In this, the second part of our two-part review series on the Institute's inaugural Professional Conduct Annual Report, we take a closer look at what lies ahead this financial year. 
 
The Institute's Professional Conduct Annual report was published with a view to improving transparency and openness. It outlines the top-line results of its Professional Conduct investigations during the financial year ending 30 June 2006. 
 
The report highlights the Institute's continual efforts to improve the high standards of the profession while demonstrating that Professional Conduct matters are dealt with in an independent and objective way.  
 
Outlook 
During the 2006-07 year, the Institute will continue to monitor the effectiveness and transparency of its disciplinary procedures. It has also committed to a range of other activities designed to further enhance the Professional Conduct function. 
 
Global activities 

• The Institute is part of the Global Accounting Alliance – an alliance of leading accounting bodies from the US, New Zealand, Canada, South Africa, Ireland, Scotland, Hong Kong and England and Wales. The Institute intends to share relevant information on disciplinary processes, issues and trends with the GAA bodies
 
 

• The International Federation of Accountants (IFAC) recently released a revised code of ethics. The code was effective from 30 June 2006 and has been adopted by the Institute (with appropriate amendments to recognise the Australian environment, in place of the Code of Professional Conduct). The Professional Conduct function will play an important role in ensuring that members observe both the letter and spirit of this
 
 

• The IFAC Statement of Membership SMO 6: Investigation and Discipline covers issues such as procedures for investigation and discipline; types of sanctions and information and guidance to members. The Institute will address any issues arising from the survey conducted by IFAC during 2005-06 to ensure the Institute complies with SMO 6.

• The Institute welcomes the FRC’s recent review of its disciplinary procedures. In the months ahead the Institute will work with the FRC and consider recommendations from the review. For those recommendations considered appropriate, the Institute will incorporate them into ongoing efforts to enhance the Professional Conduct function
 
 

• This work with the FRC will be part of the process of constant assessment and review designed to ensure any possible enhancements are implemented. A crucial part of this process is the Institute's commitment to work with regulators to ensure that members continue to meet the highest standards of technical performance and ethical conduct