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Professions Australia Graham Meyer Chief Executive Officer

Professions Australia Graham Meyer Chief Executive Officer. charteredaccountants.com.au. Professional conduct. The primary purpose of the Institute’s disciplinary process is to protect the reputation of the Institute and the Chartered Accountants designation

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Professions Australia Graham Meyer Chief Executive Officer

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  1. Professions Australia Graham Meyer Chief Executive Officer charteredaccountants.com.au

  2. Professional conduct • The primary purpose of the Institute’s disciplinary process is to protect the reputation of the Institute and the Chartered Accountants designation • The Institute’s Professional Conduct function rigorously enforces ethical, technical and professional standards through investigation of complaints and other issues which come to our attention concerning members’ conduct • Judging peers – Professional Conduct Tribunal is made up of senior members of the Institute and non-members • Professional Conduct processes are transparent and independent

  3. Regulatory framework • No single body responsible for regulating the accounting profession in Australia • Regulatory bodies for specific functional areas: ASIC, Tax Agents Board, APRA, ITSA • Institute does not have legal power and not responsible for redress or compensation • Institute’s disciplinary process follows the regulatory and court process

  4. Institute membership • 46,000 members • In the FY 2007 - 317 formal investigations against members • Only 11 members called to appear before the Professional Conduct Tribunal • Only one member was excluded from membership – the Institute’s ultimate sanction

  5. Force of law • Corporate collapses of Enron and HIH Insurance focused attention on corporate regulation and governance • Auditing standards now have force of law • New oversight bodies have been established: • Financial Reporting Council • Audit Quality Review Board • Accounting Professional and Ethical Standards Board

  6. Trial by media • Media often get involved in disciplinary cases • Greg Lay: • Greg Lay, Chartered Accountant involved in ASICs case against employer Steve Vizard • Highly publicised case against Lay and the Institute - criticised for not placing sanctions against him • Media showed misunderstanding of issues • Institute can be criticised and reputation damaged by media reports • Private hearings – journalists not invited • Requires careful management

  7. Graham Meyer Chief Executive Officer Institute of Chartered Accountants in Australia charteredaccountants.com.au

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