Communicate with your WA General Manager
 Western Australian Annual Report 2006/07
Dear Members
Each year prior to the Annual General Meeting in October, the Council Chairman presents the Institute's WA annual report outlining our events, programs and initiatives held in the previous financial year. Some of the highlights include:
Council member contact
Media activities
Membership Awards and Ceremonies
Training and Development
Chartered Accountants Program results and events
Member Services events
Advocacy
Careers Marketing
 WA Council Chairman, Julie Keene CA says "As you will see from our report, both the Council and State office have been very active in advancing the interests of Chartered Accountants in WA. Each year, the Council looks to promote development and change in the Institute. In 2006/07, Council has been active in further building relationships with government, academia and other professional accounting organisations, to ensure we continue to work effectively with these groups, and the challenges and importance of the future of the accounting profession are well recognised and understood."
"In addition, Council has been involved with, and supportive of a number of Careers Marketing initiatives managed by the State office. These initiatives have been focused on secondary school students and include presentations, the 'Most Outstanding Accounting Student' award and the ‘Meet the Leader’ event. I’m delighted to report that for the fourth consecutive year, the State office has been ranked as the most successful in Australia, with an 81% satisfaction rating with its service. Congratulations to the WA team!"
See Western Australian Annual Report 2006/07
For further information on future events, activities, member services and staff contact details visit State Office Information on the Institute's website.
Con Abbott FCA
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“Force of Law” Auditing Standards now legally enforceable
On Tuesday, 11 September at the Institute’s specialist member information evening series, Andrew Stringer presented an update to members on the ‘Force of Law’ Auditing Standards now legally enforceable.
He briefed the attendees that as a result of CLERP 9 legislation (which reconstituted the Auditing and Assurance Standards Board (AUASB)) and gave it the power to issue auditing standards that are legally enforceable under the Corporations Act) most auditing standards have since been withdrawn and reissued. These auditing standards, previously referred to as AUSs, now referred to as ASAs, are legally applicable for the audits of all entities that fall within the scope of the Corporations Act for financial reporting periods beginning on or after 1 July 2006.
The standards also apply to all other audits including self-managed superannuation funds, trusts and incorporated associations and are clearly outlined in the pronouncement issued by the Accounting Professional and Ethical Standards Board APES 410 – Conformity with Auditing and Assurance Standards. Based on the equivalent International Standards on Auditing, the AUASB issued 37 pronouncements in April 2006. Of these, 35 are statutory Auditing Standards and are legally enforceable.
Other important pronouncements include the Foreword and Glossary and the Preamble to AUASB Standards, which in itself is a mandatory standard, and sets out the AUASB’s intentions on how the standards are to be understood, interpreted and applied. Aside from some updating, the major changes amend the language within the Standards, to reflect their new legal status (the most obvious change is the term 'shall' replacing 'should', because 'shall' is interpreted as mandatory).
AUASB Standards are principles-based and the auditor is expected to use professional judgement in their application in order to achieve the objectives of the audit, review or other assurance engagement.
Implied obligations have also been removed by either (a) elevating the passage to a mandatory requirement; (b) inserting a qualifier or (c) rewriting the sentence to avoid the use of the present tense. Where this has resulted in a major change, the change is listed in the ‘Main Changes’ section of the Auditing Standard.
Included in certain mandatory requirements and explanatory guidance paragraphs in AUASB Standards are references to compliance with relevant ethical requirements including auditor independence, which are legally enforceable.
Other changes to each Auditing Standard also include:- A preface that outlines the main features of the Standard and the differences between each revised Auditing Standard and the AUS that preceded it
- An application clause that explains when the Standard should be applied
- An operative date paragraph
- A statement explaining any differences between the Standard and the equivalent ISA (also known as the conformity statement).
The Institute is of the view that the new ASAs do not radically change the requirements of the previous AUS standards. The opportunity was taken to update some requirements to reflect legislative change and current best practice and to ensure conformity with revised international standards where applicable.
The Force of Law Auditing Standards will apply to audits under the Corporations Act and audits of a financial report for any other purpose. Compliance with the new Standards is also a requirement of the Accounting Bodies.
In order to assist members with understanding and applying the Force of Law Auditing Standards, the Institute has developed a series of guidelines and toolkits dealing with the mandatory requirements, as well as Independence matters. The Institute’s technical team is also available to respond to member enquiries regarding auditing and financial reporting matters. This service provides general assistance and guidance only. Members have the responsibility to apply their own professional judgment. The service can be contacted on 02 9290 5702.
Practitioners should recognise there is a risk management issue associated with breaches of the 'force of law' auditing standards potentially being a criminal offence, and consider the conditions of your professional indemnity cover. This matter should be discussed with your broker and insurance provider.
Contact: Andrew Stringer on 02 9290 5566 or by email
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Business Breakfast Series
 Richard Goyder, Managing Director and Chief Executive Officer, Wesfarmers Limited
Good Assets and Great People – The Keys to Business Success
On Thursday 13 September at the Sheraton, more than 300 members and guests enjoyed a dynamic presentation from Richard Goyder, Managing Director and Chief Executive Officer of Wesfarmers Limited.
Photo L-R: Greg Meyerowitz, Martin Alciaturi, Richard Goyder, Michael Rose
A ‘born and bred’ Western Australian from a farming background, Richard outlined the Wesfarmers ethos of providing a satisfactory return to shareholders and how that helps in identifying good assets, assets that may be worth more to Wesfarmers than someone else. He also highlighted some of the contemporary challenges that organisations face in attracting, retaining and developing staff including various demographic changes, a more mobile population and Generation Y values.
Richard advised that at Wesfarmers remuneration contained incentives that encouraged the achievement of both short and long term goals and that their people were only measured on what they could control.
Mr Goyder stressed the importance of maintaining and enhancing corporate reputation (e.g. being a good employer, responsible corporate citizen and community involvement), adding that the strong culture at Wesfarmers has been key to ‘opening doors’ to past transactions and, now more than ever, a key to future business success.
Richard’s presentation, which combined valuable examples (e.g. Wesfarmers expects its people to ‘hit the numbers and protect the reputation of the company’), relevant anecdotes and also a touch of humour, delivered a strong message for all - that good assets and great people really are the keys to business success!
Thank you to ANZ for sponsoring this event, and congratulations to Craig Melville from PKF, who won the business card prize draw – a deluxe gourmet hamper!
Thank you to ANZ for sponsoring this event, and congratulations to Craig Melville from PKF Chartered Accountants, who won the business card prize draw – a deluxe gourmet hamper!
 Elizabeth Nosworthy AO FAICD, Deputy Chairman, Babcock & Brown
Illuminating Boards
On Tuesday, 28 August, over 150 members of the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors filled the Hyatt’s North Ballroom for a breakfast presentation by Elizabeth Nosworthy, Deputy Chairman of Babcock & Brown.
Photo L-R: Erica Smyth, Elizabeth Nosworthy, Jo-Ann Long, Jeremy Bean
Ms Nosworthy’s presentation provided an insight into the expected economic impacts of climate change in Australia. In particular, she predicted there would be a carbon-trading regime introduced in Australia within the next five years, which will encourage the adoption of other technologies low on carbon as well as wind, hydro and solar as alternative energy sources. Ms Nosworthy believes the current green energy technology cannot in its current state of development provide sustainable, reliable base load power (especially for industry) but that this will change over time as better battery design for storage becomes available. Over the next few decades clean coal technology will remain a very important part of the energy mix. There is also lot of promise long term in geothermal and wave energy.
Ms Nosworthy concluded her presentation by summarising two challenges Australia faces in minimising the economic impact of climate change; the first is to take the risk out of new technology, and the second is to introduce new technology. There will be substantial opportunities for technology development, however the adoption rate of clean technology and the cost to the community will depend significantly on whatever carbon trading regime the government will introduce. Regardless, Australia needs to be on the front foot rather than waiting for other countries to lead the way.
Photo L-R: Iggo Moro, Elizabeth Nosworthy, John Palermo
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Free Seminar on Land Tax in WA!
Do you have the latest knowledge on land tax and how land is valued for land tax purposes?
Office of State Revenue’s (OSR) Education and Training Branch, with the assistance of Landgate, is providing a free seminar, “Land Tax – An Overview”, on 25 October 2007.
The seminar will run for 2 hours and will provide an overview of the Land Tax Assessment Act 2002. Specific aspects of land tax that will be covered include:- What is land tax?
- Taxable land
- Exempt land
- Exemptions
- Current land tax rates for 2007/2008
In addition, a valuer from Landgate’s Valuation Services Branch will provide an outline of the role of Landgate in valuing land, the objection process and other matters.
To register for this seminar or to obtain further information about customer education services, visit OSR’s website and proceed to the Public Education link. Contact can also be made with the Customer Education and Information Coordinator on (08) 9262 1389 or by email.
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ThinkSafe small business assistance program
If either you or your client are a small business owner (employ less than 20 full-time employees), and want to make your workplace safe, the ThinkSafe Small Business Program is here to help you. The ThinkSafe Program offers small businesses operating in high-risk industry sectors such as agriculture, construction, manufacturing, transport, health and retail, a free and confidential three-hour session with an independent consultant.
The consultant will visit businesses and conduct a three-hour, on-site assessment. This service is provided by the government free of charge. However, it remains confidential and the consultant will not report back to the government on any aspect of the business.
To date, more than 1,000 WA businesses have taken up this free service, with 40 per cent of them being in regional WA. The results of an independent evaluation conducted in 2006 were overwhelmingly positive, with over 93 per cent of participating businesses saying they were satisfied or very satisfied with the service. In addition, a follow-up visit program has been developed following requests from many of the businesses that previously participated in the program. The follow-up visit program will pilot a six-month trial from October 2007.
If you are interested in receiving a free visit, or a follow-up visit, from a ThinkSafe consultant, please call WorkSafe on 1800 429 273 or visit website
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Notice of Annual (Ordinary) General Meeting
Western Australian Region
The Annual (Ordinary) General Meeting of the Western Australian members of The Institute of Chartered Accountants in Australia will be held at:
Venue: The Perth Convention Centre
Date: Wednesday 17 October 2007
Registration: 5.15pm
Meeting: 5.30pm
Networking & refreshments: 6.45pm - 8pm
Business- To receive the annual report for Western Australia for the year ended 30 June 2007.
- To elect Councillors
- To transact any other business, which under the By-laws, may be transacted at an Ordinary General Meeting of the Institute.
Con Abbott FCA
General Manager, WA
RSVP: Liz Farrell by email or 9420 0404.
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Focus session leaders
Members have the opportunity to apply to become a focus session leader this month for modules offered in the Chartered Accountants Program in 2008.
A focus session leader helps candidates engage with the practical application of the technical material within a module. They guide candidates in the application of the theory to work based situations and help them identify any gaps in their knowledge.
The highlights of the role are:- The opportunity to contribute knowledge and experience to the training of future Chartered Accountants
- The experience of facilitating and leading a group-learning situation
- Being remunerated, while ‘giving back’ to the profession
- Earning qualifying hours.
To be a focus session leader a Chartered Accountant, or person with comparable and recognised overseas qualification, must have a minimum of two years work experience in a relevant technical area.
The five modules of the Program are: Taxation, Audit & Assurance, Management Accounting & Analysis, Financial Accounting & Reporting, and Ethics & Business Application. The Ethics & Business Application module requires a broad understanding across all the technical areas.
For more information:- Members interested in becoming a focus session leader for the Chartered Accountants Program please email: registration.nsw@charteredaccountants.com.au
- To register your interest, please complete the Expression of interest for Focus Session Leaders form and fax to: 02 9262 3953
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Advancement to fellowship
If you have been a member of the Institute continuously for ten years and have been in a senior position for seven years, you may nominate for advancement to Fellowship.
Advancement to the status of Fellow also requires you to have demonstrated professional leadership as a Chartered Accountant. This can be in regards to your involvement in- The Institute
- The community or
- In employment
Management looks at the following criteria when reviewing nominations:
- Demonstrated leadership in the profession as evidenced by the applicant’s responsibilities in employment or public practice and by contribution/s made to the Institute and/or the community
- Been a member of the Institute for a minimum continuous period of ten years
- Held, while a member, a senior position in employment or in public practice; or a combination of thereof, for at least seven years.
Service as a member of an approved overseas body can be included when calculating the period required under Regulation 603.1.2 and 603.1.3.
Regulations
Nominations should be made by two Chartered Accountants who will testify as to the applicant's suitability for advancement in status based on the member having met the prescribed criteria indicated in Regulation 603. If a member being nominated or invited has not fulfilled the prescribed criteria in Regulation 603.1.2 and 603.1.3, consideration can be given for advancement to Fellowship if it can be shown that the member has made a significant contribution to the accounting profession.
Why apply for fellowship?
'Being a fellow of the Institute symbolises the recognition by your peers that you have reached a certain level of professional expertise and that you place a high value on being a part of a distinguished profession.' – Peter Eastwood FCA.
'Fellowship recognises service to your profession and or the community over and above the norm. We encourage our children to serve at school, sporting clubs and community causes to make them and society better. Although it isn't done for recognition, recognition is healthy and builds self-esteem in people and communities. Fellowship is another form of honouring those who serve. I consider Fellowship very important along with other forms of recognition in building a strong, generous and healthy community.' - Tony Horgan FCA.
'Fellowship of the Institute is highly valued by me because it is a recognition of contribution to my professional body over many years. I am proud of my membership of the premier accounting body in Australia and particularly proud to be recognised with fellowship status.' – Geoff Kidd FCA.
Lodgement of application
Nominations are processed in the Institute's National office (Sydney). All fellowship nominations are then considered by the General Manager, Chartered Accountants Program and Admissions division according to the criteria set by the Institute’s National Board.
Application form
Fees
There is no fee for advancement to fellowship.
Contact us
Telephone: 1300 137 322 (Monday to Friday 8am to 6pm NSW EST/EDST hours excluding public holidays)
Email: service@charteredaccountants.com.au
Fax: 02 9262 4841
Address: GPO Box 3921 Sydney NSW 2001
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Western Australia - October 2007
This issue
1. Communicate General Manager
2. "Force of Law" Auditing Standards
3. Business Breakfast Series
4. OSR Land Tax Seminar
5. ThinkSafe
6. Notice of AGM
7. Focus session leaders
8. Advancement to Fellowship
9. Netball & Basketball Carnival
10. Oliver!
11. Companies Auditors & Liquidators
12. In-house Training
13. Notice Board
14. Counselling
15. Lost Member
2007 Netball & Basketball Carnival
Date: Saturday 17 November 2007
Venues: Off Carpark 1, Stirling Highway,Crawley
Netball - UWA outdoor netball courts (also known as the tennis courts)
Basketball - UWA indoor basketball courts
Kickoff: 9.00am sharp!
Contact: Melanie Rowe by email or 9420 0411.
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The MS Society of WA presents
OLIVER!
10 - 21 October 2007
Regal Theatre, Subiaco
Oliver! is one of the world's best loved musicals of all time. This classic Dickens tale has everything - drama and suspense, pathos, and lots of robust comedy.
Come along and see cast and Institute member Ian Belton CA in this production to support people living with multiple sclerosis in Western Australia.
Tickets: TICKETEK or 132 849 or 1300 795 012
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Companies Auditors and Liquidators Disciplinary Board
Congratulations to Geoff Brayshaw FCA AM on his appoinment in September as a member of the Board of the Companies Auditors and Liquidators Disciplinary Board for a three year term.
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In-House Training
 The Institute’s In-House Training programs are a cost and time effective means of developing your staff. Our experts will work with you on-site to determine and conduct a fully tailored program.
The Institute offers this innovative service in direct response to the demands of members. Training incorporates up-to-date, accurate and practical information that will enable you to maintain a highly skilled workforce and achieve effective business solutions > more
Contact: Brian Martin on 9420 0403 or email
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Chartered Accountants Notice Board
Noticeboard is a free service to Chartered Accountants on the WA page of the Institute’s website Notice Board and is an excellent forum to:- Buy or sell a practice or fees
- Voluntary and honorary positions available for non-profit and charitable organisations.
For further information or to submit a notice, please contact Fran Ooi on 9420 0412 or email
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Counselling support for Chartered Accountants
Facing an unfamiliar or challenging professional circumstance? Uncertain about a career decision? Under pressure to act unethically?
Talk to someone who knows. Contact the Chartered Accountants Advisory Group (CAAG). It's confidential and free, and constituted by highly experienced Chartered Accountants from Western Australia. Con Abbott, General Manager Western Australia, says at times it is important to have someone to turn to who is experienced in the accounting profession, who understands the issues and is able to provide empathy, advice and support.
To be placed in contact with a CAAG counsellor please contact Con Abbott on 9420 0407 or email
(The Chartered Accountants Advisory Group counsellors cannot address technical or legal matters)
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Lost Member
The Institute is hoping to update and locate the contact details of the following member:
Mrs Apple Yuen Sum Leong CA
Should this be you or if you know the whereabouts of this member we would appreciate if you could advise us on 1300 137 322 or email charteredaccountants.com.au@icaa.org.au
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The official e-newsletter of the WA region of the Institute of Chartered Accountants in Australia
ABN: 50 084 642 571
GPO Box Z5385 St Georges Tce
PERTH WA 6831
Telephone: 08 94200 400
Email: WA office
State Office Information
Editor
Fran Ooi 08 9420 0412
email
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