transparency report - pitcher › sites › default › files › downloads › ...chairman’s...
TRANSCRIPT
Year ended June 2016
Transparency Report
David KnowlesAlexis Kokkinos
2015
AUSTRALIAN ACCOUNTINGAWARDS 2015
FIRM
OF THE YEAR – LESS THAN $1B
N
2015
AUSTRALIAN ACCOUNTINGAWARDS 2015
GRADUATE PROGRAM OF THE YEAR 2015
AUSTRALIAN ACCOUNTINGAWARDS 2015
THOUGHT LEADER OF THE YEAR
TAX & ACCOUNTINGEXCELLENCEAWARDS 2015 Accounting Firm of the Year
WINNER
Accounting Firm of the Year
Indirect Tax Team of the Year
Tax Team of the Year
Disclaimer // In this proposal, Pitcher Partners refers to the Victorian partnership and its associated entities including Pitcher Partners Advisors Proprietary Limited, Pitcher Partners Consulting Pty Ltd, Pitcher Partners Corporate Pty Ltd, Pitcher Partners Corporate Finance (Vic) Pty Ltd and Pitcher Partners Investment Services Pty Ltd.
Awards
ContentsChairman’s letter 1
Introduction to Pitcher Partners 2
National network 4
Members of the National Cooperation Committee 5
International network 6
Legal structure and ownership 8
Governance structure 9
Members of the National Audit Review Panel 10
Internal quality control system 11
External quality reviews 12
Independence 13
Audit clients 14
Continuous professional education 16
Financial information for the year ended 30 June 2016 17
Basis of remuneration 17
Disclaimer // In this report, Pitcher Partners refers to the Victorian partnership and its associated entities including Pitcher Partners Advisors Proprietary Limited, Pitcher Partners Consulting Pty Ltd, Pitcher Partners Corporate Pty Ltd, Pitcher Partners Corporate Finance (Vic) Pty Ltd and Pitcher Partners Investment Services Pty Ltd.
Chairman’s letterI am pleased to present to you the Pitcher Partners 2016 Transparency Report. This Report outlines our approach to governance and structure, independence practices, quality control, internal and external monitoring, continuing professional development and our commitment to quality across all our services. Pitcher Partners strongly believe that audit and assurance are value adding services primarily concerned with business performance, governance and risk. Pitcher Partners’ skills, experience and commitment to deliver exceptional audit and assurance services, in addition to our focus on business performance, has contributed to the growth and success of our clients. Pitcher Partners conducts statutory audits for corporate clients as well as audits requested by the owners or managers of trading trusts and other non-corporate entities.
Pitcher Partners has an overriding commitment to quality and we recognise the importance of quality in performing all client engagements. Pitcher Partners is committed to audit quality and we continue to challenge ourselves to improve audit quality. This is an ongoing practice involving all Pitcher Partners firms through the various committees, panels and leadership groups.
The pages that follow are a window into Pitcher Partners. My hope is that they provide you with a broader insight into Pitcher Partners and our commitment and dedication to continuously improve audit quality.
Don RankinNational Chairman 27 October 2016
1
Introduction to Pitcher PartnersPitcher Partners is a multi award-winning association of independent firms committed to the delivery of the highest levels of client service. The accolades we have received over the years are the result of our drive and dedication to delivering exceptional, partner-led client service to every client as well as the values and culture we have created since Pitcher Partners was founded in Melbourne in 1991.
2
Our clients and servicesWhen asked, our clients have told us that Pitcher Partners is known for our strength and experience in advising them how to profitably grow their business. We work closely with listed companies, large private groups and institutions, and government departments as well as innovators and entrepreneurs.
Our values and culturePitcher Partners was founded on the principles of personal service, honesty, trust and open communication and is committed to client care, continual improvement and client relationships. Pitcher Partners firms take pride in our reputation within the business community for these values and are proud of our reputation as caring employers, providing an environment that allows our professional and support staff to reach their potential, meet challenges and achieve recognition for services outside the firm.
Understanding organisational growthWhether listed, privately held or public sector organisations, Pitcher Partners’ market is growing businesses. Pitcher Partners firms work closely with innovators and entrepreneurs and have an acute understanding of differing priorities at each stage of the business life cycle, from start-ups to business evolution. Pitcher Partners has extensive experience guiding businesses through each stage of their life cycle, recognising the need to implement more robust corporate governance practices as the business grows, or the introduction of succession planning strategies as the business transitions through different ownership structures.
Practice groups or service linesPitcher Partners firms have ten practice groups. The principal service lines of Pitcher Partner firms are the provision of professional services in the areas of audit and assurance, business advisory, business recovery and insolvency, consulting, corporate finance, investment advisory, private clients, risk services, superannuation and taxation.
Pitcher Partners services
Audit and Assurance
Business Advisory
Corporate Finance
Business Recoveryand Insolvency
Consulting
Investment Advisory
Private Clients
Superannuation
Risk Services
Taxation
Our Values
Meritocracy
�
Business excellence
Honesty and trust
Client care
Care for our people
Technical expertise
�
� �
� �
3
National networkPitcher Partners is a national association of independent accounting firms, located in Melbourne, Sydney, Perth, Adelaide, Newcastle and Brisbane (“the Association”). With 109 partners and more than 1,200 staff across the Association, we have resources and depth of technical expertise few can match. We are large enough to meet the challenges presented by our clients, regardless of their size or location, but have retained the ability to maintain close and personal involvement with them and with each other.Pitcher Partners firms work together in accordance with the provisions of the “Pitcher Partners Cooperation and Licensing Agreement” with the objective of promoting services to clients, quality of work, as well as the reputation and status of each firm. Each firm must appoint at least one and no more than two members to represent the firm on the National Cooperation Committee in relation to the affairs of the Association and of Pitcher Partners Licensing Pty Ltd.
The terms of this agreement states that each firm remains independent and the formation and continuation of the Association is not intended to create a partnership between the firms. There are no profit sharing arrangements between firms in the Pitcher Partners Association. However, one firm may appoint another firm as an independent contractor to provide services to a client.
Our network
4
Don Rankin
ChairmanPitcher Partners National Association
Members of the National Cooperation Committee during the year ended 30 June 2016 were:
John Brazzale
Managing PartnerPitcher Partners, Melbourne
Ross Walker
Managing PartnerPitcher Partners, Brisbane
Rob Southwell
Managing PartnerPitcher Partners, Sydney
Tom Verco
Managing PrincipalPitcher Partners, Adelaide
Bryan Hughes
Managing DirectorPitcher Partners, Perth
Michael Minter
Managing PartnerPitcher Partners, Newcastle
5
Our networkInternational networkPitcher Partners firms in Australia are members of the Baker Tilly International network. Baker Tilly International is a global network of high quality, independent accountancy and business services firms united by a commitment to provide exceptional client service in their own marketplaces and across the world. Baker Tilly International is the 8th largest international network by combined fee income.International capability and global consistency of service are central to the way Baker Tilly International member firms work. Worldwide, 28,000 people in 165 firms in 141 countries share experiences and ideas to help clients meet challenges and proactively respond to opportunities. Baker Tilly International offers the personal characteristics of entrepreneurial local firms combined with the expertise, strength and resources of a truly global network.
Seamless servicePitcher Partners firms, through their membership of Baker Tilly International, are able to call upon member firms around the world when needed, to provide our clients with local expertise in all major overseas market places. Through good communication, high quality standards and local expertise with a global focus, Baker Tilly International member firms are able to provide their clients with a seamless service. Member firms have expert knowledge of their local business practices, rules and regulations and customs. Many member firms are recognised as being leaders in their particular fields of specialisation.
Baker Tilly International LimitedBaker Tilly International Limited is an English company. Baker Tilly International provides no professional services to clients. Each member firm is a separate and independent legal entity and each describes itself as such. Pitcher Partners is not Baker Tilly International’s agent and does not have the authority to bind Baker Tilly International or act on Baker Tilly International’s behalf. None of Baker Tilly International, Pitcher Partners, nor any of the other member firms of Baker Tilly International has any liability for each other’s acts or omissions. The name Baker Tilly and its associated logo is used under licence from Baker Tilly International Limited.
Dynamics of the networkThe Baker Tilly International network operates geographically through four regions, namely:
The Asia Pacific region has representation in most major cities with a particularly strong presence in Australia.
Asia Pacific
North America Europe, Middle East and Africa
Latin America
6
Key statistics
165independent member firms in…
141countries worldwide
largest network in the world by
combined revenue
8th 28,000PEOPLEin745O F F I C E S
us$3.8bncombined revenue of independent member firms
Sydney
29Partners
14Directors
49Managers
223Total staff
Melbourne
44Partners
61Directors
115Managers
658Total staff
109PARTNERS
Brisbane
15Partners
18Directors
19Managers
151Total staff
1,200+PROFESSIONAL AND SUPPORT STAFF
7
Legal structure and ownershipPitcher Partners firms are separate legal entities. Membership of the national association does not make any firm responsible for activities conducted by another member firm. Audit services are provided by each member firm under the legal structures described below:
Office Legal Structure
Melbourne Partnership
Brisbane Partnership
Sydney Partnership
Adelaide Partnership
Perth Corporate entity
Newcastle Partnership
References to “partners” throughout this report include principals and executive directors in the audit corporate entity identified above.
8
Governance structureOur governance structure is founded on shared values and culture.LeadershipPitcher Partners firms remain independent entities that have stayed true to the qualities of mutual respect and a commitment to supporting each other in our service delivery. Pitcher Partners firms have a culture of committed co–operation and have a belief that a business model and operating culture based on partner participation brings excellence to every aspect of our client service delivery.
Organisational structureIn addition to the National Cooperation Committee, Pitcher Partners firms have Risk Committees that meet regularly to identify and manage risk across all service lines in each firm. Risk Committee members include external legal counsel where appropriate.
The Pitcher Partners Audit Review Panel, established by Pitcher Partners Melbourne, operated until 31 December 2013. From 1 January 2014 a National Audit Review Panel was established and an independent chairperson was appointed. The National Audit Review Panel has responsibility for the oversight of quality control exercised over audit and assurance services across all Pitcher Partners firms nationally.
Audit and assurance practitioners in all Pitcher Partner firms receive support from the Pitcher Partners Melbourne Technical Team, particularly in the areas of technical advice, regulatory requirements, training, quality control, and methodology. The National Audit Liaison Committee maintains ongoing communication, coordination and liaison with the Technical Team in carrying out its responsibilities as detailed above.
National liaison committeesPitcher Partners firms’ mission is to specialise in servicing the middle market and be recognised as leading firms each servicing this market. Therefore firms develop services and activities to service the demands of that middle market sector with the aim to be the leading provider in that sector. In order to do this, Pitcher Partners firms need to have the highest quality staff, processes and capability delivered in a consistent manner.
To help enable the Association meet the above objectives, a liaison committee of senior partners has been established in each of the nationally operated discipline areas, namely:
Audit
Tax
Superannuation
Private Clients
Corporate Finance
Business Recovery and Insolvency
National Audit Liaison CommitteeThe primary role of the National Audit Liaison Committee is to provide oversight, coordination and leadership to enable the Pitcher Partners audit discipline achieve its aim of being the leading national audit provider in the middle market sector. The National Audit Liaison Committee considers the key areas of:
• Audit methodology, processes and systems• Effectiveness and delivery, including value adding to
the audit compliance service• Regulatory requirements• Marketing, business development, market positioning
and profile• Sharing and transfer of skills and other
intellectual property• Improving communications across the firms• Resourcing, particularly promoting movement
between firms• Training
9
Jason Evans
PartnerAudit and Assurance Pitcher Partners, Brisbane
Members of the National Audit Review Panel during the year ended 30 June 2016 and up to the date of issue of this report were:
Stephen Schonberg
PartnerBusiness Advisory and Assurance Pitcher Partners, Melbourne
Nigel Batters
PartnerAudit and Assurance Pitcher Partners, Brisbane
Paul Mulligan
Executive DirectorAudit and Risk/Business Advisory Pitcher Partners, Perth
Andrew Faulkner
PrincipalAudit and Risk Pitcher Partners, Adelaide
Rod Shanley
PartnerBusiness Advisory and Assurance Pitcher Partners, Sydney
Wayne Russell
PartnerPitcher Partners, Newcastle
Stuart Alford
Independent ChairFormer Chair of Australian Auditing and Assurance Standards Board, former Partner at Ernst & Young
Melissa Alexander
PartnerBusiness Advisory and Assurance Pitcher Partners, Sydney
Kylee Byrne
PartnerBusiness Advisory and Assurance Pitcher Partners, Melbourne
10
Internal quality control systemThe quality control processes used across all Pitcher Partner firms, and across all divisions within the firms, are designed to promote an internal culture that recognises quality as essential in performing all engagements. We believe that one of the most critical drivers of quality is the tone set by the firm’s leaders and the actions and attitude they demonstrate. The leaders of the firm send a consistent and clear message about the importance of quality across all service lines and all divisions.Firm risk managementThe Risk Committees in each firm have responsibility for implementing an effective Risk Management Framework in accordance with APES 325 Risk Management for Firms to meet each firm’s overarching public interest obligations and business objectives. The Risk Management Framework is an integral part of each firm’s overall strategic and operational policies and practices that seek to minimise practice risk. The Risk Committees determine the firm’s risk appetite through consultation with the partners at the partners’ meetings for each firm and through consultation with the National Cooperation Committee.
Firm quality controlPitcher Partners firms’ quality control policies and procedures, are developed in accordance with APES 320 and form an integral part of each firm’s Risk Management Framework. The Pitcher Partners quality control manual specifically addresses the following:
• Leadership responsibilities for quality within the firm
• Relevant ethical requirements, including independence
• Acceptance and continuance of client relationships and specific engagements
• Human resources• Engagement performance• Monitoring
The managing partner in each firm has ultimate responsibility for the firm’s system of quality control. However, on a day-to-day basis all partners have responsibility for ensuring compliance with their firm’s policies and procedures, and for providing comment and feedback on any aspect of quality control as appropriate. All staff are required to comply with the firm’s policies and procedures as a condition of their employment.
Engagement quality review process for audit and assurance servicesThe engagement quality review process for audit and assurance services comprises:
• A program of rolling compliance checks carried out by each firm’s compliance officer
• The Association’s Peer Review Program
• Monitoring attendance at prescribed training programs
• Monitoring compliance with each firm’s independence policies, including compliance with the prohibited securities policy
The Association’s Peer Review Program requires one audit engagement for each audit partner in each of the Pitcher Partners firms is independently reviewed every year. The results of the quality review program are reported to the National Audit Review Panel.
National Risk and Quality CommitteeDuring the current year we have established a National Risk and Quality Committee, which is responsible for implementing and monitoring all Accounting Professional and Ethical Standards across all divisions and across all firms nationally.
Role of the National Audit Review PanelThe Pitcher Partners Audit Review Panel, established by Pitcher Partners Melbourne, operated until 31 December 2013. From 1 January 2014 a National Audit Review Panel (NARP) was established and an independent chairperson was appointed. NARP assists the Pitcher Partners firms ensure policies and procedures relating to the system of quality control for assurance services are relevant, adequate, operate effectively and are complied with in practice.
Effectiveness of internal quality control systemThe systems of quality control that support the Pitcher Partners Audit and Assurance Practice are designed to provide reasonable assurance that:
• The firm and its personnel comply with Professional Standards and applicable legal and regulatory requirements
• Reports issued by the firm or engagement partners are appropriate in the circumstances
The monitoring procedures ensure compliance with the firm’s policies and methodologies, as well as highlighting areas for improvement where consistent application is not achieved.
Don RankinNational Chairman 27 October 2016
11
Australian Securities and Investment CommissionAs part of its cyclical program, ASIC is currently conducting its audit inspection of Pitcher Partners, which is expected to be completed by December 2016. ASIC reports its findings in a private report to the firm. ASIC also publishes a public report on its audit inspection program which summarises the findings from inspections of all firms. Matters raised by ASIC are considered in detail by National Audit Liaison Committee and National Audit Review Panel to determine strategies for future improvement that will address any matters raised. This is done in relation to both the private report and the public report as this may also provide opportunities for improvement in our processes.
Chartered Accountants Australia and New ZealandChartered Accountants Australia and New Zealand conducted a quality review of all Pitcher Partners firms in May 2013. Chartered Accountants Australia and New Zealand implemented a new approach for the audit practices of 11 Australian network firms of which Pitcher Partners was one. The new approach involved using an online quantitative audit quality survey to assess partner and staff perceptions of the firm’s commitment to audit quality. The final report from the Chartered Accountants Australia and New Zealand Quality Review was published in December 2013.
CPA AustraliaCPA Australia monitor its members’ compliance with professional standards, including auditing standards, and applicable regulations. In addition, as a member body of International Federation of Accountants (IFAC), CPA Australia completes an ongoing assessment of standards maintained by its members (CPA Public Practice Certificate holders). CPA Australia regularly inspects our Partners who are members of CPA Australia.
Baker Tilly InternationalBaker Tilly International Limited has requirements in relation to the quality of its members. Baker Tilly International Limited undertakes all reasonable steps to assess whether its members are complying with its quality standards by carrying out a rigorous quality assurance programme. Reviews are undertaken with all the members on a cyclical basis. If significant amendments to procedures are required a follow-up review is scheduled to check progress on issues raised. Significant non-compliance can result in a firm’s membership being terminated. The most recent review of Pitcher Partners was in February 2016, with no significant areas of concern being identified.
Public Company Accounting Oversight BoardPitcher Partners is registered with the PCAOB. We are required to prepare and submit an annual report form in accordance with the requirement of our registration. The most recent annual report form was submitted in July 2016. We have not been selected for an inspection by the PCAOB to date.
External quality reviewsExternal reviews of Pitcher Partners audit practices are conducted by:
Australian Securities and Investment Commission (ASIC)
Chartered Accountants Australia and New Zealand
CPA Australia
Baker Tilly International
Public Company Accounting Oversight Board (PCAOB)
12
IndependencePitcher Partners regard professional independence as a fundamental concept that enables professional accountants and auditors to approach their work with integrity and objectivity. Partners and staff are required to be independent in fact and in appearance.
Our independence policies require compliance with:APES 110 Code of Ethics for Professional Accountants, specifically sections 290 and 291
Corporations Act 2001
ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports and other Financial Information, and Other Assurance Engagements
ASA 200 Quality Control for an Audit of Financial Statements
We monitor compliance with our independence policies:• Independence declarations are obtained from all audit team members for
each audit engagement and are retained on the audit files. Completion of independence declarations by audit engagement teams are also checked during the rolling compliance checks (as discussed on page 11) for audit engagements.
• A national electronic conflict check notification system where electronic notifications are sent to partners in each Pitcher Partners firm describing the new client or new engagement acceptance proposal to obtain confirmation that no conflict exists and/or to obtain further information when appropriate. A conflict of interest situation may arise from existing relationships and therefore conflict check notifications are intended to promptly identify matters that could cause a conflict. All responses to conflict checks must be satisfactorily resolved before accepting the engagement. The conflict check email system is monitored by the Senior Manager, Risk and Compliance and results are reported to the Risk Committee on a monthly basis.
• The Pitcher Partners prohibited securities listing is maintained by the Senior Manager, Risk and Compliance and is available to all partners and staff on the Pitcher Partners intranet. Electronic and/or written declarations of financial interests in audit clients are required on a bi-annual basis or more frequently as deemed necessary by all partners and staff. Declarations regarding prohibited securities were most recently obtained from partners and staff in Pitcher Partners firms in July 2016.
13
Audit clientsThe following is a list of public interest entities where Pitcher Partners were appointed as auditors as at 30 June 2016.
MelbourneAcrux Limited
ARB Corporation Limited
Australian United Retailers Limited (listed on NSX)
Cogstate Limited
Contango Income Generator Ltd
Contango Microcap Limited
DorsaVi Limited
Easton Investments Limited
Farm Pride Foods Limited
Future Fibre Technologies Limited
Glennon Small Companies Limited
Greenearth Energy Limited
Hansen Technologies Ltd
K2 Asset Management Holdings Ltd
Lakes Oil NL
Lifestyle Communities Limited
Multistack International Limited
PSC Insurance Group Limited
Reece Limited
RXP Services Limited
Stokes Limited
Total Face Group Limited
Urbanise.com Limited
Mutual Trust Cash Fund
Sydney8IP Emerging Companies Limited
Absolute Equity Performance Fund Limited
Australian Enhanced Investment Fund
Australian Leaders Fund Limited
Cadence Capital Limited
Clime Capital Limited
Clime Investment Mangement Limited
CML Limited
Conquest Agri Limited
Datetix Group Ltd (formerly Enverro Limited)
Elanor Investors Group
Enhanced Oil & Gas Recovery Limited
Future Generation Global Investment Company Limited
Future Generation Investment Company Limited
Global Value Fund Limited
IPB Petroleum Limited
Medtech Global Limited
Mercantile Investment Company Limited
Milton Corporation Limited
Mint Payments Limited
Monash Absolute Investment Company Limited
Nusep Limited
Objective Corporation Limited
Pureprofile Limited
QV Equities Limited
Real Estate Capital Partners USA Property Trust
Ryder Capital Limited
Sandon Capital Investments Limited
WAM Active Limited
WAM Capital Limited
WAM Research Limited
Washington H Soul Pattinson and Company Limited
Watermark Market Neutral Fund Limited
Wealth Defender Equities Limited
Wilson Leaders Fund Limited
14
BrisbaneCellnet Group Limited
Chesser Resources Limited
Chimpchange Limited
Comet Ridge Limited
Cromwell Corporation Limited
Data#3 Limited
Eumundi Group Limited
Lindsay Australia Limited
The Gruden Group Limited (formerly Exoma Energy Limited)
XPED Limited (formerly Raya Group Limited)
Other OfficesDing Sheng Xin Finance Co Limited
iBosses Corporation Limited
JC International Group Limited
Segue Resources Limited
South Pacific Resources Limited
Wangle Technologies Limited
15
Our commitment to Learning and DevelopmentOur commitment to Learning and Development is for all Partners and Staff, across all divisions and service lines of the national association, to continue to learn.The aim of our learning and development programs is to recognise and focus on the need for the right learning, at the right place, at the right time, in the right amount. This is reflected in the diverse learning and development offering, comprising over 700 events each year with sophisticated systems and processes geared towards helping our people and clients achieve their goals.
While partners and staff are able to identify and address issues arising in the ordinary course of business they are also able to identify when an expert may be needed. Pitcher Partners has experts in all areas of its practice who specialise in particular aspects of business advice and regulatory matters.
The depth and breadth of expertise offered by practitioners in Pitcher Partners firms is of particular benefit to growing businesses, who may not employ in–house experts. It enables them to receive the benefit of working with practitioners who are aware of a broad range of issues.
This is achieved through:• Our staff having the right training to identify and
address issues in the ordinary course of business and offer the right advice and solutions
• Having the technical and non-technical training (including leadership development) to support each other and our clients
Continuous professional education
Compliance with CPE requirements of various professional bodies and registrationsMost of the partners and staff at Pitcher Partners have memberships with various professional bodies. Our audit and assurance partners and staff are provided with training across the following areas:• Audit and assurance
• Management accounting
• Financial accounting
• Tax and other regulations
• Advisory and entrepreneurship
• Business acumen
• Systems and technology
• Professional business and leadership development
This not only meets the requirements of the professional memberships but demonstrates that our audit and assurance partners and staff are not just audit specialists, they also have extensive business skills.
16
Financial information for the year ended 30 June 2016
Description Pitcher Partners firms ($ million)
Brisbane Melbourne Sydney Other* Total
Revenue relating to audits of financial statement 5.7 16.3 7.4 2.5 31.9
Revenue relating to non-audit services to audit clients 0.8 14.6 4.6 0.7 20.7
Revenue relating to non-audit services to non-audit clients 22.6 78.8 21.5 22.6 145.5
Total Revenue 29.1 109.7 33.5 25.8 198.1
*Pitcher Partners firms in Perth, Newcastle and Adelaide
Basis of remunerationWithin each of the firms, remuneration of audit partners is based on a whole-of-firm profit sharing model and is not dependent on audit fee revenue. Partners are remunerated based on their experience and overall contribution to their firm.
17
Report_Transparency_161019
Get in touch...
PITCHER.COM.AU MELBOURNE
John Brazzale | Managing Partner +61 3 8610 5000 [email protected]
ADELAIDE
Tom Verco | Managing Principal +61 8 8179 2800 [email protected]
SYDNEY
Rob Southwell | Managing Partner +61 2 9221 2099 [email protected]
BRISBANE
Ross Walker | Managing Partner +61 7 3222 8444 [email protected]
PERTH
Bryan Hughes | Managing Director +61 8 9322 2022 [email protected]
NEWCASTLE
Michael Minter | Managing Partner +61 2 4911 2000 [email protected]
Pitcher Partners is an association of independent firms. Liability limited by a scheme approved under Professional Standards Legislation.