Anyone working in the accounting profession knows it has been a frenetic and rewarding year. A strong economy has created a lot of work for our members in everything from corporate finance, audit and superannuation, to taxation and risk management. Meanwhile, the private equity boom has been reflected in a surge in demand for advice from our members.

Although revenues increased for many, the burden of compliance remained an issue for us all. Helping members cope with issues like over regulation is one of the most important roles of the Institute. While our lobbying efforts have been low key, they have achieved results. In tax, we influenced change for small businesses (such as reducing the burden of Division 7A) and large businesses (such as removal of the income ceiling on the same business test and capital gains tax amendments for non-residents). We also played a key role in securing amendments to the Simpler Regulatory System Act.

We don't carry out all of our lobbying and influencing in isolation. Our work on joint standing committees with other professional accounting bodies has provided a clear, unified voice for the profession in the last year.

Maintaining pre-eminence

As any sports person will tell you, it's not taking the lead that is hard. It's staying there that's hard - the pressure increases, the competition has you in their sights, and you can't afford to slip.

Sometimes however, it is the pressure of leadership that makes some players great - giving them the drive to find new and better ways to stay at the top.

It's the same with organisations like the Institute. I believe we are the leading accounting body in this country. Our Chartered Accountant designation is pre-eminent - the hardest to attain, the most valuable and the most recognised, both locally and globally.

Yet maintaining pre-eminence is hard - and getting harder. Our members are busier than ever before, dealing every day with an expanding global marketplace and new rules and regulations.

Fit for the future

We recognised a year ago that to help our members manage these pressures the Institute itself needed to be more efficient and more skilled - in a word, fitter. Much of our activity over this year has focused on that goal.

We have re-examined every key business process to ensure that greater operational efficiency is sought and achieved. The organisation is now implementing sophisticated tools for forecasting, planning and scheduling work, with a unique management operating system that will drive process improvement in each division.

What does this mean for our members? It means the products and services we offer are more tailored to meet members' needs. It means staff are planning and managing workloads effectively. And finally, it means management has the measurement tools required to invest members' money more wisely.

This is just part of our drive for efficiency. The new project management office ensures our products and services are co-ordinated and integrated. Our leadership training and values-based culture has helped achieve high levels of staff satisfaction and, in turn, boosted productivity. The new building at 33 Erskine Street, Sydney will also increase productivity, through better technology and the enhanced work practices that it allows. The creation of a new customer service division will ensure a constant focus on delivering front-line services for members.

The next challenge

While we have been strengthening the Institute from the inside, we have also been making progress on the international front. Our lead role in the Global Accounting Alliance (GAA) gives us the ability to drive improvements in the global profession, such as developing truly global professional standards. It's also a vital competitive advantage as we battle to attract the best and brightest of Australia's graduates into accounting and into the Institute. Over the next year we will continue working with the GAA in order to enhance its role in areas such as leadership and advocacy.

Leadership has also been a key activity for us at home. This year we have published nine leadership reports and hosted a range of workshops, forums and debates on issues such as ethics, differential auditing and extended performance reporting. This work is essential if we are to help shape the profession in a changing economic, political and social environment.

I believe our combination of forward thinking, growing international presence and internal improvements is vital to maintain the pre-eminence of the Chartered Accountant designation. I'm proud of what the Board, staff and management have achieved for members this year. However, this work must continue next year and beyond, because in business, unlike in sport, there is no full-time whistle.

Graham Meyer
Chief Executive Officer