Reporting obligations to the PSC

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Reporting obligations to the PSC

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Annual report to the PSC
Compliance audit - 2007
Compliance audit - 2006

Return to "Schemes limiting liability of members"

Annual report to the PSC

With the benefits of participation in PSC Limited Liability scheme, there are also obligations. It is a mandatory annual requirement of the PSC Scheme that the Institute lodge an annual report as to:

the implementation and monitoring of its risk management strategies;

the effect of these strategies; and

any changes made or proposed to be made to them.

Download the Institute's Risk Management Report for the Scheme Year ended October 2006 - submitted 31 March 2007.

Introduction
Appendix 1
Appendix 2
Appendix 3
Appendix 4
Appendix 5
Appendix 6
Appendix 7
Appendix 8
Appendix 9
Appendix 10
Appendix 11
Appendix 12
Appendix 13
Appendix 14
Appendix 15

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2007 compliance audit results

With the benefits of participation in PSC Limited Liability scheme, there are also obligations. It is a mandatory annual requirement of the PSC Scheme that the Institute monitors the compliance of participating members with key obligations under the Professional Standards Act (NSW).

The source of this data is a compliance audit of NSW firms undertaken to meet the Institute’s obligations under the liability capping scheme in NSW. Members’ firms are randomly selected to participate in the compliance audit covering the disclosure, professional indemnity and claims data requirements of the Accountants’ Limitation of Liability Scheme in NSW.

All participating members of the PSC Scheme are committed to maintain the appropriate level and currency of professional qualifications and experience, to adhere to a prescribed code of ethics and to maintain insurance and business assets to meet claims made against them to a prescribed limit.

The compliance audits not only fulfill our obligations to the PSC but are also useful in providing comparative information to members.

The compliance audit questionnaire has been developed to ensure the key obligations of the Professional Standards Act can be addressed with minimal impact on individual members of the PSC scheme.

Requests for completion of the questionnaire were recently issued to those members selected for the 2007 audit, with a response date of 17 December 2007. The results of this audit will form the basis of the Institute’s response to the PSC.

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Last Updated: 24 December 2007