Ernst & Young to carry out Independent Accountant's Report for API

The API has appointed Ernst & Young to investigate, review and report to members in writing on the financial affairs of all API entities

The following message was sent to Australian Property Institute (API) members via email late last week. It outlines the progress being made on one of the motions at the organisation’s recent AGM, in relation to the provision of an independent accountant’s report.

Dear Members,

Following the API AGM on 29 May 2014, a Request for Proposal for the provision of an independent accountant’s report was prepared in accordance with Motion 1 passed at the AGM.

The Motion required the appointment of an independent accountant to investigate, review and report to members in writing on the financial affairs of all financial entities of the API, together with recommendations with respect to the future improvement of the API finance structure based on the work undertaken.

The National Council wishes to advise that five chartered accounting firms were approached to submit formal proposals for the role and the National Finance Board undertook an evaluation of submitted proposals against the detailed criteria that included capability and experience, personnel, conflicts of interest, methodology, reporting, timeframes, insurances, references and professional fees.

A recommendation from the National Finance Board was formally passed by National Council through an out of session Paper Resolution earlier this week and an appointment was made in accordance with the timing requirements of the Motion. Ernst & Young, Chartered Accountants was appointed according to the AGM timetable and has commenced the role.

The independent accountant’s report will be submitted to the API in order that the independent accountant’s report can be made available to members within forty days of its completion.

Sincerely,
Robert Hecek
API National President