The oversight programs of CPA Australia and regulators aim to promote high standards and good practice, while protecting consumers.
Co-regulation is important for the accounting profession in Australia, and failure to uphold standards undermines confidence in the broader market and damages reputations.
The regulatory environment, however, is becoming more complex and is constantly changing. Whilst some announcements may be made by government without appropriate guidance and in isolation of each other, CPA Australia has a constructive relationship with regulators which allows it to provide feedback on a significant range of legislative and administrative issues and to meet, discuss and resolve issues. The extensive input and insights provided by members is integral to that process.
You can keep abreast of CPA Australia's advocacy as well as its current consultations and submissions.
The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry was released on 4 February 2019. The report includes 76 recommendations covering banking, financial advice, superannuation, insurance, corporate culture, governance and remuneration, and the regulators. The Government responded by stating that it has agreed to take action on all 76 recommendations. A number of policy decisions have already been made, including:
- establishing a compensation scheme of last resort to provide a solution to the problem of uncompensated consumer losses
- expanding the remit of the Australian Financial Complaints Authority (AFCA) so that it can award compensation for successful claims going back 10 years
- commencing a capability review of the Australian Prudential Regulatory Authority (APRA) and conducting further capability reviews every four years.
Find out more from CPA Australia's policy bulletin (PDF). You can also access the Productivity Commission's report on superannuation (PDF).
Other changes to the regulatory environment include:
Above all, practitioners must maintain their independence. CPA Australia provides an Independence Guide (PDF) to help practitioners assess issues of independence that they may encounter through a series of practical case-based scenarios.
- Be independent and transparent
- Take an independence health check
- Up skill yourself and other partners by attending training programs and by undertaking certification programs
- Up skill your workforce to stay on top of legislation
- Keep abreast of announcements made via your professional body through CPA Update and CPA Tax News