President’s message


Dear members,

In my message last month I noted that while August is a month with no Council meeting, the Institute keeps on running. With this in mind I have two important announcements to begin with.

I am pleased to announce that Council has decided to have a full membership fee waiver for 2020 for members who were on the register of members at 31 December 2017. As a background, the Council, back in May 2018 decided to introduce a membership fee waiver for 2019 and 2020 for members on the register of members at 31 December 2017, subject to sufficient reserves being maintained to meet the operation need. Following the full fee waiver for 2019, the Council has recently evaluated the latest financial projections of the Institute and determined to have a full fee waiver for 2020. The impact of the full fee waiver two years on the roll would be fully reflected in the coming two financial years.

To enhance communications between members and the Institute, a series of Members’ Forums will be hosted from mid-September to apprise members of the Institute’s latest developments. The forum helps you understand the focus and work of the Institute and allows you to express your views relating to issues affecting the accountancy profession, as well as your expectation of the Institute.

Your voice and views are very important to us, join any session of the forum to share your thoughts. The forums are free of charge and a CPD hour will be given. Register by 6 September. I, together with the two Vice Presidents and Chief Executive & Registrar look forward to meeting you and listening to you at this event.

The Institute held information sessions on the registration of the auditors of public interest entities, to prepare practising members for the transfer of their regulation from the Institute to the Financial Reporting Council. The Institute explained the new regime, the transitional arrangements, and answered their questions on the matter. The Institute will communicate major regulatory developments to members and give them time to prepare for important changes.

One major event this month for me was the annual president’s presentation to CPA Australia. I spoke on sustainability reporting, and how accountants can lead the transformation of companies from focusing on just financial metrics, to integrated thinking and reporting their wider environmental, social, and governance performance. The reporting landscape is changing, and this is not being driven by regulators, but by investors demanding that the companies they invest in act ethically and consider the planet and stakeholders. This also creates opportunities for accountants, in helping to transform reporting, and assure investors and stakeholders of the accuracy of reported numbers.

This month’s A Plus features a new quarterly special report series on specialisms in the profession. The focus is forensic accounting, and it discusses the life of forensic accountants, the technology they use, how they work with their clients and other professions, and how members interested in becoming forensic accountants can join the specialization. There is also a new feature on continuous professional development, introducing a series you may be interested in studying. Finally, the life section has been revamped to focus on recommendations from your fellow members on where to dine and stay in a city, and interesting books to read and music to listen to. I hope you enjoy this new content.

With September coming it’s time for Council to meet again, and while the weather will soon be cooling down, the Institute’s activities will be heating up. I hope to see many of you in the coming few months at our events.

Patrick Law

“The forum helps you understand the focus and work of the Institute and allows you to express your views relating to issues affecting the accountancy profession, as well as your expectation of the Institute.”

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