Leadership and Competitive Positioning
How we delivered in 2008
Highlighting the Importance of Discipline, Ethics and Conduct
The Institute educates and continually updates members about their ethical and professional obligations.
Quality Review Program
During the year we completed 480 reviews of different sized practices under our Quality Review Program. This program is a key feature of the co-regulatory framework. It was established to ensure members in practice have quality control policies and procedures in place to comply with accounting, auditing and professional standards.
As reported in our 2007 Annual Report on the Quality Review Program, particular attention was paid to practices’ implementation of APES 320, a standard making it mandatory for every firm to adopt a quality control system. Compliance with ‘force of law’ auditing standards was also a focus.
The comprehensive, interactive Quality Control Guide (issue by the Institute to help members adapt to these new and updated quality control standards) met with a favourable response.
Of the 480 reviews undertaken, 29 per cent were practices that conduct audits which are subject to the Corporations Act 2001 (Cwlth) (Corporations Act). As at 30 June 2008, another 510 practices were under review.
During the year, the following reports were issued:
- No departures from professional standards: 16.5 per cent
- Departure(s) from professional standards, not classified as serious: 72 per cent
- Follow-up review required: 11 per cent
- Referral to the Institute’s disciplinary processes for investigation: 0.5 per cent.
Results have been analysed and are available in the 2008 Annual Report on the Quality Review Program.
Professional conduct
In addition to reviewing the quality control policies and procedures of practices, we also rigorously enforce the ethical, technical and professional obligations of members by investigating complaints and, where necessary, imposing sanctions.
In the year to 30 June 2008, the Institute undertook 259 investigations into formal complaints or other issues concerning the conduct of members. Of these, 27 members were called to appear before the Professional Conduct Tribunal, which imposed sanctions ranging from expulsion from membership to a mandated quality review.
More information is available in our 2008 Annual Report on Professional Conduct.
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