INSTITUTE of Public Accountants (IPA) chief executive officer, Andrew Conway, set the scene at today’s opening of the IPA’s annual national congress in Adelaide today.

In his opening address to hundreds of accountant delegates, Prof. Conway made it clear where the IPA sits on many issues but also that of the profession.

“Today, we are focussed on four key factors to drive the profession forward through the decades to come,” Prof Conway said.

“Firstly, voice and a very public voice at that: We openly set discourse across many policy areas; not just for our members’ interests but that for the public interest and very much for the Australian economy.

“Together, the three professional accounting bodies, must have a single message to deliver these outcomes.  Australian citizens are facing an advice gap we have not seen before and we must arrest this situation," he said.

“Secondly, we must influence. Government is listening to our collective voices and we need to maintain the momentum to effect change.  We must continue to communicate to all stakeholders which importantly includes the 310,000-plus accountants and students who are members of the three bodies," Prof Conway said.

“Thirdly, we must demonstrate leadership within the profession.  There is no better time to be an accountant, considering the changing landscape and the challenge that presents.  We must provide guidance to accountants through the web of challenges ahead; technology, cyber security, regulatory reform, mental health and many more.

“We look forward to the decade ahead and the evolution of accountants and the profession,” Prof Conway said.

www.publicaccountants.org.au

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About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 37,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.

AT THE OPENING address at the Institute of Public Accountants (IPA) National Congress in Adelaide this week chief executive officer, Andrew Conway, said the regulatory burden on the nation was stifling productivity and growth.

“We know, we have to unshackle small business from the regulatory burden it faces if we are to address the ongoing productivity decline,” Professor Conway said.

“The SME sector is looking to accountants to hold that key to unlock that shackle. As a result, we are welcoming the whole of the profession to work in arms to support true regulatory reform; to remove the duplications, the costs and the administration burden on small business.

“Australia must have a new and innovative regulatory framework that removes duplication of effort, overlapping of responsibilities and hence, create an efficient and far more affordable model for stakeholders,” Prof. Conway said.

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies. In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 37,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants. 

www.publicaccountants.org.au

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THE Australian Prudential Regulation Authority (APRA) will appear before the House Economics Committee at a public hearing on Monday, December 2, 2019, as part of its review of the 2019 APRA Annual Report.

Chair, Tim Wilson MP, noted that "APRA appeared at a public hearing in August this year; however, the committee determined that additional information and questioning was required to properly scrutinise APRA".

"The hearing will provide the committee with the opportunity to further question APRA on its performance and operation and, in particular, how it is implementing the recommendations of the Hayne Royal Commission and the APRA capability review."

Mr Wilson said, "A common theme across the Royal Commission and capability review reports was that APRA is a strong regulator in the area of traditional financial risk, but that more work needs to be done to ensure APRA is prepared to respond to future challenges, particularly in relation to non-financial risk.

"The committee will scrutinise APRA on how it promotes financial stability through the prudential regulation and supervision of Authorised Deposit taking Institutions, insurers and superannuation licensees, and other related issues."

Public hearing details

Date: Monday, 2 December 2019
Time: 8am to 11am
Venue: Committee Room 2R1, Parliament House, Canberra

The hearing will be broadcast live at aph.gov.au/live.

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AN INQUIRY into supporting Australia’s export market is exporting the work of the Federal Parliament to Sydney, where it will hold a hearing on Friday.

Trade and Investment Growth Committee chair, George Christensen MP, said the Committee would hear from exporters in the advanced manufacturing, video games, sugar, wine, seafood, tourism, transport-related safety products and financial services sectors at the hearing.

‘From tourism to video games, Australia offers a staggering range of products and services to the world,’ Mr Christensen said.

‘We are looking forward to hearing from this huge range of industries and businesses about how the government can assist them to grow their export capabilities and attract investment.’

The inquiry, which focuses on attracting investment, identifying regulatory barriers and identifying best practice in the export market, was launched in August of this year. This will be the third public hearing to be held.

More information about the inquiry, including a full program for Friday’s public hearing, is available on the Committee’s webpage.

Public hearing details

Date: Friday, 29 November 2019
Time: 9am to 3.45pm
Location: Lodge Room 2, SMC Conference & Function Centre, 66 Goulburn St, Sydney

The hearing will be broadcast live at aph.gov.au/live.

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