CPAs want more SOA reform
CPA Australia has urged the Government to go beyond its proposed reforms to restrict the size of Statements of Advice (SOAs), including production of an industry-wide booklet containing generic information currently referred to in SOAs.
The recommendations come as part of the accountancy organisation’s official response to the Federal Government’s proposed refinements to the Financial Services Reform Act.
While the CPA’s tentatively supported the planned changes, the association said “addition refinements and guidance are needed to provide the industry with comfort that shorter statements of advice will still be useful as well as compliant”.
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