Home' Annual Report : Annual Report 2015 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 IPA
and CAANZ to jointly promote the Association of
Accounting Technicians (AAT) as the peak organisation
representing the para-professional segment of the
accounting profession through the provisions of loan
funds. A Current / Non-current loan receivable from AAT is
$350,000 before interest which is charged monthly at the
rate of 0.5 per cent per annum above the 90 day Bank Bill
Rate. Interest income earned on the loan in 2015 was $9,686.
Repayment terms for the loan were extended in 2012,
with the first instalment now due in 2016 and the loan to be
fully paid by June 2021. Nicholas Diss, deputy chief financial
officer and Jeff Hughes, chief operating officer -- member
services are Directors of the AAT Board.
Management has assessed the AAT loan and an impairment
provision has been 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 services and Priya Dharshini A / P Terumalay,
general manager Malaysia, are Directors of CPA Australia
(Malaysia) Sdn Bhd.
Robert Thomason, executive general manager -- education,
Jeff Hughes, chief operating officer -- member services,
Deborah Leung, general manager greater China,
and Nicholas Diss, deputy chief financial officer
are Directors of CPA Australia (Shanghai).
Graeme Wade, President and Chairman of CPA Australia
(effective 1 June 2015), Tyrone Carlin, Deputy President
of CPA Australia (effective 1 June 2015), Michele Dolin,
Director of CPA Australia (effective 1 July 2015),
Richard Petty, Director of CPA Australia (effective
1 June 2015), and Suzanne Haddan (effective 1 June
2015) are Directors of CPA Australia Advice. Alex Malley,
chief executive officer, Adam Awty, chief operating
officer -- commercial, Jeff Hughes, chief operating officer
-- member services and Craig Laughton, general counsel
are key management personnel of CPA Australia Advice.
CPA Australia has provided a non-current interest free
loan to CPA Australia Advice of $1,150,000 due to be
fully paid by 2025.
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 foreign subsidiaries
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 annually.
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 2015, CPA Australia received revenue in the form of
sponsorship from Deloitte Hong Kong for the CPA Australia
Career Expo Hong Kong and CPA Australia 2015 Congress
Hong Kong; Deloitte Singapore provided sponsorship for
CPA Australia Career Expo Singapore and CPA Australia
2015 Congress Singapore; and Deloitte Malaysia provided
sponsorship for CPA Australia Career Expo Malaysia and
CPA Australia 2015 Congress Malaysia.
90 FINANCIAL REPORT
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