Regulation, compliance and the Australian forensic accounting profession

Legacies of the Global Financial Crisis and major domestic corporate collapses ��� such as HIH Insurance Pty Ltd and One.Tel Ltd (telecommunications) ��� have significantly changed Australia���s financial regulatory landscape. Legal requirements for auditors have attracted particular attention as have practice standards more broadly around disclosure and conflict of interest. Conversely, although successful detection and prosecution of breaches may rest in significant part on forensic accounting activities, Australia���s practitioners in this field have no minimum training or qualifications standards other than the baseline requirements mandated by the country���s three professional accounting bodies. For those unaffiliated with these organizations, no professional oversight exists. In Australia, growth in the forensic accounting industry has been in direct response to public demand for expertise in a broad range of fraud, forensic and business analytics areas in order to improve the corporate governance practices of Australian organizations. During the 1990s, Australian forensic accounting firms expanded and diversified into a number of different areas going well beyond just the examination of financial documents and involvement in financial litigation disputes. ���Big 4��� accounting firms such as PriceWaterhouseCoopers, KPMG, Deloitte and Ernst and Young formed independent forensic accounting or forensic services units; a number of mid-tier and ���boutique��� forensic accounting firms similarly expanded into forensic investigative, analytical and advisory services. By 2008, 800 forensic accountants were registered with the country���s largest specialist forensic accounting group, the Forensic Accounting Special Interest Group (FASIG) of the ICAA1. Currently, obtaining more precise figures on numbers of forensic accounting practitioners is problematic: professional accounting bodies either do not keep a register or have ceased registering their forensic accounting members; lack of formal recognition, admission or certification processes complicate identification of candidates; and diversity of the skills sets the industry requires has meant the influx of non-accounting based specialists.

���Back to the future��� ��� a retrospective analysis of university business models

Using established strategic management and business model frameworks we map the evolution of universities in the context of their value proposition to students as consumers of their products. We argue that in the main universities over time have transitioned from a value-based business model through to an efficiency-based business model that for numerous reasons, is becoming rapidly unsustainable. We further argue that the future university business models would benefit with a reconfiguration towards a network value based model. This approach requires a revised set of perceived benefits, better aligned to the current and future expectations and an alternate approach to the delivery of those benefits to learner / consumers.