Date posted: 7/03/2019 2 min read

Spotlight on Forensic Accounting: Impacts Of The Hayne Royal Commission

The Hayne Royal Commission Final Report includes some important considerations for Chartered Accountants.

In Brief

  • Accountants barely rate a mention in the Hayne Royal Commission Final Report.
  • However, its recommendations may impact in those in professional services and valuation.
  • Hayne called for greater professionalism and higher standards in providing financial services.

Since our last newsletter, the findings of the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry have been handed down.

Accountants were barely mentioned in the Final Report. Nonetheless, many of the recommendations will impact Chartered Accountants in public practice. Those most affected will be Chartered Accountants who provide financial planning services, and or work in APRA-regulated entities. Large and mid-tier firms providing specialist service offerings to clients in the financial services industry are also likely to be heavily engaged in implementing Commissioner Hayne’s recommendations.

Accountants were barely mentioned in the Final Report. Nonetheless, many of the recommendations will impact Chartered Accountants in public practice.

In the report, Commissioner Hayne calls for a shift to greater professionalism in the industry, underpinned by enforceable ethical standards – something that should be heartening for Chartered Accountants in all fields. Readers can find a summary of the Commissioner’s recommendations, together with the Government’s response here.

 

The Royal Commission's recommendations

A summary of the Commissioner’s recommendations, together with the Government’s response

Read here

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