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Aust Govt Fin Reporting council - CPA Quality Review program

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JWheldon
Posts: 340
Joined: Wed May 24, 2017 6:43 pm

Aust Govt Fin Reporting council - CPA Quality Review program

Post by JWheldon » Sat Jul 28, 2018 12:05 pm

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?

www.frc.gov.au

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:
2016 2017
'Accept' reports - no departures identified 30.3% (2016) 26.6% (2017)

'Minor departures' reports - no serious departures 62.3% (2016) 62.1% (2017)
identified

'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."
Attachments
FRC_Annual_Report_2016-17.pdf
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