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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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31Professional Standards Councils Annual Report 201112 The Institute of Chartered Accountants in Australia The Institute of Chartered Accountants in Australia (ICAA) reported that, through its engagement with governments and regulators, both internationally and in Australia, it is setting the benchmark for high ethical, professional and educational standards. In 2011, ICAAs thought leadership work addressed a range of significant emerging issues that will impact the profession and that has initiated debate about the most pressing challenges facing Australia over the next 20 years. Its key activities included: participation in and contributions to global forums publishing thought leadership papers contributions to the Business Briefing series written for leaders and financial professionals on a range of contemporary and emerging topics a few audit committee guides organising an ICAA forum of regulators, standard setters, major banks, major firms and government officials to discuss the findings of the leadership paper organising an academic education forum of leading Australian and international accounting academics, practitioners and institute representatives who explored strategies to increase the relevance of accounting research to professional practice establishing the ICAAs Academic Research Program supporting quality research into accounting and related fields. ICAA delivers the Chartered Accountants Program Australias leading postgraduate accounting program which is a prerequisite for ICAA membership. This program is undergoing a comprehensive strategic review to ensure that it continues to provide the high quality, rigorous and internationally recognised training for those seeking membership of the Institute. ICAA noted that, if there were an increase in GFC-related claims, a hardening of the PII market would be likely to follow, with an increase in premiums and restrictions in policy terms. Although it understands that there has been an increase in the circumstances notified during the last few years, and more recently some increase in the number of claims on accountants PII policies, there has not been an increase in premium costs. It understands that premiums in the London market have been trending upwards; however, the market for accountants PII policies in Australia has remained relatively flat during 2011. Claims data reported in 2011 does not reflect a significant impact from the GFC. There has not been an increase in the number of claims, although there has been some increase in the size of the largest claims. However, the evidence from claims data collected indicates that final settlement amounts are significantly lower than the amount of the original claim. This leads them to be cautious about drawing conclusions from original claims figures. In this fourth year of the Institute Limitation of Liability Scheme, the claims data does reflect the long tail nature of PII claims against ICAA members. From this, it is clear that it will be the evidence of claims data collected over an extended period of time from which firmer conclusions can be drawn. Members are able to access adequate PII cover at affordable rates. And this is all in spite of the difficult economic environment of the last few years. The 2011 Scheme Compliance Survey reflected over 99 per cent compliance with the requirements of the Institutes Regulation 4A Professional Indemnity Insurance. This compliance rate has steadily improved over the four-year life of the ICAA scheme to 31 December 2011. c o m p lia n c e r e p o r t in g

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