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Annual Report 2011/2012 Professional Standards Councils



Annual Report 2011/2012 Professional Standards Councils

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Tabled paper 112


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






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Professional Standards Council

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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.