An independent third-party
has been implemented, and after an internal audit review, CPA Australia is moving to a fully outsourced internal function.
Establishment of new divisions
The Board approved that existing branches in Northern Territory, New Zealand and Europe be afforded the status of divisions.
Amendment to Constitution
Members voted at the 2019 Annual General Meeting to amend Article 60 of the Constitution to include a provision requiring the Board to call a meeting of members within three months of exercising its emergency powers to appoint directors.
Professional Standards Scheme application
Ensure the continuity of the CPA Australia Ltd Professional Standards (Accountants) Scheme, which limits eligible public practitioner’s civil liability. The Scheme promotes, upholds and improves professional and ethical standards, protects public interest and limits the occupational liability for participating members.
The new Scheme, commencing on 23 December 2019, requires CPA Australia to continually demonstrate good governance, monitor and manage risk management strategies, a compliance program, a complaints and disciplinary program, and comply with regulatory reporting requirements.
To support the Scheme, CPA Australia will improve its data collection and analysis techniques to inform risk management strategies, which seek to continually improve practitioner and public interest outcomes. The Scheme also requires CPA Australia to inform and educate members on eligibility and obligations, including holding professional indemnity insurance and to ensure members notify clients on the effect of the Scheme. Find out more