Home' Annual Report : Annual Report 2015 Contents PROTECTING
THE PUBLIC INTEREST
Changing the future of financial advice in Australia.
Promoting the highest standards for those members who provide
accounting services to the public.
Ensuring that all members comply with a professional code of conduct.
Protection of the public interest is core
to CPA Australia’s strategy. In 2015,
to support this goal, we announced the
establishment of CPA Australia Advice,
a wholly-owned subsidiary of
CPA Australia. More information
on CPA Australia Advice can be
found on the following pages.
All CPA Australia members commit
to upholding the reputation of the
CPA designation by adhering to
the obligations detailed in
CPA Australia’s Constitution and
By-Laws, Code of Professional
Conduct and applicable regulations.
CPA Australia has undertaken to act
in the public interest and we have an
obligation to ensure that complaints
about members are investigated
thoroughly, in an impartial and
timely manner, and at all times striving
to preserve the rights of members
while acknowledging the concerns of
complainants. The rate of complaints
against members remains consistently
low, with adverse findings disclosed
on our website.
Each year, our quality assurance
team undertake quality reviews to
monitor compliance with professional
CPA AUSTRALIA ADVICE
and ethical standards, help educate
our members about best practice,
and check the efficiency of their
quality control processes. In 2015,
we evolved the program further,
enhancing the framework for low risk
reviews allowing greater focus on
members providing high-risk services
such as audit. The 2015 results showed
improved compliance with professional
Further details on our results,
and the changes we have made as
a result of our evaluations, can be
found in the following sections.
PROTECTING THE PUBLIC INTEREST
Having witnessed the steady erosion of the community’s trust in the
financial planning sector in Australia over recent years, CPA Australia’s Board
determined that we would make a major contribution in the public interest
to rebuild confidence by entering the financial advice market in Australia.
On 5 June 2015, at a press conference
with ASIC Chairman Greg Medcraft,
CPA Australia announced the
establishment of CPA Australia Advice
Pty Ltd (CPA Australia Advice).
CPA Australia Advice is a wholly
owned subsidiary of CPA Australia,
with the same strong culture of
independence, transparency, integrity,
compliance and continuous learning as
CPA Australia Advice will make
a significant contribution to rebuilding
trust in the financial advice market in
Australia. It will also provide support
for our current and future members
in public practice, in par ticular those
members currently being impacted by
the future removal of the accountants’
exemption. This will be achieved
through a range of licensing solutions
to support members advising their
clients, built on an ethos of integrity
Our commitment will always be to
focus on what is right for the client.
This means a strong focus on advice
and no commissions, no hidden
incentives, no asset-based fees, just
pure and transparent fee-for-service.
This also means CPA Australia Advice’s
operations will be consistent with
sec tion 923A of the Corporations Act
2001 which permits the use of terms
like “independent”, “impartial”
Our tailored licensing solutions
have been designed to meet the
varying needs of members, their
public practice and, importantly,
their clients. Only members who
hold the CPA or FCPA designation
and hold either a CPA Public Prac tice
Cer tificate (CPA PPC) or work as an
employee under a CPA PPC holder
within a CPA Australia prac tice are
eligible to become authorised under
CPA Australia Advice. This requirement
ensures all licensed advisers have
the same strong education and
professional background that is
fundamental to providing quality
CPA Australia Advice has made
significant progress to ensure that
it will be fully operational during the
second quarter of 2016, providing
important licensing pathways for
members before the removal of
the exemption on 30 June 2016.
In addition to the appointment of
key staff, and the release of licensing
solutions, CPA Australia Advice has
lodged its application with ASIC
for both an Australian Financial
Services Licence (AFSL) and an
Australian Credit Licence (ACL).
We anticipate that both applications
will be approved early in 2016.
It is our intention to have the company
operational and providing high quality,
independent and transparent financial
advice to Australian consumers in
2016. Quality financial advice has
the potential to make a real difference
to a person’s well-being and quality
of life, par ticularly in retirement.
It’s equally true that the community’s
trust in financial advice has been
undermined in recent years.
The establishment of
CPA Australia Advice is our
commitment to rebuilding the
community’s trust and confidence
in seeking the highest quality
Photo: Alex Malley FCPA, chief executive CPA Australia and chief executive CPA Australia Advice (left) with Greg Medcraft, ASIC Chairman (right).
CPA AUSTRALIA 2015 INTEGRATED REPORT
LEADING THE ACCOUNTING PROFESSION INTO TOMORROW
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