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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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Tabled papers

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Professional Standards Council

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38 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 repOrTS by ASSOCIATIONS Accountants CPA Australia (nSW) CPA Australias compliance report for 2011 covers all mainland Australian States and Territories. For more on CPA Australias national risk management and compliance strategies, see the section Cover of Excellence schemes. monitoring of claims In 2011, there were 11 reported insurance claims against NSW members and notifications from members that a claim might be made. Institute of Chartered Accountants in Australia (nSW) ICAAs compliance report for 2011 covers all mainland Australian States and Territories. For more on the ICAAs national risk management and compliance strategies, see the section Cover of Excellence schemes. monitoring of claims As part of the annual scheme compliance survey, during 2011, the ICAA sought information regarding any formal claim in excess of $500,000 lodged against the member or the firm. In 2011, a number of claims were reported that were settled in the same year but had been notified in prior years. All claims reported to the Institute in 2011 have been reported as 2011 claims. In 2011, there were six reported insurance claims over $500,000 against NSW members. Institute of Public Accountants The Institute of Public Accountants (IPA) reported, as below. Continuing professional development The IPA regularly monitors issues arising from the public practice quality assurance (PPQA) reviews and other industry issues. Its technical team advises the NSW divisional office on any areas of concern and those that need to be covered in the CPD program. The professional practice orientation certificate is updated annually with feedback from the IPA technical team, quality assurance reviewers and members on current issues. The bi-monthly member publication, Public Accountant, contains regular articles that advise members where the ATO and other regulators have concern and any recommendations on knowledge improvement in these areas. The 2011 National Public Practice Symposium was held in Sydney in May 2011. Concurrent streams of sessions included technical issues and practice development topics, such as knowledge management, succession planning, professional services marketing and information technology. Complaints data The IPA has an investigations and disciplinary process to accept written complaints against ITS members. As a condition of membership, all members are subject to this investigation and disciplinary process for breaches of the IPA constitution, by-laws, pronouncements and professional standards. During 2011, eight complaints were received against NSW members: six regarding professional conduct one regarding fraud one regarding SMSF audit. Of the eight complaints against NSW members: two were finalised two were referred to the Disciplinary Tribunal four are under investigation. Disclosure of limited liability and use of Cover of excellence trademark The Public Accountant and other IPA publications in NSW have promoted the issue of disclosure. During the last financial year, a survey indicated that: 98 per cent of members were using the disclosure statement as set out in the prescribed form all survey respondents held current PII cover of $500,000 or more

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