NSW-based accountant Brett Stevenson this week launched services focused on identifying flaws in the governance of corporations and member-based associations through research, reporting and benchmarking services.
Mr Stevenson told Accountants Daily he is particularly frustrated by a lack of member engagement combined with “suspect” corporate governance policies in professional associations.
“For example, look at legal and medical services — they are busy doing their work. They’re all busy, and like most accountants would, they assume their association is doing the right thing,” the accountant said.
“There is a major weakness in the system if CPA can get away with what it did.
“Quite frankly, there is a vacuum in the market. ASIC is asleep.”
Mr Stevenson is concerned that corporate governance weaknesses will diminish the impact of professional designations, and despite renewing his CPA Australia membership this year, he would consider terminating it next year.
“I’m not so sure memberships have the power they once did,” the accountant said.
Mr Stevenson is also finalising a critique of the final report issued by former auditor-general Ian McPhee’s review board into the operations of CPA Australia.