Home' Annual Report : Annual Report 2016 Contents LOANS TO KEY MANAGEMENT PERSONNEL
There are no loans between key management
personnel and CPA Australia.
OTHER TRANSACTIONS OF KEY MANAGEMENT
PERSONNEL AND KEY MANAGEMENT PERSONNEL
In 2007, CPA Australia entered into a memorandum of
understanding with two other accounting bodies, CAANZ
and the IPA to jointly promote the AAT as the peak
organisation representing the para-professional segment
of the accounting profession through the provisions of
loan funds. A Non-current loan of $320,000 is receivable
from AAT as at 31 December 2016. Repayment terms for
the loan were extended in 2016, with the next instalment
now due in 2018 and the loan to be fully paid by June
2021. Interest income earned on the loan in 2016 was
$5,489. All interest charges from July 2016 onwards have
been deferred until June 2017. Nicholas Diss, Deputy
Chief Financial Officer and Jeff Hughes, Chief Operating
Officer – Member Ser vices are Direc tors of the AAT Board.
Management has assessed the AAT loan and
an impairment provision was recognised in
2015 for the full amount of the loan.
Adam Awty, Chief Operating Officer – Commercial
and Company Secretary, Jeff Hughes, Chief Operating
Officer – Member Ser vices and Priya Dharshini
A/P Terumalay, General Manager Malaysia, are
Directors of CPA Australia (Malaysia) Sdn Bhd.
Jeff Hughes, Chief Operating Officer – Member
Services, Robert Thomason, Executive General Manager
– Education, Deborah Leung, General Manager Hong
Kong, and Nicholas Diss, Deputy Chief Financial Officer
are Directors of CPA Australia (Shanghai) Ltd.
Tyrone Carlin, President of CPA Australia Ltd, Michele
Dolin, Board Member of CPA Australia Ltd, Richard Petty,
Board Member of CPA Australia Ltd, Graeme Wade, Board
Member of CPA Australia Ltd and Suzanne Hadden are
Directors of CPA Australia Advice Pty Ltd. Alex Malley,
Chief Executive Officer, Adam Awty, Chief Operating
Officer – Commercial, Jeff Hughes, Chief Operating Officer
– Member Services and Craig Laughton, General Council
are key management personnel of CPA Australia Advice
Pty Ltd. CPA Australia Ltd has provided a non-current
interest free loan to CPA Australia Advice Pty Ltd of
$5,594,000 (2015: $725,000) due to be fully paid by 2025.
During 2016 CPA Australia entered into a commercial
arm’s length sponsorship of the National Basketball
League valued at $756,000 covering Australia, China,
New Zealand and other selected countries including
India and the Philippines; Graeme Wade, Director of
CPA Australia is also a Director of NBL Pty Ltd.
During the year, CPA Australia paid professional indemnity
and Directors’ and officers’ liability insurance in respect
of its Directors. The insurance contract providing
this cover does not allow CPA Australia to disclose
either the extent of cover or the premium paid.
AUDITOR OF PARENT ENTITY
Audit of financial report
Other assurance services
Audit of financial reports for
subsidiaries and branches
The auditor of the company is Deloitte Touche Tohmatsu.
Any activity which involves the engagement of the
company auditor must adhere to the Board endorsed
principles and require the prior approval of the Board
Audit and Risk Committee to ensure there is no conflict
of interest. As a general principle, the use of the external
auditors is limited to the provision of statutory audit work
and non-discretionary audit-related work. Where the
statutory auditor is deemed to be the most appropriate to
carry out professional development, article authoring or
CPA Program authoring and support at program workshops,
this is to be documented and provided to the Board
Audit and Risk Committee for endorsement quarterly.
There are no commercial sponsorships in Australia
or Shanghai (where Deloitte is also the local auditor).
However, offshore divisions can enter into sponsorships
with their local Deloitte office where Price Waterhouse
Coopers, Ernst & Young and KPMG will also be represented.
Sponsorships can be raised for member awards where
the member is the direct recipient of the cash benefit.
During 2016, CPA Australia received revenue in the form of
sponsorship from Deloitte Hong Kong for the CPA Australia
Career Expo Hong Kong. Deloitte Singapore provided
sponsorship for CPA Australia Career Expo Singapore
and CPA Australia 2016 Congress Singapore. Deloitte
Malaysia provided sponsorship for CPA Australia Career
Expo Malaysia and CPA Australia 2016 Congress Malaysia.
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