All Other Mands Flashcards
What is shown on a balance sheet?
Assets and liabilities
What is shown on a p&l account?
Income profit, net profit, overheads
What is meant by the term client money?
Money in the form of cash cheques draft of electronic transfers
Money held on behalf of a company or individual
Excludes fees for professional work
When setting up a new practice, what procedures would you put in place to ensure good client care was being provided?
Processes for formalising terms of engagement
Clear lines of communication and obtaining info from client
Processes for regular client feedback
Business development activities to win and retain clients
Processes to keep client info confidential
Standard formatted documentation
Prior to working with a new client, what pre-appointment checks would you undertake
Ensuring that I am sufficiently competent skilled and knowledgeable to carry out the work required
Checking for conflicts of interest in line with the guidance
Anti money laundering checks in line with guidance
Ensuring you have enough PI
Formalise terms of engagement
Why is client care important?
Part of the rules of conduct
More likely to retain business and win new clients
Bad client care could lead to PI claims
On a formal receipt of complaint from a client in writing what would you do?
Arrange a call with client as soon a possible
Issue the CHP
Report the complaint with details to the designated chp handler
Notify the firms PI insurers in line with policy requirements
Arrange a meeting with the client to get feedback
If you cannot resolve, refer to RICS
What is meant by duty of care?
Duty of care is to ensure another party does not suffer harm of loss that can arise as a result of a breach of contracted obligations or tort of negligence
Difference between a client and a customer?
Customer is one who is purchasing goods or services from a company usually in a one tome transaction
Client refers to a person who looks for a professional service from the business. The relationship there is different
What are your quality management procedures?
Director approvals
Peer and senior management reviews
Standard forms of documentation
Please provide some general examples of client care?
Understanding clients needs and objectives
Listening to the client and seek formal approval
Understanding clients long term objectives
Responding quickly to queries
Please provide some general negotiation skills?
Agreeing client objectives before negotiations
Detailed research
Preparing fall back positions
Deciding which points are non negotiable
Understand other party’s position
Name the contents of a PLC accounts? 7
Chairman’s statement
Independent auditors report
Income statement (p&l)
Statement of financial position (balance sheet)
Corp governance report
Other statutory information
Name some assets in a balance sheet / income statement?
Cash
Property
Debtors
Other investments
Name some liabilities in a balance sheet / income statement?
Borrowings
Overdrafts
Loans
Creditors
