Maybe the inaction by ASIC to bodies like CPA might be the problem as to why a lack of consequence might empower people to behave in a certain way. I seem the remember a certain member based accounting body not covering itself in glory at a senate hearing. Again maybe the lack of penalties for those board members might lead other to believe you can walk away free of accountability.Speaking to Accountants Daily, CPA Australia head of policy, Paul Drum said that while the increased penalties were a “positive initial response”, they may still be insufficient in the grand scheme of things.
“The royal commission into the banking sector demonstrates that the current penalty regime has been an insufficient deterrent and as a consequence that there are some in the industry who have effectively snubbed both ASIC and the law,” said Mr Drum.
Nothing against you Mr Drum, but the pot calling the kettle black comes to mind.
https://www.accountantsdaily.com.au/tax ... _content=1