Found this in 2016-2017 annual report of Australian Government Financial Reporting Council with regards to the CPA Australia
It is interesting that this type of information is provided to external parties, yet the membership of the professional associations are not informed, well not really.
How much does it cost to run the CPA Australia quality assurance department and are the funds injected into this area being spent effectively?
How much money did CPA Australia collect in compulsory PI insurance coverage and what happens with this money?
Do the public practitioner members of CPA Australia, really find the CPA Australia quality assurance department helpful?
Quality Review Program on page 18 and 19 of the report. The report also has information with regards to members of IPA and Chartered Accounts (ICAANZ).
"CPA Australia Quality Review Program
CPA Australia members who hold a Public Practice Certificate (approximately 6,700 members) are subject to the CPA Australia Quality Review Program. These reviews include members who are Registered Company Auditors. CPA Australia expected, in the 2017 calendar year, to review over 1138 members in the Quality Review Program and to conduct a further 70 ‘follow up’reviews
The results from CPA Australia Quality Review Program for the past two years are summarised in the table below:
'Accept' reports - no departures identified 30.3% (2016) 26.6% (2017)
'Minor departures' reports - no serious departures 62.3% (2016) 62.1% (2017)
'Follow-up' reviews - multiple departures identified 7.4% (2016) 11.3% (2017)
The philosophy of the program is that compliance is based on good education. By continually sharing the outcomes and observations from the Quality Review Program, CPA Australia partners with members to focus on improving audit quality.
FRC overall view
The FRC notes the lack of improvement found by the ASIC Audit Inspection Review Program. The FRC will continue to work with ASIC, the AUASB, the accounting bodies and others to understand the root causes of non-compliance and remedial measures required. At this time, the FRC considers that it is premature to propose changes to the Minister but will continue to monitor closely actions taken and results achieved over the next year. In particular, the FRC will encourage greater consistency and transparency of the respective quality review programs conducted by the accounting bodies."
|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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