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Aust Govt Fin Reporting council - CPA Quality Review program

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JWheldon
Posts: 374
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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JWheldon
Posts: 374
Joined: Wed May 24, 2017 6:43 pm

Re: - CPA Quality Review program

Post by JWheldon » Fri Feb 08, 2019 4:29 pm

It is interesting to see that quality assurance review program for members in public practice is going digital and with the need to complete profile statements online. CPA Australia reports it replaces the costly and time consuming paper process.

Maybe if CPA Australia was really interested in operating more effectively that they would review costs of printing and postage of annual practitioners certificates every year and other costs they waste. The cost of printing and postage of the "Intheblack" magazine, and other areas that they waste alot of members money.

Maybe they could save money by making it apart of the online information, like the Tax Practitioner Board does.

Can any one explain why CPA Australia, has to print and post out to members in public practice every year, new practising certificate?

Wonder if the rest of the quality assurance audit is going on line, where the members see the quality assurance review by Skype or via your mobile phone or internet access to save money. Maybe the members will then have to upload all the required documents for the quality assurance review via drop box or a direct online access to CPA Australia, using your online membership access?

Maybe the quality assurance review will be done by individuals overseas in order to save money or subcontracted out to one of the Big Four firms overseas?

The problem is that the quality assurance review, is changing and those in public practice who still keep papre files will need to spend up to big to upgrade all their computer technology.

Do have one suggestion for CPA Australia. If the quality assurance review is good enough for the members in public practice, then should not a quality assurance review be undertaken upon CPA Australia every 5 years and reported to the members?

What do the members think?

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