16 August 2019
CPA Australia’s Board of Directors met last week and would like to provide an update on the following matters.
- Reflect Reconciliation Action Plan (RAP)
- Divisional Council election nominations
- CPA Program recognised by FASEA
- Performance KPI – member retention
- Public commentary
Watch a video of Peter Wilson providing a Board update.
1. Reflect Reconciliation Action Plan
CPA Australia has proudly launched our inaugural Reflect Reconciliation Action Plan (RAP). The Reflect RAP is a significant milestone for CPA Australia. Endorsed by Reconciliation Australia, it formalises our commitment to reconciliation with Australia’s First Peoples.
Reconciliation Australia’s RAP framework provides a structured approach to assist organisations advance reconciliation. There are four types of RAP that an organisation can develop: reflect, innovate, stretch and elevate. Our Reflect RAP is the first stage of our reconciliation journey and provides a practical pathway to help CPA Australia advance the participation of Aboriginal and Torres Strait Islander peoples in the accounting and finance profession.
The Board fully supports this initiative and is proud that our organisation has taken this crucial step, to actively play a positive role in reconciliation with Australia’s First Peoples.
View CPA Australia’s Reflect RAP.
2. Divisional Council election nominations
CPA Australia is currently seeking nominations from members interested in serving on Divisional Councils. Divisional Councils play a key role in engaging with members and provide an important channel of communication.
CPA Australia has divisions in each Australian state and territory, New Zealand, Europe, Greater China, Malaysia and Singapore. Serving on your Divisional Council provides an opportunity to contribute to your profession.
Nominations are open until Friday 30 August. More information on the nomination and election process is available on the CPA Australia website.
3. CPA Program recognised by FASEA
FASEA has confirmed that the CPA Program will be recognised as approved study as part of its new education standards for financial advisers.
The announcement comes after strong representation from CPA Australia and other professional accounting bodies. It means that existing financial advisers who have completed the CPA Program, including an approved financial planning elective, will only need to undertake the FASEA Ethics for Professional Advisers bridging course.
Existing financial advisers who have completed the CPA Program, but not one of the approved financial planning electives, will need to undertake the FASEA Ethics for Professional Advisers course plus one additional bridging course.
CPA Australia is currently exploring options to support members to meet their bridging unit requirements, including members who joined prior to the introduction of the CPA Program.
View further details.
INTHEBLACK magazine has undergone changes in the past couple of months which have garnered positive feedback from readers.
The July and August editions of INTHEBLACK reflect a new look and new content with an increased focus on members, technical accounting information, career advancement and tracking economic trends. These changes stem from member feedback and the Board thanks the members who have taken the time to offer their comments on the new approach.
5. Performance KPI – member retention
At the beginning of the year, CPA Australia published a series of key performance indicators (KPIs) for 2019.
Some of these KPIs will be measured by the results of the member engagement survey which will be available at the end of the year. In relation to the key metric of member retention, 98.0 per cent of CPAs have currently renewed their membership, meaning that we are well on track to achieve the 2019 target of 98.1 per cent.
This KPI highlights the work we are undertaking to deliver on the strategic goal of protecting, promoting and enhancing the integrity of the designation.
6. Public commentary
CPA Australia continues to promote the organisational brand and advocate on matters of relevance to members, the profession and the public interest.
Independent monitoring of Australian media shows continued improvement in CPA Australia’s favourability rating against industry benchmarks. This reflects the focus of our public commentary in the second quarter of 2019 on topics of interest to members, such as the Australian Federal Budget, announced policies of the major parties for the Australian Federal election and our end of financial year tax time messaging. There has also been strong, positive media coverage across markets with the release of CPA Australia’s tenth annual Asia-Pacific Small Business Survey.
Peter Wilson AM FCPA
President and Chair
On behalf of CPA Australia’s Board of Directors