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Errors and Misleading Statements in 2016 Annual eport

Are minimum disclosures appropriate for an organisation that is supposed be setting the standard. What disclosures should be happening.
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Brett Stevenson
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Joined: Fri Mar 24, 2017 10:43 am

Errors and Misleading Statements in 2016 Annual eport

Post by Brett Stevenson » Sat Apr 08, 2017 11:50 am

Error 1. CPA Australia Advice. At note 18 it says the amount loaned by CPA Australia to this fully owned subsidiary CPA Australia Advice was $5,594,000 with the comparative figure in 2015 being $725,000. The trouble is that in the 2015 Annual report the amount loaned was shown as $1,150,000 (note 17). Thats a difference of some $425,000. These financial reports are audited. Perhaps the Board (who keep ramming down our throats how we only give a cursory glance to the annual report) or Adam Awty (being the very well remunerated COO and Company Secretary) can explain this.
Error 2. CPA President Tyrone Carlin. In his directors profile (page 60) it says he 'has previously served and chaired the Nomination and Remuneration and Finance Committees. Ditto for 2014 and 2015. The trouble is he only started serving on the Nom and Rem Committee in 2015 and has never chaired it. It was a very specific change from his directors profile in the 2013 report so it was hardly a simple mistake. To me it looks like a bit of false CV building. Can the Board please clarify this. It has been pointed out numerous times before but they still persist in leaving it there.
Misleading Statement 1: Graeme Wade. Again in Note 20 it says in relation to the CPA Australia gift (sorry 'commercial arms length sponsorship' of the NBL) that Graeme Wade 'is also a director of NBL Pty Ltd'. Actually Graeme wade is Chairman of the National Basketball League (NBL). Lets not downplay his role there eh. A bit of mischievous and misleading understatement I suggest to avoid the very obvious conflict of interest in this 'commercial arms length sponsorship".
What a load of cobblers.

belle
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Joined: Mon Apr 03, 2017 2:04 pm

Re: Errors and Misleading Statements in 2016 Annual eport

Post by belle » Sat Apr 08, 2017 1:59 pm

That's a significant amount to prop up CPA advice. !!!! I would like to see the financials of the subsidiary. Probably red ink everywhere!!!!

deaneus
Posts: 189
Joined: Mon Apr 03, 2017 9:09 pm

Re: Errors and Misleading Statements in 2016 Annual eport

Post by deaneus » Mon Apr 10, 2017 4:50 pm

So, instead of lobbying the government to allow CPAs to give financial advice during the RG146 debacle, they kowtow and say, "Okay we'll make them train and register with our own body", and charge them through the nose for it; then no-one takes it up, so the venture - based on exploiting members - goes south, and they have to loan it money?

Righto.

WTF
Posts: 16
Joined: Thu Mar 30, 2017 4:39 pm
Location: Iceland, honestly..aren't we all????

Re: Errors and Misleading Statements in 2016 Annual eport

Post by WTF » Mon Apr 10, 2017 6:13 pm

belle wrote:
Sat Apr 08, 2017 1:59 pm
Probably red ink everywhere!!!!
AND significant amounts of THAT due to "payments to directors" no doubt!
góðan dag,

WTF



Those who can, do. Those who can't teach. Those who get kicked out of teaching, run Accounting Societies, OR... get paid $5m to get kicked out of running Accounting Societies!

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