Dear Members,
The Institute of Certified Management Accountants (Australia) is a 20-year old member-based organisation that is proud of its record in representing management accountants globally.
You will have noted the extensive and ongoing media coverage that relates to CPA Australia. I am writing to you directly, as some members have contacted ICMA after reading about the lapse of CPA Australia’s Professional Standards Scheme; and wondering if ICMA members need to be similarly covered.
There are three generalist professional accounting bodies who have members that provide public accounting services in Australia; and are recognised in s88B of the Corporations Act (Australia) to issue a certificate under paragraphs 708(8)(c) or 761G(7)(c) after compiling or auditing a financial report in public companies. These three bodies are the Chartered Accountants of Australia and New Zealand (CAANZ); CPA Australia (CPAA) and the Institute of Public Accountants (IPA). Members of these 3 bodies, who hold practising certificate (not all members do) to provide such certifications as defined by the Corporations Act, need to be protected by Australian Professional Standards Scheme.
The Institute of Certified Management Accountants (ICMA) is the only specialist professional body in management accounting in Australia. Therefore, as ICMA members do not offer public accounting services or issue such compliance based certificates; the ICMA does not fall under the s88B of the Corporations Act; and its members do not need to be protected by Professional Standards Scheme.
Further, in the light of the current debate on governance, transparency and remuneration for member-based organisations; the ICMA wishes to disclose to our members what our CEO and Executive Board receive in terms of remuneration:
The CEO’s employer company received $30,000 last year as a stipend for the use of his time by ICMA. The rest of the Council (Board); including the Chairman, President, Secretary and Treasurer, received no remuneration, as they provided their services on a voluntary basis.
The Council is directly elected by our members.
Professor Brendan O’Connell
Global President
