Home' Charter : 0811 Charter Aug Contents August 2011 I Charter 11
the adequacy of efforts to oversee and
regulate the corporate insolvency regime.
However the government has also taken
the opportunity to use this report as a basis
to consider more wide-ranging reforms
that it believes will promote a high level
of professionalism and competence by
practitioners, promote market competition
on price and quality, enhance transparency
and communication and promote increased
efficiency in insolvency administration.
The paper was open for comment until
29 July and the Institute, which has been a
commentator on the reform process since it
began, has prepared a submission which will
be available on our website when finalised.
SMSF AUDITORS UNDER
The Institute has responded to a number
of media reports about the proposal by
the Australian Securities and Investments
Commission to introduce a register of self-
managed superannuation fund (SMSF) auditors.
The Institute has been a strong and vocal
supporter of the proposal to create a register
of SMSF auditors, which is now to be
governed by ASIC.
We believe the register by itself isn’t a
stand-alone fix, but it will bring about the
capacity to encourage high standards among
members. A competency test, as proposed
by ASIC, will not achieve this outcome.
Treasury’s strategic review of audit quality
in Australia didn’t identify a competency
exam as a driver of audit quality, but rather
other attributes such as practical skills and
the personal qualities of audit partners and
their staff. This is achieved through mentoring
programs and postgraduate study.
In July 2008, the joint accounting bodies
introduced competency requirements for its
members. A key advantage of the registration
process is that it will allow the Institute access
to a list of members who are undertaking
SMSF audits that we have not had access
to previously. This will enable a greater level
of targeted communication, education and
regulation of our members which we believe
is the best way to ensure high standards
in the industry. The view was also reflected
by Jeremy Cooper in his assessment of
the superannuation system. He made the
observation that “registration will enable
targeted communication and education
leading to raised competency, especially on
the compliance aspect of audits”.
HONOURS FOR CHARTERED
Australian Chartered Accountants have
enjoyed a long association with the British
monarchy. Indeed it was more than 80 years
ago that the Royal Charter was first granted
to the profession. This link continues right up
to the present day, with several Chartered
Accountants being recognised in the 2011
Queen’s Birthday Honours list.
The Institute extends its congratulations to
the following members.
> David Macintosh AM FCA of
Ashfield, New South Wales. For service
to the community through philanthropic
contributions to health care and medical
research organisations, to surf lifesaving
and to business.
> William Spear OAM FCA of Adelaide. For
service to the community in South Australia.
> David Barnsdall OAM FCA of Sydney.
For service to the community through the
Hamlin Fistula Australia organisation.
> Prof Peter Wolnizer OAM FCA of
Sydney. For service to higher education in
the field of business and economics as an
academic and administrator.
> Reginald Church OAM FCA of Toorak,
Victoria. For service to cricket.
> Barry Novy OAM FCA of Melbourne.
For service to the community, particularly
children, as a fundraiser for charitable
ANNUAL GENERAL MEETING
Notice to members
Notice is hereby given that the 83rd Annual
General Meeting of the Institute will be held
in the Burke and Wills Rooms, Level 9,
33 Erskine Street, Sydney on Monday,
24 October 2011 at 5.00pm.
1. To receive and consider the annual report
of the board, the general purpose financial
BOARD AND REGIONAL COUNCIL ELECTIONS 2011
Members are invited to nominate for selected positions on regional councils and/or
directorships on the national board of the Institute. One third of each of the regional
councils and of the national board retires by rotation each year. While all retiring
councillors and directors are eligible for re-election other members are encouraged to
put themselves forward for elections to these positions. Contact your state’s general
manager to see if there is a vacancy in your region. Nominations must be lodged with the
relevant general manager by noon on Wednesday 31 August 2011. Members may offer
themselves for election to either or both their regional council and the board. Nomination
forms are available from the Institute’s website charteredaccountants.com.au/election
or by contacting your state’s general manager.
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