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Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Issues at CPA Australia needing investigation and/or review.
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nakedadmin
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Re: Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Post by nakedadmin » Thu Jun 08, 2017 4:42 pm

Quote from Awty's email:
Dear Andrew,

Thank you for your correspondence of 8 June.

We are in the process of reviewing your correspondence in full, however we wish to provide an initial response noting the Schedule sent to members on 31 May references directors of CPA Australia Ltd and CPA Australia Advice as the parent company and the main subsidiary. We are currently in the process of preparing a separate Schedule in relation to the two international subsidiaries and this will be sent to members shortly.
All executive directors (CPA Australia staff) of the Malaysian and Shanghai subsidiaries received zero remuneration for these Director roles. One non‐staff director of the Malaysian subsidiary was paid a nominal amount of 5,000RM, or approximately $1,600.

We have also provided this information to Edmund Tadros at the Australian Financial Review who has advised us he has been in correspondence with you on this manner.

Regards

Adam
Section 202B needs to include all payments to Directors regardless of whether it is in the capacity of Director or some other capacity. So the salaries to "CPA Australia staff" should be disclosed.
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Re: Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Post by Accountability » Thu Jun 08, 2017 4:49 pm

wow amateur hour down at CPA HQ. we all await the response no doubt

my understanding is it is only Director payment either in their capacity as director or other tasks such as consultancy. The Exec group (and any other Staff) would be excluded from this disclosure unless they hold a director position of any subsidiary

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Re: Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Post by nakedadmin » Thu Jun 08, 2017 4:51 pm

Which they do. Refer to the related party note in the CPA Australia financial statements. Actually the CPA Australia response seems to imply that the other payments don't need to be reported.
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Re: Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Post by nakedadmin » Thu Jun 08, 2017 4:53 pm

nakedadmin wrote:
Thu Jun 08, 2017 4:42 pm
Quote from Awty's email:
All executive directors (CPA Australia staff) of the Malaysian and Shanghai subsidiaries received zero remuneration for these Director roles. One non‐staff director of the Malaysian subsidiary was paid a nominal amount of 5,000RM, or approximately $1,600.
Sorry I should have said it stated other payments don't count. Someone at CPA needs to read s202B.
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Re: Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Post by The Nude CPA » Thu Jun 08, 2017 8:13 pm

I'm not sure if this is gross incompetence or misleading and deceptive conduct...

I'll hedge my bets and wager $900k each way.

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Re: Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Post by deaneus » Thu Jun 08, 2017 10:33 pm

great work Andrew.

I don't know which amuses me more; that Deloitte is a CA firm, or that CPA Australia has tried to pull a swifty in the very documents all of their members are trained to examine & prepare.

It'd be laughable, if only i could stop shaking my head.

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Re: Andrew North Complaint to ASIC CPA Australia has prepared the S202B incorrectly

Post by jendalitz » Mon Jun 12, 2017 9:33 pm

Andrew thank you very much for your thorough work on this. Very good detective work. This just supports my position - we have all the skills and competencies within our member base to get CPA Australia back on track. That will happen once we get 5% of members to vote for the EGM resolution. Look forward to distributing that to my various contact groups. Onward and upward!

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