Business Breakfast Series
 Des King, Managing Director and CEO, Caltex Australia Limited
Does Australian oil refining really matter?
Date: Thursday 3 April 2008
Venue: Kings Park Function Centre, Fraser Avenue, Kings Park, West Perth
Time: 7.15am for a 7.30am start - 9.00am
Cost: $66* per person / $495* per table of eight / $594* per table of ten (* price includes GST)
RSVP: Thursday 20 March 2008
Is it critical for Australia to retain its oil refining industry because of the importance of petrol and diesel to the Australian economy? Or is oil refining just another Australian manufacturing industry that could exit Australia in the face of global change? Energy security and the environment are major long-term issues. Because oil is pervasive in the economy, what Des King has to say on industry and environmental issues is relevant to many in business and government in Western Australia.
Des King has worked in the oil industry for over 25 years, with an impressive and extensive range of experience in the industry. Des joined Caltex Australia as Managing Director and CEO in May 2006. He will present an informative and thought provoking session of interest and relevance to many.
Registration
Enquiries: Melanie Rowe on 9420 0411 or email
Proudly sponsored by
Back to top
Liability capping scheme: important update
Members are reminded that the Institute’s WA liability capping scheme commenced on 8 October 2007. To get the maximum benefit of the limitation of liability, it is vital that members have addressed a number of issues in relation to the operation of the scheme:
Important issues to be aware of:- Who can be a member of the scheme?
- What is a practice entity member?
- What liability is limited?
- If I provide services through a company or trust will my liability be capped?
- When does the scheme start to limit my liability?
- Do I need Professional Indemnity insurance?
- What is the minimum level of PI cover needed?
- What level of PI cover do I need if I have a higher engagement fee?
- What is an ‘engagement fee’?
- What must I do to disclose the limitation of liability to clients?
- What is considered to be business stationery?
- What are the consequences of non-disclosure?
These issues are discussed in detail at LiabilityCappingUpdateFeb08.doc
Trade Practices Act (1974)
The Institute also announced last year that the scheme had been prescribed by the Commonwealth in October 2007. This gives effect to the scheme in relation to any claim under the Trade Practices Act (1974) for a service provided after this date.
The Institute wrote to members in February
In February, the Institute mailed information about the scheme to all CPP holders, affiliates and practice entity members (participating members of the scheme) in NSW. The information in this mailing can be viewed here:Over the past 18 months, the Institute has reported progress on the liability scheme, its benefits and its impact for members in Charter magazine, e-newsletters, other emails to members and with information posted on the Institute website. The permanent source of information for the scheme is at www.charteredaccountants.com.au/capping
Back to top
From the WA Chair
2008 New Members Ceremony
 On Thursday 21 February, I had the pleasure of attending one of the Institute's most important annual functions, the New Members Ceremony. Over 200 new members and guests filled the ballroom at the Perth Convention and Exhibition Centre.
In total 78 new members received their certificates from the Institute’s President Andrew Arkell FCA and were greeted with enthusiastic applause. Andrew spoke on what being a Chartered Accountant really means and what others see them as. The new members have earned for themselves much more than just a qualification and it will be with them for the rest of their lives.
The occasional speaker for the event was Jan Stewart, CEO of Lotterywest.
186 new members have been admitted to The Institute of Chartered Accountants in Australia in WA in 2007. We would like to congratulate and welcome all new members to the Institute.
Hays Accountancy and Finance and Clear Docs sponsored the Ceremony. Richard Scott represented Hays and congratulated the new members on their achievements. It was my pleasure to give the Charge, which was accepted on behalf of all the new members by Vanitha McVeigh from Deloitte. Vanitha also led a round of applause for the friends and families who had supported each of our new members through the Chartered Accountants Program.
The evening concluded with plenty of opportunity to celebrate at a cocktail reception, with a classical trio to provide some background music and photographers, provided by Hays, on hand to capture the moment. One free print of photographs taken at the Ceremony will be made available to all new members courtesy of Hays.
Proudly sponsored by
Back to top
From the WA General Manager
 Professional Resources
Occasionally feedback is received from members that the Institute does not provide adequate resources, however, when referred to our website on the relevant topic, they are surprised by the wealth of information available. By way of example, the Institute has a range of technical and professional tools, latest insights and news to help you stay informed and assist in efficiently and effectively service your clients’ needs. These services are available to members via the Institute's Resource Centre through Technical, Professional and Specialist
TOOLS & CHECKLISTS
Dispute Resolution Tooklit
Each year the Institute receives a large number of calls from clients about fees charged by members and difficulties communicating with their accountant. Many of these indicate failure by both parties to reach a clear agreement at the outset about the services to be performed, and the basis on which these will be charged. Regulations are now in place stating that all client disputes must be handled effectively.
The toolkit is particularly useful for practices that do not have the resources to manage the extensive business aspects of practice. It simplifies and standardises processes, using a pro-forma Client Information and Assessment questionnaire. This can be used or adapted to ensure that there is clarity on what a client requires, and that there is the capacity and expertise to meet those requirements.
The Institute developed the Dispute Resolution toolkit, with financial support from the Professional Standards Council through its Star Initiatives Grants program.
The Institute's regulations were recently updated to make it mandatory to manage client disputes effectively. The Dispute Resolution toolkit can therefore assist practitioners in complying with paragraph 26 of APES 320: Quality Control for Firms and Regulation 1219. More>
Succession Planning Toolkit
The Succession Planning Toolkit is a unique planning resource that helps accounting practitioners to address succession planning in a constructive, positive and non-threatening way. More>
Quality Control Guide
The Institute's new Quality Control guide can help practices meet the requirements of APES 320: Quality Control for Firms (formerly APS 5). More>
Tax Practitioner's Toolkit - Property Transactions
This comprehensive, practical toolkit is designed to provide you with a detailed examination of the GST, income tax, CGT implications relating to Property Transactions to coincide with a number of significant trends and developments taking place recently. More >
Corporate Accountants Toolkit - Module 1 and 2
The Corporate Accountants Toolkit Series currently offers two modules covering the latest updates in accounting standards. Topic examples - risk management, audit control and corporate governance.
Module 1
Module 2
Back to top
Federal Budget Breakfast: Labour's first Budget in more than a decade
 Professor Neville Norman
University of Melbourne
Date: Friday 16 May 2008
Venue: Perth Convention & Exhibition Centre
Time: 7.15am for a 7.30am start - 9.00am
Cost: $77* per person / $715* per table of of ten (* price includes GST)
RSVP: Thursday 20 March
One of Australia's leading economic commentators, Professor Neville Norman will provide his (un)usual thought- provoking and challenging analysis of the budget. He presents facts and figure on the economy in a style which is decision-relevant, informative and entertaining.
Issues covered include:Scrutinizing every major economic variable predicted in the budget papers
Identifying all business-significant government spending and tax initiatives
A detailed look at the major personal tax changes since 2004, from an individual, advisor and business perspective using interactive software.As usual, Professor Norman will pull no punches as he takes us through the intricacies of another Federal Budget.
Registration enquiries: Melanie Rowe on 9420 0411 or email
Proudly sponsored by
Back to top
Figured it out yet?
 Business and commerce students are signing up in droves to the www.figureditoutyet.com.au website to take part in the national Chartered Accountants Student Challenge and win a trip to see the cause in action, in one of many overseas locations.
The first challenge kicks off Monday, 3 March 2008 and offers university students the opportunity to use their university studies and apply their knowledge – just as they would in a real life business context.
The students will solve real business problems for three well-known causes, with Oxfam Australia represented in the first challenge on 3 March 2008. There are three challenges in total and the final challenge will conclude in July.
Students are competing for the opportunity to present their solutions to the organisations leaders and travel to see their cause in action as well as win Apple Mac laptops and iTouchs.
The students also have the opportunity to rate each others ideas and make comments.
The Chartered Accountants Student Challenge is the latest online initiative for the Institute which includes the Number 1 in Numbers group on Facebook and the Australian Courses application also on Facebook, that allows the students to collaborate on ideas.
The initiative is intended to introduce students to the Institute and Chartered Accounting at a critical time in their career decision process.
Back to top
ANZ Business Banking Partnership launch
The Institute is pleased to announce the launch of its Business Banking partnership with ANZ. This partnership provides members with tangible financial benefits not available to the general market through a customised offering under the ANZ Accountants Package.
The Package allows a member’s practice, its partners and staff to achieve its business goals. It offers financial solutions in acquiring other accountancy practices or fee books, assists staff in a practice who wish to purchase equity of that practice, helps plan for the succession of partners and provides banking solutions to staff of the practice.
In addition to the competitive features of the Package, ANZ will provide the following special benefits for Institute members to deliver a 'better-than-market' proposition:- Waived loan application fee (usually 0.75 percent of the loan)
- Zero loan administration fee (up to $187 per quarter per loan facility) on business loan products taken by the practice (excluding overdrafts)
- Dedicated ANZ point of contact in each state for all members referred by the Institute
- Free subscription to In Business and In Perspective magazines.
For more information on ANZ's Package for Chartered Accountants please email memberbenefits@charteredaccountants.com.au
Back to top
Mentoring: connect, share, encourage
 “There are high spots in all of our lives and most of them have come about through encouragement from someone else.” (George Matthew Adams)
Take a moment to recall someone whose words of wisdom, inspiration or support have made all the difference to your career. Would you like to make that sort of difference to a UWA student?
Career Mentor Link is a career mentoring program run by the UWA Careers Centre with participation from various UWA faculties. It matches professionals (mentors) with UWA students (mentees), and provides a fantastic opportunity for mentees to gain real-world insights and for mentors to share their wisdom and enhance their professional development in areas such as leadership and communication.
Career Mentor Link is not a work experience program. The focus is on helping a student develop career management skills, and the role of the mentor is to support, guide and encourage the mentee.
The program runs from April to October each year and the amount of contact is not onerous. We are currently taking registrations for 2008, so if you live in WA and have at least four years experience in the workplace, why not consider being a career mentor to a UWA student?
Further information and the mentor’s online registration form can be found at their website Alternatively, you can contact Jo Hocking, the Career Mentor Link Coordinator on 6488 3799 or by email
Back to top
News from the Knowledge Centre
 Welcome to the latest news update from the Knowledge Centre. You will find information here concerning our collection review and book sale, recently purchased titles and a list of interesting Australian articles.
Collection review and book sale
Part of improving the relevance of the Knowledge Centre's collection to members is to constantly review the material we have on shelf - this means removing previous editions of books to make way for new ones. These items are in great condition and have fantastic content, and are now available for purchase by members.
To find out which books are available this month visit our website, but remember to get in early, as these books are selling fast! More >
New books in the Knowledge Centre
The most recent book titles added to the Knowledge Centre's collection are listed below. Reviews on these books can be found in the Knowledge Centre area on the Institute's website. Selected books include: - Fighting Fraud
- Microsoft Office Accounting Professional 2007
- Project Management Accounting
- Managing Water for Australia
- International Financial Governance under Stress
More >
Australian Articles February 2008
Selected articles from around Australia on a wide range of general interest, accounting and business topics. The Institute’s copyright licence precludes the Knowledge Centre from supplying these articles electronically, however print copies can be ordered from the Knowledge Centre. Summaries on these articles can be found in the Knowledge Centre area on the Institute's website. Selected articles include:- Planting for a future harvest (talent nurturing and succession planning)
- Code sets new levels of transparency (Franchising Code of Conduct’s disclosure provisions)
- Dinosaurs beware (environmental sustainability and climate change)
- Reference checking in the Financial Services Industry: a new Australian Standard
- Good vs bad in the boardroom
- Defence tactics: armour for business risk
- Super objective is retirement adequacy
- The good, the bad, and the necessary (new regulations in the financial services industry aim to lessen the compliance burden)
For more information, please visit the Knowledge Centre's library
Back to top
|
Western Australia - March 2008
This issue
1. Business Breakfast Series
2. Liability capping scheme
3. From the WA Chair
4. From the General Manager
5. Federal Budget Breakfast
6. Figured it out yet?
7. ANZ Business Banking Launch
8. Mentoring
7. Knowledge Centre update
8. Indoor Cricket carnival
9. Noticeboard
10. Lost members
11. Certificates of Public Practice
Indoor Cricket carnival
Date: Saturday 12 April 2008
Venue: Revolution Sports,
37 Lemnos Street, Shenton Park
Time:9.00am - 5.30pm
Grades:
A Grade - serious teams
B Grade - relaxed teams
C Grade - mixed teams only
Cost: $357.50 per team
Registration
Closing date: Friday 28 March
Enquiries: Liz Farrell on 9420 0404 or email
Proudly sponsored by
Back to top
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
Back to top
Lost Members
The Institute is hoping to update and locate the contact details of the following member:
Rachel Cottier CA
Justin Barton CA
John Bell 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 by email
Back to top
Certificates of Public Practice: significant changes for some members
Changes to Certificates of Public Practice (CPPs) will mean a reduction in administrative red tape for many members. However, some members who did not previously require a CPP will now have to apply for one.
The changes will be effective from 1 July 2008.
What are the main changes?- Some members now require a CPP, when they did not previously. Similarly, some members who previously required a CPP, no longer do so. Members can use an interactive guide to clarify their position
- The Quality Review Program will continue to focus on members’ holding a CPP, but will now place reliance on members’ licensing obligations and the quality control procedures they have in place under the financial services legislation.
Back to top
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
|
The Institute’s education and training pathway is the preferred choice for industry professionals.
Considering a career as a Chartered Accountant? Looking for the next step in your professional life?
The Institute is leading the debate in the areas that matter most to business and the accounting profession. 
The Institute produces an invaluable suite of tools, guidance, products and services to help members in their work. 
Print this Article
Email this Article
