Actuaries Conference

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Actuaries Conference
Garry Muriwai General Manager - Standards
Quality Assurance
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The Institute

• Professional body not membership association
• Act, Rules, Standards and Code of Ethics
• Voluntary membership
• Legal protection of Chartered Accountant (CA)
  designation
• 27,000 members (mostly CAs)
• Broad-based membership

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Breakdown of Institute Membership by Employer
27,000 Members
less Retired Members
24,000 Active Members
7,000 Members Employed by CA Practices
17,000 Members Employed by Other Organisations

• 3,900 - Small Firm
• 800 - Medium Firm
• 2,300 - Big 4

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Core Accounting Areas

• Audit and assurance services
• Financial accounting/reporting services
• Taxation services
• Insolvency
• Over 50 of members operate outside these services

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Self Interest versus Public Interest

• Key difference between a professional body and a
  membership organisation/ club
• Self regulatory - if we dont someone else will
  regulate the accounting profession
• Enron reminded us why we are here
• Publicity - public interest takes precedence over
  member interest

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Institutes disciplinary proceedings are
administered by

• Professional Conduct Committee
• Disciplinary Tribunal
• Appeals Council

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Nature of Complaints Received

• Fee Disputes
• Independence
• Timeliness
• Unprofessional Behaviour
• Technical Competence
• Withholding Records
• Theft

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Most complaints are about public practitioners
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Issues confronted by CAs that result in
Complaints

• Independence
• being independent and seen to be independent
  (marriage break-up, business break-up, creditors)
  is key
• Timeliness
• taking on too much work

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Issues confronted by CAs that result in
Complaints

• Miscommunication
• letter of engagement
• Competence
• Personal Problems

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Questions?