Ensuring the Institute is Fit For The Future
How we delivered in 2008

Fiscal year 2008 was a busy and active year for the Institute. We established a new customer service division, which included the creation of a national service centre with improved service standards. We merged teams, implemented new practices and procedures, improved turnaround times for migration assessments and organised more than 700 events during a period of significant change.

We successfully completed the sale of our York Street premises, relocated to Erskine Street in Sydney and negotiated new leases of our premises in Brisbane and Canberra. We implemented service level agreements to ensure a quality customer experience, increased the use of multimedia in our Chartered Accountants Program to enhance the learning environment and improved our risk management systems.

Providing a Sound Financial Base

The Institute achieved a surplus of $1.82m for the year compared with last year’s $1.99m. Revenue rose by $6.01m thanks to a growth in membership revenue (7.8 per cent), Chartered Accountants Program revenue (14.7 per cent), and growth in other revenue as a result of the initial Professional Standards Council levy being charged nationally, which produced additional revenue of $1.1m. Expenses increased by 9.1 per cent compared to last year.

For further details see the financial commentary.

Building appropriate Infrastructure and Processes

Facilities

The new Canberra office fit out was completed on time and within budget.

Risk management

A review of the Institute’s risk management procedures and systems by Ernst & Young produced a report that was, in the main, positive. The majority of recommendations from a previous report have been adopted. The latest review provides a new platform for improvement: recommendations to enhance reporting and identify risks by business objectives instead of function have already been incorporated in the risk updates now being completed.

Risk updates are completed every six months with all divisional managers. A meeting with each division’s general manager is then held to agree and sign-off on risks identified.

Significant risks are discussed at divisional risk workshops. These not only engage all staff in the risk management process, but are also helping to embed an understanding of risk across the Institute.

During the year a Business Continuity and Disaster Recovery Plan was developed and communicated to staff. The plan resides on the intranet for easy access.

Technology

A review by Deloitte of the Institute’s technology has prioritised current needs, evaluated future needs and recommended programs and activities. The review has given the Institute a starting point to standardise equipment and processes and create a solid foundation for the future. An upgrade of our systems this year has provided faster internet access, the opportunity to evaluate traffic usage and costs and the capacity to undertake more detailed research and analysis of members’ needs.

Responding to Emerging Trends and Markets

The Institute’s business intelligence unit monitors the environment and provides information and analysis to the rest of the organisation on emerging trends and key business issues. This is used by the Board and the leadership team in strategic and operational decision making. Key information on the skills shortage and the supply of, and demand for, accounting students which helps to drive the careers marketing strategy has been generated by this area.

To improve strategic thinking, the Board has dedicated part of each meeting to a session dealing with one of the six issues in the strategic plan. This enables it to consider emerging issues and respond to them more rapidly.

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