Joe Aston deserves praise for persevering with the Alex Malley and associated CPA excesses and the milking of and splurging of members' funds. I have been surprised at the disclosures.
Perhaps Malley and his fellow directors could have survived the ludicrous sponsorships and unjustifiable salaries if it had not been for the additional millions wasted on attempting to establish a financial services arm. Ethics and sensible business perspectives were absent in the determination of directors' remuneration from both CPA and the financial advice subsidiary. Aston has provided relevant analysis and figures.
Malley is an educator and not a business leader. He lacks knowledge of accounting practice issues. To my mind accountants' involvement in providing financial investment advice is both a distraction to properly servicing business clients and a potential conflict of interest.
An independent and savvy CPA board of directors would have ensured Malley's wild ideas and enthusiasm were curbed. I have read Malley's book and it is a good reference for young people wanting to get ahead - he is an educator. Its notation to his expulsion from high school is a non-issue compared to the havoc he has been part of at CPA. Thankfully his ex-headmaster who expelled him is not around to see the carnage.
In some respects the attempt to set up the CPA finance arm was originated by excess government regulation recently imposed upon members of the accounting profession. A topic for another day.
|Merry Christmas to Peter Wilson. When it was suggested that Peter Wilson should be independent of the old board so that we can have a fresh start Peter responded with "That's your issue". Summary of the meeting here: viewtopic.php?f=23&t=594|
A good summary of where we are up to by Joe Aston of the AFR, linked to from here: viewtopic.php?f=5&p=4137#p4137
If you are new to this website read the story so far: viewtopic.php?t=321#p1793
Check out some of the AFR articles, too many to list and check out some of the ABC reports: http://www.afr.com/business/accounting/ ... 215-h055ej http://www.afr.com/business/accounting/ ... 211-h02x1d http://www.abc.net.au/news/programs/the ... s,/8626662
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