialists/insurance companies who have successfully tendered for a licence from the VWA. The role of these companies is to act as agents to the VWA, this role involving answering premium queries, managing claims, collecting premium, etc. on behalf of the VWA.
My Position – Premium Account Manager
My role is that of a Premium Account Manager. I am one member of a team of approximately 15 people who are charged with handling WorkCover premium related matters. I work within a call centre environment, taking phone calls, responding to letters received from employers, etc.
My job requires me to register WorkCover policies for new employers, explain premium calculations, review business activities for classification purposes, advise on legislative requirements associated with the Accident Compensation Act 1985, etc.
Quality Control
WGB is a large corporate organisation, and due to its contract with the VWA, must be viewed to be diligent on such matters as quality control. Many parallels can actually be drawn between the operations of WGB and the Professional Standards and the Code of Professional Conduct that accountants must adhere to.
APS 4 – ‘Quality Control’ advises an accountant on desired quality controls that need to be implemented whilst conducting their work. Many of these quality controls are present in my workplace.
Professional Independence – upon commencing my job, I was required to complete a questionnaire that asked questions about any potential conflicts of interest I may have with any existing WGB clients. The purpose of the questionnaire was to identify any potential conflicts of interest, to ensure that the professional service of WGB was not compromised.
Assignment of Personnel to Engagements – meetings with clients to discuss their premiums and management of their claims occurred on a frequent basis. As these meetings could be quite technical, it was mandatory that both a senior and junior officer attended meetings.
Guidance & Assistance – senior staff and management are readily accessible to assist with any difficult queries.
Professional Development – every Tuesday morning is spent attending training sessions, to enable staff to remain current with changes in the WorkCover scheme and to develop us professionally by increasing our knowledge and skills.
Inspection & Review – the majority of work performed by myself is reviewed and inspected by either a senior officer, a manager or by the internal auditor. Work is reviewed on its accuracy and its timeliness.
APS 5 – ‘Quality Control Policies & Procedures’ outlines the policies and procedures to be followed by an accountant on [next page]