Accountants vote on tougher disciplinary regime

Accountants who are members of major accounting group, Chartered Accountants ANZ (CA-ANZ) are being asked to vote on changes to their professional conduct rules, including significant increases in the maximum fines which can imposed.

CA-ANZ chair, John Palermo said he believed a successful vote in favour of the changes would bolster the organisation’s focus on upholding integrity and trust in the Chartered Accountant designation.

A committee reviewing the CA-ANZ’s Professional Conduct Framework came up with a range of recommendations including increasing maximum fines from $25,000 to $100,000 and Disciplinary Tribunal fines from $50,000 to $250,000.

The recommendations also included closing off the ability of members to resign to avoid disciplinary action.

Palermo said he believed members wanted to see an effective and robust response to the contemporary issues being seen today.

“Implementing the Review recommendations will deliver that if our members vote to approve the By-Law changes required to bring them to life,” he said.

The CA-ANZ said that while the Professional Conduct Framework Review found the CA-ANZ Conduct and Disciplinary Framework met or exceeded international peer benchmarks, it also found areas to strengthen such as responding to Firm Events, closing the gap in Australia relating to investigating former members and enabling voluntary firm membership in New Zealand.