A digital tool to assist public practitioners prepare a compliance manual (risk management framework (RMF)) for their business was launched 29 March 2019. The tool guides CPAs working in public practice through the process to ensure compliance with APES 325 Risk Management for Firms.
Quality Review Program
A digital solution for the quality review program, Phase 1 launched 18 March 2019. Public practitioners selected for review in second half of 2019 can complete their Member Profile Statement online, replacing paper process, saving time and reducing costs. Phase 2, which incorporates additional functionality will be introduced for first round of reviews in 2020.
Quality Control manual tool
Developed online tool to assist public practitioners develop a custom quality control manual for their practice to comply with APES320 – Quality Control for Firms
The three major Australian professional accounting bodies in Australia – CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ) and the Institute of Public Accountants (IPA) – have come together to review the frameworks that regulate how financial and tax advice is provided in Australia and advocate for change.
CPA Australia, CA ANZ and IPA have released a video in which the CEOs of the three bodies call for more efficient regulatory frameworks for advisory services and pledge to work together in advocating for change.
Members are invited to share their experiences to help inform and support for the roadmap to regulatory reform by emailing [email protected]
This follows publication of CPA Australia’s Regulatory Burden Report that was based on member research about the regulatory complexity for public practitioners providing independent advice to consumers. View the Regulatory Burden page on our website. Read the Media Release.
My Firm. My Future
CPA Australia’s My Firm My Future Report 2019 released in November 2019 offers in-depth analysis of the changing public accounting landscape. Drawing on insights from over 500 public practitioners and 1,000 consumers and SMEs, it explores the factors reshaping the accounting profession and presents four key themes that will help members build a sustainable firm for the future: Leverage Technology, Incorporate Advisory, Look to Specialise and Do better Business.
My Firm. My Future also incorporates is a new e-learning series of practical resources designed to help public practitioners build a sustainable business. The first two complimentary modules are now available: Module 1 - Engaging Clients -– covers the tools and strategies to turn clients into advocates, and Module 2 - Segmenting Your Client Base – looks at how to establish a successful client relationship management process and create a growth strategy.
Additional My Firm. My Future. workshops and webinars developed to help CPA Australia members in practice prepare for the future and build a sustainable practice. A series of e-learning modules focus on areas to support members during the COVID-19 period: Business Exit Strategy, Wellbeing, Productive Work Environment, Motivating Your Workforce, Leading Change, Change Management, Engaging Clients, Segmenting your Client Base, Risk management and Effective Delegation.
The practical guides to help members develop and embed the key themes from the My Firm. My Future materials. Guides on ‘Do Better Business’, ‘Leveraging Technology’, Incorporating Advisory’ and ‘Looking to Specialise’ were released in September 2020.
New look INPRACTICE
INPRACTICE, CPA Australia’s monthly resource for public practitioners, has a new look, new content and a new home. There is more technical content and practical insights and it can be accessed via the public practice portal toolkit on the CPA Australia website.
New Public Practice Pathway
In January 2020 CPA Australia launched a new Public Practice Program that provides a more flexible, personalised and practical pathway to help members set their public practice business up for success. The new program consists of an e-Learning program and workshop.
CPA Australia Value of Advice Report
CPA Australia’s Value of Advice Report released on 25 November 2020 advocates for regulatory reform by measuring the value of advice to consumers, small business and the community. The research finds that if more people use professional advice, we will be better off as individuals, businesses and as a society.
We delivered an intuitive and easy to use Professional Indemnity Insurance (PII) Portal, allowing members to provide their insurance and claims data more efficiently.