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Liability capping scheme reporting requirements
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Who should complete this questionnaire? 
All CPP holders have been contacted regarding this, but only one person per firm needs to respond.  
 
When are responses required by? 
We would like to receive responses from members on or before Friday, 6 February 2009. Although the deadline to respond and be entered into the Champagne draw has now closed (see below), you do still need to respond if you haven't already. 
 
Why is this important? 
In 2009, the scheme regulators and government will review data to assess whether the liability capping schemes are effective – and should be continued. Specifically, they will need to know that members of the Institute are:

  • Achieving and maintaining appropriate levels of professional qualifications and experience
  • Adhering to a prescribed code of ethics
  • Maintaining professional indemnity insurance to meet claims made against them to a prescribed limit.
The Institute will also have to tell the regulator how many claims have been made against members, and the size of those claims. 
 
It was a condition of getting the schemes approved that this information, required under Professional Standards Legislation, be collected. As this data is not otherwise available to the Institute, members need to supply it directly.  
 
Confidentiality is assured 
Responses will be treated as confidential and protected by privacy law. Only aggregated data is reported to the regulator. 
 
Why will claims data be required on an ongoing basis? 
The claims data collected will assist the Professional Standards Council (PSC) to monitor the operation and effectiveness of the Institute scheme.  
 
The information will also enable the Institute and the PSC to assess the success of its risk management strategies. These risk management strategies are intended to reduce the number and level of claims against members. This information will also allow the Institute to adapt those strategies in response to changes in the number and basis of claims made against members over time.  
 
Click here to complete the questionnaire 
 
Print a copy of the 'review your responses' page 
Near the end of the questionnaire, is a page that summarises all of your responses (titled 'Review your responses'). Please print out a copy of this before clicking 'submit'. That way, if there is any error after you have clicked 'submit' (a small number of members have experienced this) you can still fax the responses to Professional Standards on (02) 9262 1310.  
 
Hard copy version of the questionnaire 
If you prefer, you can print off this PDF version of the questionnaire, complete it and then fax or mail it to: 
Professional Standards team 
8th Floor 
The Institute of Chartered Accountants in Australia 
GPO Box 3921 
Sydney NSW 2001 
 
New PI calculator now available 
In response to member feedback, the Institute has launched an online calculator, to help members clarify the minimum limit of professional indemnity (PI) cover they need to hold (to comply with the Institute's requirements). Click here to use the calculator.  
 
Moet Grand Vintage Champagne: winners have been drawn 
Firms that completed the questionnaire before Monday, 8 December 2008 were entered into a draw to win six bottles of Moet Grand Vintage Champagne (however, if you haven't yet responded, we do still require you to do so).  
 
The two winning entries were drawn at random in on Tuesday, 9 December 2008. The winners were:
  • A semi-retired member from New South Wales
  • Anthony Wetmore & Co Pty Ltd from Toowong in Queensland.
For more information 
Contact the Institute’s Professional Standards Team on (02) 9290 5627 or professionalstandards@charteredaccountants.com.au 
 
 
 
Last updated: Wednesday, 10 December 2008