Territory Stories

Annual Report 2011/2012 Professional Standards Councils

Details:

Title

Annual Report 2011/2012 Professional Standards Councils

Other title

Tabled paper 112

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2012-11-01

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Professional Standards Council

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01520

Parent handle

https://hdl.handle.net/10070/273264

Citation address

https://hdl.handle.net/10070/427064

Page content

30 Professional Standards Councils Annual Report 2011-12 A u S tR A li A n C A P it A l te R R it o R y | n e w S o u th w A le S | n o R th e R n t e R R it o R y | Q u e e n S lA n d | S o u th A u S tR A li A | t A S m A n iA | V iC to R iA | w e S te R n A u S tR A li A COmPLIANCE REPORTINg NATIONAL ASSOCIATIONS Following are the compliance reports from national associations. CPA Australia CPA Australias risk management report for 2011 summarised strategies it adopted to minimise risk in relation to its limited liability scheme. Below are the key outcomes. CPA Australia continues to review and enhance the design and delivery of its CPD offer. Increased data on members CPD activities was made available via an online CPD diary reporting system. The improved data collection and reporting systems have allowed CPA Australia to report continually on CPD compliance and monitor the diversity of learning activities being undertaken by members. It also identifies new trends and helps develop new standards or guidance for members. There was a significant uptake of the careers guidance system which allows members to understand their current competencies and identify areas for development. CPA Australia continued to update and enhance the content of its CPA program and foundations programs with input from the Professional Qualifications Advisory Committee. It reported the successful delivery of a new foundation level program in 2011. The availability of insurance underwriters willing to place accountants PII has continued to increase in the past 12 months and is expected to continue to grow even more over the next 12 months. There are more than 35 underwriters willing to provide PII for accountants. CPA Australia continued its improvement in the investigation and disciplinary process to achieve operational efficiencies in business processes. It undertakes investigation of complaints in accordance with the procedures outlined in the by-laws. Details of the complaints and discipline processes, along with outcomes of disciplinary tribunals, are published on the CPA Australia website. The CPA Australia Insurance and PSC Scheme Advisory Committee met three times during 2011 to review the ongoing performance of the CPA Australia risk management systems for public practitioners, the preferred PII facility and member scheme. In addition, it reviewed monthly insurance reports that included an overview of the performance of the PII scheme, claims, market updates and related news articles. Membership participation in the scheme continued to increase during 2011. CPA Australia continued to be an active member of the Liability Reform Steering Group and provided input into the future Council of Australian Governments (COAG) Regulatory Reform Agenda and contributed to research on liability reforms. CPA Australia estimates that 70 per cent of all PII for accountants continues to be written by overseas markets; for example, Lloyds of London. Claim numbers and severity have increased over the past 12 months as a direct result of the economic downturn. Notifications have also increased in proportion, as a result of the slowdown. Based on the past, it expects to receive an increase in claims as a result. CPA Australia has no proposed major changes to tactics for 2012 but will continue to extend its core education offerings on risk mitigation strategies and insurance. Compliance with the Cover of Excellence trademark is applicable to all members who hold a CPA Australia Public Practice Certificate and who are covered by a State or Territory PSC scheme.


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.