A discussion with Melville Yates, the director for reporting and red tape reduction at the ACNC about the recent achievements of the ACNC in red tape reduction. The discussion considers recent changes to laws and regulations in some States and Territories that will result in more streamlined compliance requirements for charities and other NFPs. We also consider the future plans of the ACNC as it continues to work towards fulfilling its objective of reducing red tape for charities.
Craig Blair, who is responsible for oversight of SMSF Auditors at the ATO, talks to Claire Grayston at CPA Australia about the ATO’s SMSF auditor compliance program findings for the 2016-2017 year. Craig discusses the outcomes from the ATO’s focus on low cost auditors and sole practitioners who provide both tax advice or accounting services to SMSFs as well as the audit. He also identifies the ATO’s focusses for 2017/2018, how the ATO is identifying high risk auditors and highlights ways in which the ATO are seeking to work co-operatively with SMSF trustees and their auditors. The recent Super changes present new risks for SMSF auditors, including low cost SMSF audits that are seen as high risk by the ATO and may trigger an inspection. Craig explains what auditors need to look out for in their 30 June 2017 year end audits.
Host: Claire Grayston, Policy Adviser - Audit & Assurance, CPA Australia
Guest: Craig Blair, Director - Superannuation, ATO
In this episode we hear from motivational speaker, author and mind coach, Anthony Bonnici, who helps us take the complexity and fear out of inﬂuence. Dale Carnegie wrote How to Win Friends & Inﬂuence People in 1936. A lot has changed in the 80 years since that book was written, but people still need to inﬂuence others. We need to sell things. We need to persuade people. We need to get our point across. Anthony was sick of people thinking that inﬂuence skills were a “soft” skill. Tired of people associating some out of date, “used car salesman” association of inﬂuence and persuasion as tacky or subversive. Frustrated by witnessing really intelligent people fall ﬂat on their face when they attempted to get their point across. This episode will provide insights, knowledge and skills to inﬂuence broadly, authentically and purposefully.
A great illustration for rational arguments can be found in the dying minutes of a World Cup soccer final – imagine you’re selected to kick for goal in a penalty shootout to decide the game. Where do you aim? Left? Right? Or the centre? Before you decide let’s look at the facts. Statistical data tell us that if you kick the ball to the left, the goalie will jump to his right, thus blocking your shot, 57 per cent of the time. If you kick the ball to the right, the goalie will be there 41 per cent of the time. But, if you choose to kick it to the centre, the same stats show that the goalie will only be there 2 per cent of the time. So where do you kick the ball? The centre, where the odds are clearly in you favour? Most don’t, with only 17 per cent of penalty goals kicked to the centre. In business we have to choose where to kick the ball. But, even when we’re armed with the facts we don’t always follow rational arguments.
Presenter: Bri Williams CPA, Principal Consultant, People Patterns
Recorded at CPA Australia Congress on Monday 29 September, 2014 in Sydney, NSW.
Chair of the Black Economy Taskforce, Michael Andrew, talks with CPA Australia following the release of the taskforce’s interim report which is now out for comment. The black economy refers to people who operate entirely outside the tax and regulatory system or who are known to the authorities but do not correctly report their tax obligations. Participation in the black economy penalises honest taxpayers, undermines the integrity of Australia's tax and welfare systems and creates an uneven playing field for the majority of small businesses doing the right thing. As the economy changes in nature towards being a more services based economy, the Taskforce is reporting seeing an acceleration in the Black Economy with significant ramifications for the broader tax system.
Doug Niven at the Australian Securities and Investment Commission talks to Claire Grayston at CPA Australia about ASIC’s audit inspection findings for the 18 month period to December 2016, released in June 2017. Doug highlights ASIC’s key findings on audit files and firms’ quality control systems, which identifies the areas which firms can focus on in order to improve audit quality. He explains which firms are inspected, ASIC’s own quality processes and how ASIC’s findings are reviewed prior to release. He also identifies initiatives for firms to improve audit quality and the work being done internationally on tackling audit quality
Managing teams that work in, or come from, other parts of the world can present many challenges. This podcast will cover some tips to addressing issues around diversity and conflict, as well as how to succeed when work takes you across borders.
Pablo Benitez CPA, Victorian Corporate Committee of CPA Australia
Dr Martijn Van der Kamp, Teaching Fellow, Monash Business School
Host: Ram Subramanian, Policy Adviser on Reporting, CPA Australia
Guest: Doug Niven, Senior Executive leader, Financial Reporting and Audit, ASIC
Doug Niven at the Australian Securities and Investment Commission talks to Ram Subramanian at CPA Australia about ASIC’s focus areas for the financial report surveillance program for 30 June 2017 financial reports of listed entities and other entities of public interest. Doug discusses in detail the reason for ASIC’s key focus areas and how companies can respond to these focus areas, which include impairment testing, revenue recognition, expense deferral, off-balance sheet arrangements, tax accounting, disclosure of estimates and accounting policies and the impact of the new accounting standards. Doug also talks about industry focusses, digital disruption, enhanced auditors reports, client monies and the operating and financial review.
Host: Claire Grayston, Policy Adviser on Audit & Assurance, CPA Australia
Guest: Doug Niven, Senior Executive leader, Financial Reporting and Audit, ASIC
Doug Niven at the Australian Securities and Investment Commission talks to Claire Grayston at CPA Australia about ASIC’s audit inspection findings for the 18 month period to December 2016, released in June 2017. Doug highlights ASIC’s key findings on audit files and firms’ quality control systems, which identifies the areas which firms can focus on in order to improve audit quality. He explains which firms are inspected, ASIC’s own quality processes and how ASIC’s findings are reviewed prior to release. He also identifies initiatives for firms to improve audit quality and the work being done internationally on tackling audit quality.
An overview of the new accounting standard for insurance contracts, how this will affect the insurance industry and the global capital markets.
Following the release of the 2017 budget on Tuesday 9 May 2017, Stuart Dignam, General Manager Policy and Corporate Affairs at CPA Australia, is joined by his colleague Paul Drum, Head of Policy to discuss the finer points of Treasurer Scott Morrison’s second budget in more detail: What is the expected economic impact over coming years? How realistic is the Australian government’s optimism about GDP growth? Are we too reliant on world growth to support our own prosperity? Have the structural issues in our economy been effectively addressed?
Continuing the focus on the July 2017 super changes, what are the implications for transition to retirement income streams and reversionary pensions?
From 1 July 2017, there will be a $1.6 million cap on the total amount of accumulated superannuation an individual can transfer into the tax–free retirement phase. What are the implications for SMSFs with regard to segregation of assets and CGT relief?
From 1 July 2016, all accountants are required to be covered by an AFS licence to give financial advice about SMSFs. During 2017 ASIC will be undertaking surveillance of accountants both licensed and unlicensed to test accountants compliance with the new obligations.
Imagine working behind the scenes at the biggest tennis tournament in the Asia Pacific region – the Australian Open in Melbourne. That is exactly what Vivien Lei did at the 2017 event after she was awarded CPA Australia’s Australian Open Work Experience opportunity through the CPA Australia Network. In this podcast, she speaks with CPA Australia’s Content Manager Jarrod Cardy about the experience, what she learnt and her advice for future applicants.
This video podcast will discuss the following topics such as what are the new and emerging technical skills that NFP Boards will be considering as part of their skills matrix over the next 5 years. Also as a CPA who has excellent financial skills, what other skills should I consider developing to make myself ready to join a NFP Board?.
Also how many NFP Board Directors are sitting at the table on a voluntary basis. How can NFPs attract and retain highly-skilled Directors?. What is the leadership required on the Board to keep Directors engaged and therefore enhance Board performance? And finally if NFPs remunerate Directors, will this enhance Board accountability, engagement and effectiveness?
This podcast reports considers how integrated reporting has influenced Boardroom decision making. Interviews with Directors of top Australian and South African companies reveal what integrated thinking means and how ideas about what is of value are changing. The research was funded by CPA Australia and conducted by Carol Adams. In this podcast John Purcell asks her about her findings.
The IAASB’s new auditor reporting requirements commence in December 2016. Standard setters in many jurisdictions, including Australia and New Zealand, have issued the new requirements with the same effective date, whilst others have committed to issue the standards but have not yet done so. The UK have had similar requirements in place since 2013 and some firms in other countries have early adopted the IAASB’s requirements. Jim Sylph, Co-chairman of the IAASB’s Auditor Reporting Implementation Working Group, and Merran Kelsall, IAASB member and AUASB Chairman spoke to CPA Australia about the uptake and impact of enhanced auditor reporting around the globe.
After the release of the FMA’s Audit Quality Monitoring Report for 2015/2016, Senior Advisor at the FMA, Jacco Moison, speaks to Claire Grayston at CPA Australia about the key findings from the Audit Quality Reviews. Jacco explains what auditors can do to address the areas for improvement identified in the report and the part directors can play to support audit quality. Access FMA 2016 Audit Quality Monitoring Report
KPMG were the first of the early adopters of enhanced auditor reporting in Australia. Having now issued enhanced auditor’s reports for a second reporting period, KPMG partners, Carolyn Ralph and Cameron Slapp, spoke to CPA Australia about their experience of implementing the new requirements. This podcast explores why KPMG chose to early adopt, whether they have found the new approach beneficial, how time consuming drafting key audit matters has really been and whether investors have taken notice. Leading into the first mandatory reporting period end, KPMG’s tips on implementation will help other auditors, who are implementing the new requirements for the first time, prepare for the change of approach.
A brief discussion to discuss the regulator’s views on the three new accounting standards (financial instruments, revenue and leasing) that become effective in the near future.
Professor Miklos Vasarhelyi , leading researcher in data analytics and a widely published professor on the topics of continuous audit, data analytics and big data, speaks to CPA Australia on whether data analytics is fundamentally transforming the audit or if it is just a new means of gathering the same evidence as in the past. Prof. Vasarhelyi talks about how data analytics is shaping the future of audit and how auditors need to embrace that future. Miklos is KPMG’s Distinguished Professor of Accounting Information Systems at Rutgers University Business School in Newark & New Brunswick in the US, and Director of Rutgers’ Accounting Research Centre and Continuous Auditing and Reporting Lab. Miklos has been a pioneer of continuous auditing, having developed the original continuous audit application, and is a leading academic in developing and promoting data analytics.
A brief discussion of some of the key features of IFRS 16 and some of the practical issues surrounding its implementation.
A brief discussion of some of the key features of IFRS 15 and what it means for financial statements of entities from various sectors.