Nsca.org.au 1800 655 510 ConsultingAuditingTrainingMembershipEvents Checks and Balances The NSCA Story August 2012.

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Presentation transcript:

nsca.org.au ConsultingAuditingTrainingMembershipEvents Checks and Balances The NSCA Story August 2012

nsca.org.au Walking In Page Number 2 $600K Loss YTD (Consolidated) Business Unit $300K of that loss Three employed resources Reputational issues Culture issues

nsca.org.au History Page Number 3 Established1927 Purpose:Promote Safety Awareness particularly in Industrial Safety Activities:Industrial safety, Road safety, Sea safety, insurance, trade unions, city councils, federal departments Make Up:Non-Government / Not-for-profit Registration:Company Limited by Guarantee Exception:To omit ‘Limited’ from name (Trailer 2)

nsca.org.au How it got to this Page Number 4

nsca.org.au The Reckoning Page Number after 3 years of qualified audit reports Board never knew qualified Major Trade Debtors and ‘Containerized Safety Equipment’ Hopelessly insolvent Banks - $300M in unrecoverable loans (Trailer 3)

nsca.org.au John Fredrich Page Number 6 Not- Australian No record of entry into Australia No Birth certificate Wanted in Germany for embezzlement Security clearance to every Australian Defence site (Trailer 1)

nsca.org.au Aftermath Page Number 7

nsca.org.au How could this happen Page Number 8 4x issues impacting companies limited by guarantee –Halo Effect –Precedential cloning –Statutory rigor mortis –Inappropriate models of regulation

nsca.org.au Halo Effect Page Number 9 NFPs – very nature of what they do Ideals of society – Compassion, Sympathy etc (Good Fundraisers) Can cause organisations to get lapse (27 Banks) ** Reduced need for customary caution Spread to regulators and policy makers Not for personal gain

nsca.org.au Precedential Cloning Page Number 10 Meticulous transfer of British law into Australia No context considered The Companies Act adoption in Queensland States Allowed for ‘Limited’ to be omitted Opened ability for other states to adopt

nsca.org.au Statutory Rigor Mortis Page Number 11 Law and reform enters suspended animation –Judicial – demonstrated by definition of charity –Statutory – underdevelopment of company limited by guarantee Fear within Australia of antagonizing NFP/Charity (Halo)

nsca.org.au Poor Models of Regulation Page Number 12 For-profit regulation inappropriate for NFP Limited buying power Regulator focus on large companies Halo affect

nsca.org.au Industry Reform Page Number 13 Australian Charities & Not-for-profit Commission –Regulate Charity/NFP sector more closely –Annual Reporting –Assist entities to meet their obligations –Educate, Guide and monitor compliance –Enforce where necessary

nsca.org.au What can you do? Page Number 14 Conduct a stress test –Ask for Annual Accounts –Ask questions and creditors –Analyse Cashflow –Determine level of borrowings and ability to repay –How are sales and production trending All available in the annual report MONITOR

nsca.org.au Walking In Page Number 15 $600K Loss YTD Business Unit $300K of that loss Three employed resources Reputational issues Culture issues