The head of the agency that regulates professional bodies decried the “shocking” delay in the KPMG exam cheating investigation by Chartered Accountants ANZ.
The head of the agency that regulates Chartered Accountants ANZ is weighing disciplinary action after the “shocking” delay of more than 18 months in the decision to investigate cheating in exams by KPMG Australia personnel.The frank critique of the nation’s main professional body for accountants was contained in an internal email to staff from Roxane Marcelle-Shaw, the chief executive of federal regulator Professional Standards Authority.
“That is shocking,” Ms Marcelle-Shaw wrote to colleagues at the Professional Standards Authority in response to an article inAdvertisement “The Chartered Accountants website states: ‘Our members are held accountable to the principles set out by the codes of conduct and professional standards’. Failure to meet the standard may result in disciplinary proceedings, with outcomes ranging from cautions, suspensions, and expulsions,” one document states.
“The councils remain concerned about the conduct identified by the US Public Company Accounting Oversight Board. We have corresponded and met with CA ANZ on several occasions in relation to the matter since September 2021,” the spokesman said.“The councils’ role is to ensure associations with approved professional standards schemes, such as CA ANZ, have systems in place to implement risk management strategies in respect of their members.
“CA are a disgrace and have shown that they lack the ability to uphold the ethics of their members in the big firms. Small firm members would get crucified for behaviour half as bad,” he said in a post.Mr Meissner, the chief compliance officer at 5ways Group Chartered Accountants, told thehe did not understand how CA ANZ had decided to only investigate 12 individuals out of 1100 implicated.
Tony Alizzi, the member who put the most pressure on the accounting body to take action on the cheating, said CA ANZ’s disciplinary actions were “far below expectations”.
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