7th September 2006  
 
The Institute of Chartered Accountants has today launched its inaugural annual report detailing the Institute’s disciplinary activities over the past 12 months.  
 
During the year to 30 June 2006, the Professional Conduct function of the Institute heard 31 cases and issued 30 sanctions ranging from exclusion from membership to a mandated Quality Review. There were 298 complaints or other issues concerning the conduct of members which came to the Institute’s attention - this represents a mere 0.7% of the Institute’s membership.  
 
The Institute’s General Manager of Standards and Public Affairs Bill Palmer said that while the Institute is never happy to receive complaints it believes the low numbers of allegations made and cases heard against members reflects the high standards the Institute insists upon.  
 
“Professional Conduct is a key part of the Institute's work in maintaining the highest ethical, technical and professional standards.  
 
“A strong, fair and proactive disciplinary process is crucial to reducing these numbers even further. That is why the Institute continually monitors and improves its processes,” Mr Palmer said.  
 
The Institute has also recently completed a benchmarking study against the major accounting bodies in other countries including the UK, Ireland, New Zealand, Canada and the US. The process confirmed that the Institute’s practices meet or exceed global best practice.  
 
The Institute’s disciplinary activities are part of a much wider web of regulatory and supervisory activity. The Institute is careful to limit its role to what it can deliver efficiently and fairly. It is up to the courts and the regulators to impose judicial and civil sanctions and the Institute places a great emphasis on working closely with the regulatory authorities. It’s the Institute’s belief that co-regulation delivers the most effective mix of the carrot and the stick when it comes to promoting high standards.  
 
Further information is available on the Institute’s website www.charteredaccountants.com.au.