Uploaded byInternational Federation of Accountants
IFAC-CPA Australia Quality Assurance workshop
CPA Australia has reimagined its Quality Assurance Review Program into a new CPA Australia Best Practice Program. The new program aims to be more focused on education and support over mere compliance. Assessments will take a risk-based approach using data from research, complaints, and insurance. The goal is to increase professional standards and better protect consumers by providing members with support to excel. The program methodology maps requirements to SMO1 and undergoes annual reviews to ensure ongoing compliance with SMO1 standards.
IFAC-CPA Australia Quality Assurance workshop
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- 2. Our Journey 2 • ReimaginedQuality Assurance Review Program to the CPA Australia Best Practice Program (the program) • Key Initiatives and Changes • Assessment Overview
- 3. Reimagined Quality AssuranceReview MEMBER SUPPORT: INCREASING PROFESSIONAL STANDARDS 3 Fit for purpose We want to move away from mere compliance and move towards education and support to address problems before they occur Risk-based Assessments will be selected using an evidence- based approach from data obtained from research, complaints and insurance data Support for members By providing support to Members to be the best they can be, increases professional standards and helps protect consumers.
- 4. Key Initiatives andChanges 4 • Peer Consultation • Self-assessment tool • Assessment staffing and frequency • Virtual v face to face assessments • Technology usage – Best Practice Portal • Assessors selecting engagement files for assessment • Support Plans
- 5. Assessment Framework Professional & Ethical Standards Professional Body Obligations Buildinga Sustainable Business 5 APES, AuASB, AASB Constitution & By-Laws My Firm. My Future
- 6. Three Levels ofAssessment 6 Firm Engagement Self Assessment Code of Ethics – NOCLAR Taxation 10 MY FIRM. MY FUTURE. pillars: • Culture • Strategy • Communication • Technology • Practice Management • People & Learning • Service Offering • Marketing • Compliance • Governance Quality Control – all Engagements* Financial Planning Services Quality Control – Assurance Engagements* Insolvency Services Risk Management Valuation Services Terms of Engagement* Forensic Accounting Services Management of Client Monies Compilation of Financial Information Outsourced Services Transactional Accounting Continuing Professional Development Audit Engagements Professional Standards Scheme & Professional Indemnity Insurance Review Engagements Licences & Registrations Assurance Engagements *Some elements confirmed at engagement file level SMSF Audit Engagements
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- 8. Maintaining compliance withSMO1 • Mapping of SMO1 requirements to CPA Australia assessment methodology • Annual reviews of mapping and methodology • Steering Committee oversight • Benchmarking to peers and member feedback for continual redesign and improvement • Engagement with IFAC 8
- 9. More Information 9 CPA AustraliaWebsite https://www.cpaaustralia.com.au/public-practice/your-career-in-public-practice/cpa-australia-best- practice-program Email the CPA Australia Best Practice Team BestPractice@cpaaustralia.com.au Questions?
Editor's Notes
- #3 International professional & ethical standards IFAC – International Federation of Accountants IESBA – International Ethics Standards Board of Accountants IAASB – International Auditing and Assurance Standards Board Australian and New Zealand professional & ethical standards APESB – Accounting Professional and Ethical Standards Board AASB – Australian Accounting Standards Board AUASB – Auditing and Assurance Standards Board Australia and New Zealand regulation of the accounting profession Regulators – ASIC, ATO, TPB, FMA, PSA Professional Bodies – CPA Australia, CA ANZ and IPA Professional association requirements CPA Australia’s – Constitution By-Laws Professional Standards Scheme
- #5 International professional & ethical standards IFAC – International Federation of Accountants IESBA – International Ethics Standards Board of Accountants IAASB – International Auditing and Assurance Standards Board Australian and New Zealand professional & ethical standards APESB – Accounting Professional and Ethical Standards Board AASB – Australian Accounting Standards Board AUASB – Auditing and Assurance Standards Board Australia and New Zealand regulation of the accounting profession Regulators – ASIC, ATO, TPB, FMA, PSA Professional Bodies – CPA Australia, CA ANZ and IPA Professional association requirements CPA Australia’s – Constitution By-Laws Professional Standards Scheme
- #6 International professional & ethical standards IFAC – International Federation of Accountants IESBA – International Ethics Standards Board of Accountants IAASB – International Auditing and Assurance Standards Board Australian and New Zealand professional & ethical standards APESB – Accounting Professional and Ethical Standards Board AASB – Australian Accounting Standards Board AUASB – Auditing and Assurance Standards Board Australia and New Zealand regulation of the accounting profession Regulators – ASIC, ATO, TPB, FMA, PSA Professional Bodies – CPA Australia, CA ANZ and IPA Professional association requirements CPA Australia’s – Constitution By-Laws Professional Standards Scheme