CPA PROGRAM

CONTEMPORARY
BUSINESS ISSUES
SUBJECT OUTLINE

Version 15a

Published by Deakin University, Geelong, Victoria 3217 on behalf of CPA Australia Ltd,
ABN 64 008 392 452
First published July 2010, updated January 2011, July 2011, revised January 2012,
reprinted with amendments July 2012, revised January 2013, reprinted with amendments July 2013,
revised January 2014, reprinted July 2014, second edition January 2015
20102015 CPA Australia Ltd (ABN 64 008 392 452). All rights reserved. This material is owned or
licensed by CPA Australia and is protected under Australian and international law. Exceptfor personal and
educational use in the CPA Program, this material may not be reproduced or used in any other manner
whatsoever without the express written permission of CPA Australia. Allreproduction requests should be
made in writing and addressed to: Legal, CPA Australia, Level 20, 28 Freshwater Place, Southbank, VIC 3006
or legal@cpaaustralia.com.au.
Edited and designed by DeakinPrime
Printed by Blue Star Print Group
ISBN 978 0 7300 0011 2
Authors
Terence Brooks

Courtney Clowes
Keith De La Rue
Betty Ferguson
Dr Jane Hamilton
Marina Kelman
Dr Hayat Khan

Dr Julie Margret


Tui McKeown
Dean Newlan
Roger Simnett

Dr Siri Terjesen

Manager of the Forensic Investigation Unit,

Professional Standards Command of Victoria Police
Director, KnowledgEquity
Independent Consultant, Speaker and Director, AcKnowledge Consulting
Consultant
Independent Consultant
General Manager, Mergers and Acquisitions, National Australia Bank
Lecturer, Department of Finance, La Trobe Business School,
Faculty of Business, Economics and Law, La Trobe University
Senior Lecturer, Department of Accounting,
La Trobe Business School, Faculty of Business,
Economics and Law, La Trobe University
Senior Lecturer in the Department of Management, Monash University.
Consultant to McGrathNicol Forensic
Professor of Accounting and Academic Director, Centre for Social Impact,
University of New South Wales
Assistant Professor, Kelley School of Business, Indiana University, USA

Advisory panel
Dr Mary Dunkley
Dianne Harvey
Gavan Ord
John Purcell
Stephen Zigomanis
CPA Australia Professional Programs & Pathways staff
Richard Brown
Sarah Chinnick
Alisa Stephens
Kristy Grady
Charlene DRosario
Belinda Zohrab-McConnell
Desley Ward
Amy Flint
Alexandra Wilson
Elise Literski
Educational designer
Jan Williams

DeakinPrime

These materials have been designed and prepared for the purpose of individual study and should not be used as a
substitute for professional advice. The materials are not, and are not intended to be, professional advice. The materials
may be updated and amended from time to time. Care has been taken in compiling these materials but may not
reflect the most recent developments and have been compiled to give a general overview only. CPA Australia Ltd and
DeakinUniversity and the author(s) of the material expressly exclude themselves from any contractual, tortious or any
other form of liability on whatever basis to any person, whether a participant in this subject or not, for any loss or damage
sustained or for any consequence which may be thought to arise either directly or indirectly from reliance on statements
made in these materials.
Any opinions expressed in the study materials for this subject are those of the author(s) and notnecessarily those of their
affiliated organisations, CPA Australia Ltd or its members.

CONTEMPORARY BUSINESS ISSUES

Contents
Subject outline

Module 1: The accountant as strategic business adviser

17

Module 2: Global business context

93

Module 3: Business crime: Investigation, detection and prevention

205

Module 4: Financial reporting and beyond

267

Module 5: Innovation and risk

379

Module 6: Communication and technology

461

CONTEMPORARY BUSINESS ISSUES

Subject outline

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Contents
Introduction 3
Before you begin
3
Important information

Subject description

Subject overview

Learning materials

Contemporary Business Issues: The CPA as an innovator

Subject aims
General objectives
Module descriptions
Module weightings and study time requirements
Module structure

Exam 10
General information
Exam structure

Authors 11

Introduction
The purpose of this subject outline is to:
provide important information to assist you in your studies;
define the aims, content and structure of the subject;
outline the learning materials and resources provided to support learning; and
provide information about the exam and its structure.

Before you begin

Important information
Please refer to the CPA Australia website for dates, fees, rules and regulations, and additional
learning support at: cpaaustralia.com.au/professionallevel.

Subject description
Contemporary Business Issues: The CPA as an innovator
The Contemporary Business Issues (CBI) subject examines a number of contemporary and
emerging global issues in order to familiarise you with the business environment you are likely
to be operating in as an accountant. It also uses contemporary issues as a vehicle for advancing
thedevelopment of professional values, ethics and attitudes. In particular, attitudes that:
value learning combined with well-developed personal communication, networking and
information technology skills;
acknowledge the importance of professional curiosity as a means of avoiding imprudent
decision-making; and
welcome divergent opinions and creative approaches to problem-solving as a means of
gaining insights into an increasingly complex and dynamic business world.
This subject will offer you the challenges and opportunities presented by contemporary issues
such as operating in a carbon-constrained economy and in an environment of tight liquidity and
dwindling resources.
CBI is an elective subject in the CPA Program.

Subject aims
The aims of the subject are to:
promote the development of professional values, ethics and attitudes by using complex,
reallife scenarios that highlight how professional values, ethics and attitudes underpin all
facets of an accountants work; and
develop a broader awareness of the origins and effects of contemporary and emerging
global issues that are affecting the business environment.

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Subject overview
General objectives
On completion of this subject, you should be able to:
encourage an attitude of professional curiosity by challenging assumptions about
contemporary and emerging issues, and how they should be addressed;
critically evaluate current research and practice on the origins and effects of contemporary
and emerging global issues; and
judge the effects that disclosure requirements will have on financial and non-financial
reporting, and consider the overall impact that a shift towards non-financial, sustainability and
integrated reporting will have on organisations and accounting functions.

Module descriptions
The subject is divided into six modules. A brief outline of each is provided below.

Module 1: The accountant as strategic business adviser

This module introduces the subject by highlighting how contemporary issues are affecting the
role of accountants as members of a business community and public practitioners, and the effect
this is having on professional values, ethics and attitudes.
Many prospective accountants assume their work will revolve around recording and reporting
financial information. However, that is a very narrow view. Todays accountants act as internal
business advisers, carry significant ethical responsibilities, and have expanded their focus well
beyond financial measures to consider physical and social areas as well.
This module will attempt to broaden candidates ideas about some of the many and varied roles
that will be important for accountants to fulfil. Specifically, it focuses on the idea of accountants
as strategic business advisers.
The module also considers human resource issues for organisations, and in particular how
the complexity of the environment in which organisations operate is growing. The role of the
accountant in managing these issues is discussed.
The increase in responsibility for accountants from being providers of information to being
partners in decision-making is challenging. It requires a deeper understanding of the industry
in which the accountant operates and the economy, as well as global social, environmental and
political issues.

Module 2: Global business context

Module 2 provides background information on global issues that are well known and of current
and future concern. Business is expected to be profitable. However, if that comes at the expense
of long-term sustainability, not only will living conditions be adversely affected, so too will
the ability of organisations to continue to deliver new products and services while achieving
appropriate levels of profit.

This module is divided into four parts:

Part AAnalyses the impact of dwindling resources (oil, food, water and biodiversity)
onbusiness.
Part BExamines issues relating to the carbon-constrained economy. It focuses on the
regulatory climate and how entities may be affected. It also examines related issues such as:
European Union (EU) measures for ensuring competitiveness of enterprises;
the effect of a carbon-constrained economy on organisations; and
the reporting of environmental performance using KPIs.
Part CAddresses changes in demographics of todays workforce, as well as other
contemporary workforce-related issues such as diversity.
Part DThe final part of the module considers the ways organisations are using offshoring
toimprove their organisations effectiveness, manage risk and reduce cost.
A case study titled The sovereign wealth fund of Papua New Guinea is located at the end
of Module 2. It describes Papua New Guineas (PNG) history at managing windfall revenues
from previous mining booms, and how the PNG government intends to address this issue with
respect to a future windfall from its liquid natural gas (LNG) resources. At the end of the case
study, thereare a series of tasks linked to Part A: Impact of dwindling resources together
withsuggested answers. The case study is non-examinable.

Module 3: Business crime: Investigation, detection and prevention

Module 3 considers the growing specialist field of forensic accounting as well as the related
and expanding area of business crime. Crimes against business, government agencies and
the notfor-profit sector are discussed, including theft, fraud, falsification of financial reporting,
bribery, corruption and money laundering. The module takes an in-depth look at the growth in
these areas in terms of size and also the complexity of the crimes.
An overview of the role and processes of the forensic accountant in investigating, detecting
and preventing business crime is then provided. The steps taken to conduct a business crime
investigation are outlined, and how such crimes are detected using analytical tools and methods
is discussed. Business crime prevention is then considered, including the Australian standard
AS80012008 Fraud and Corruption Control, which outlines key attributes of a robust fraud and
corruption control program.

Module 4: Financial reporting and beyond

Module 4 focuses initially on regulatory issues by considering the progress on international
convergence of accounting standards and the impact of the Global Financial Crisis (GFC) on
accounting standard-setting. Recent developments in public sector accounting standards as
well as developments in director reporting are also considered. Liquidity risk, particularly in
relation tohow it has been impacted by the GFC, is then addressed, followed by a review of the
regulations for banking, Basel III, and their implications for accountants, and a discussion of a
possible return to protectionism in some countries.
An alternative banking model, Islamic finance, is discussed and some interesting insights are
provided which help explain why some claim this model showed increased resilience during
theGFC.

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Part B explores sustainability issues and the increasing demand by stakeholders for more
detailed non-financial information from organisations. Developments in the innovative area of
integrated reporting are discussed, including an analysis of the integrated reporting framework.
Theframework is designed to support organisations in presenting higher quality reports
regarding their impacts on a number of capitals and also on aspects of value creation.
Part C moves on to non-financial reporting frameworks beginning with the G4 Guidelines issued
by the Global Reporting Initiative (GRI). Other forms of sustainability reporting, including water
accounting, self-reporting of carbon and other data to the Carbon Disclosure Project (CDP) and
natural capital accounting are also considered. The module concludes with a discussion of the
opportunities for accountants to meet the needs of business for new services to help them satisfy
the demands for information on environmental, sustainability and governance (ESG) reporting.
These services include assurance of sustainability reports.

Module 5: Innovation and risk

This module is divided into five parts:
Part A: Risk and value;
Part B: Protecting intellectual property;
Part C: Data security and risks;
Part D: Entrepreneurship and innovation; and
Part E: Microfinance.
The module begins by looking at risk management and its linkage to organisational value.
Important issues relating to development and improvement of intangible assets such as brands,
reputation, knowledge and intellectual property are covered. The module discusses the need to
build trust while safeguarding these assets, especially with the speed at which knowledge can be
lost, transferred or stolen in the modern, digitally interconnected world.
Risks relating to data security are then considered, including the types of risks that organisations
face and the types of protection needed to keep internal systems secure.
The module then goes on to consider how, around the world, there is growing recognition of
the link between an entrepreneurial outlook, innovation and workforce productivity, and how
entrepreneurship contributes to the growth of the local and national economies in which they
areembedded.
Types of entrepreneurship, including social entrepreneurship and innovative sources of
entrepreneurial funding for start-ups are considered. The module concludes by considering
microfinance, an innovation in the financial services industry that aids entrepreneurship in
developing countries.

Module 6: Communication and technology

Module 6 discusses a range of issues associated with modern global business communication.
This module focuses first on how communication takes place in an organisation, including some
of the principles and cultural aspects of communication.
Communication frameworks and planning are coveredthese are important considerations to
ensure that communication is effectively received and understood.
The effect that modern information and communication technologies (ICTs) are having on
business communication, both inside and outside organisations, is then discussed. Social
media and the important area of knowledge sharing are considered. These areas are valuable
in enabling an organisation to manage relationships with stakeholders and to help with sharing
expert knowledge (which becomes increasingly complex as organisations grow).

Module weightings and study time requirements

Total hours of study for this subject will vary depending on your prior knowledge and experience
of the course content, your individual learning pace and style, and the degree to which your
work commitments allow you to work intensively or intermittently on the materials. You will
need to work systematically through the study guide and readings, attempt all the review and
self-assessment questions and any case studies, and revise the learning materials for the exam.
The workload for this subject is the equivalent of that for a one-semester postgraduate unit.
Anestimated 10 to 15 hours of study per week over a 12-week period will be required for an
average candidate before revision.
Do not underestimate the amount of time it will take to complete the subject.

The weighting column in the following table provides an indication of the emphasis placed
on each module in the exam, while the proportion of study time column is a guide for you to
allocate your study time for each module.

Table 1: Module weightings and study time

Recommended
proportion
ofstudy time
(%)

Weighting
(%)

1. The accountant as strategic business adviser

15

15

Weeks 1, 2

2. Global business context

17

17

Weeks 2, 3, 4

3. Business crime: Investigation, detection and

prevention

16

16

Weeks 4, 5, 6

4. Financial reporting and beyond

19

19

Weeks 6, 7

5. Innovation and risk

18

18

Weeks 8, 9

6. Communication and technology

15

15

Weeks 10, 11

100

100

Module

Study
schedule

Learning materials
Module structure
These study materials form your central reference in the Contemporary Business Issues subject.

Contents
Each module has a detailed contents list. This list indicates the sequence of the educational
content in the module.

Preview
Each module begins with a preview containing the following sections.
Introduction. The introduction outlines what will be covered in the module and how it relates to
other modules in the subject.

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Objectives. A set of objectives is included for each module in the study guide. These objectives
provide a framework for the learning materials and identify the main focus of the module.
Theobjectives also describe what candidates should be able to do after completing the module.
Teaching materials. This section alerts you to the additional teaching material (if any) to which
you should have ready access. It also includes a list of required readings which are to be used
inconjunction with the module study material.

Study material
The study material is divided into sections and subsections that will help you to conceptualise
the content and study it in manageable portions. It is also important to appreciate the cumulative
nature of the subject and to follow the given sequence as closely as possible.

Study material activities

Activities are included throughout the study materials. The study materials include three
distinctive types of activities:
revision questions;
reflective questions; and
case studies.
The purpose of the questions and case studies is to provide you with the opportunity, as you
progress through the subject, to assess your understanding of significant points and to stimulate
further thinking on particular issues. The self-assessment activities are an integral part of your
study and they should be fully utilised to support your learning of the module content throughout
the semester. You are encouraged to spend time reviewing and analysing the module content.
Utilising the self-assessment activities should form one part of your revision for the exam. It is
evident that candidates who achieve good results in the program and in their careers are those
who are able to think, review and analyse situations, and solve problems.
Where applicable, sample answers are included at the end of each module. These provide
immediate feedback on your performance in comprehending the materials covered.
Youranswers to these questions do not contribute to your final result, and you are not required
tosubmit your answers for marking.
Revision questions. These require you to prepare answers and to compare those answers with
the suggested answers before continuing with the study materials. These questions test your
comprehension of specific sections of a module.
Reflective questions. These require you to reflect on an issue. They are not numbered, and are
set in bold italics. No suggested answers are provided for these questions.
Case studies. These are much broader in scope than revision and reflective questions. They
illustrate practical problems that might be faced by accountants. The case studies require you to
apply the theoretical knowledge you studied in the module to a particular situation. To be able
toadequately address issues raised in case studies, a deep understanding of the module content
is required. Simply memorising definitions and lists of technical details is insufficient.
While issues may be relatively clear in some case studies, it is important to realise that often
the case studies will have no correct/incorrect outcomes. The outcomes are quite possibly best
expressed as different viewpoints on problem situations, where viewpoints are supported by
reference to relevant theoretical principles. Moreover, the essence of the case may depend
on interpretation of the relevant concept rather than a simple restatement of that principle or
concept. For this reason, no solutions to case studies are provided.

Review
The review section places the module in context with the other modules studied and summarises
the main points of the module.

References
The reference list details all sources cited in the study guide. You are not expected to follow up
this source material.

Optional reading
Although not examinable, the resources in the Optional reading list are useful if you wish to
explore a particular topic in more detail.

Required readings
Readings are provided to assist in the clarification and application of concepts from the study
materials. The content of readings is not directly examinable. However, the concepts covered by
the readings are examinable.

Suggested answers
These provide important feedback on the numbered revision questions included in the module
learning materials. Consider them as model answers for your reference. To assess how well you
have understood and applied the material supplied in the text, it is important to write your
answer before you compare it with the suggested answer.

Internet references
At various points in the subject materials, you may be directed to references located on the
internet, and many of these are on external websites. All the URL addresses cited are tested
prior to the start of the semester to ensure their currency; however, this does not guarantee that
changes have not been made to the websites since the tests were performed. CPA Australia
provides links to external websites as a service to candidates in the CPA Program. CPA Australia
does not own, operate, sponsor or endorse these external websites and makes no warranties
or representations regarding the source, quality, accuracy, merchantability or fitness for purpose
ofthe content of these external websites; nor warrants that the content of these external
websites is free from any computer virus or other defects or errors.

My Online Learning
CPA Australia offers additional study material through My Online Learning to assist candidates
in their study. You can access My Online Learning from the CPA Australia websitedetails are
provided below.
How to access My Online Learning:
1. Go to: cpaaustralia.com.au/myonlinelearning
2. Click Access My Online Learning
3. Enter your member number in the username field and password and click Login
There is also a demonstration video to assist you in navigating the system.
To access the study groups function, click My Study Groups next to My Courses in the top
banner, then select the relevant subject using the dropdown box next to Course.

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Help Deskfor help when accessing My Online Learning either:

Email myonlinelearning@cpaaustralia.com.au; or
Telephone 1300 73 73 73 (Australia) or +613 9606 9677 (International) between 8.30 am and
5.00 pm AEST Monday to Friday during the semester.
The additional study materials provided on My Online Learning include:
Discussion forumsthese enable you to post any questions you may have about the
technical content of the subject.
Calendarkeep track of important dates and events.
Web linksaccess useful online resources including legislation and standards where relevant.
Announcementsyou should check My Online Learning at least once a week as important
information and critical study information will be posted there.
Limited PDF versions of modulesmodules covering approximately the first two weeks of
the syllabus are available to assist candidates that may not receive their study materials in
time for semester commencement. The PDF modules are the same as the printed modules;
however, the third-party copyright is removed. Note: The PDF modules are not available for
Singapore Taxation.
Learning tasksonline activities that help you understand or practise particular concepts
covered in the subject.
Electronic self-assessment tests (e-SATs)access exam practice questions to assist in your
revision and to help you become familiar with the style and presentation of multiple-choice
questions. The level of difficulty of the practice questions is not equivalent to those in the
exam and are not available for all subjects.
Online readingsreadings and journal articles may be available via ProQuest.
Study groupscandidates who wish to participate in group discussion can join a study
group through My Online Learning. Study groups provide candidates with access to a secure
online list of email contact details for other candidates who are studying the same subject
and who have also registered for a study group. Candidates can use these contact details to
form their own study groups.

Exam
General information
The CPA Program exams are of three hours and 15 minutes duration.
The exam for Contemporary Business Issues is open book. This means that candidates may bring
any reference material into the exam which they believe to be relevant and which may assist them
in undertaking the exam. This may include, for example, the study guide, additional materials
from My Online Learning, readings and prepared notes.
Note: Calculators are not required for the Contemporary Business Issues subject exam.
The exam is based on the whole subject, including the general objectives, module objectives and
all related content and required readings. Where advised, relevant sections of the CPA Australia
Members Handbook and legislation are also examinable.
As this exam forms part of a professional qualification, the required level of performance is high.
Candidates are required to achieve a passing scaled score of 540 in all CPA Program exams.
Furtherinformation about scaled scores and exam results is available at: cpaaustralia.com.au/
cpa-program/exam-results.

Exam structure
The Contemporary Business Issues exam comprises 100 per cent multiple-choice questions.
Multiple-choice questions include knowledge, application and problem solving questions which
are designed to assess the understanding of Contemporary Business Issues principles.
Table 1 provides an indication of the approximate proportion of your study time that should be
allocated to each of the modules.

Authors
Terence Brooks BA (Languages), GradDip (Economic and
Accounting Studies), FCPA
Terence is Manager of the Forensic Investigation Unit (FIU),
Professional Standards Command of Victoria Police.
Terry has practised forensic accounting in both the private and
the public sectors for 15 years. In 2004, Terry established the
FIUfor Victoria Police. This unit applies forensic accounting
andfinancial investigation techniques to the investigation of
corrupt and criminal behaviour.
Terry was the founding secretary of the CPA Australia Forensic
and Financial Investigations Discussion Group. He has
made submissions to the APESB on the forensic accounting
standard APES 215, provided guest lectures at a number of
universities and led a masterclass on forensic accounting at
theCPACongress.
Terry is currently a member of the Victorian CPA Divisional
Council and Executive Committee.

Courtney Clowes BCom (Hons) Deakin, CPA

Courtney Clowes is a director of KnowledgEquity. Courtney
provides educational, training and consulting services to a
number of corporate, government and professional bodies.
He is an experienced author and presenter at professional
development courses, conferencesandworkshops. Courtney
also provides strategic and business management services to
organisations in a range of industries. Suchservices include
detailed analysis of financial position and performance,
reviewsofbudgeting and strategic planning processes,
costcontrol strategies and the use of financial information
for decision-making. Courtney was previously a Lecturer
in Accounting at Deakin University, teaching at both
undergraduate and postgraduate levels inintroductory,
financialandmanagement accounting, andin corporate
governance. Hehas a number of years experience inthe
manufacturing industry.

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Keith De La Rue
Keith is an independent consultant and speaker on knowledge
management, communication and learning. In this role, he has
worked with clients in a range of industries, assisting them in the
business use of social media and other communications tools.
He is also a regular blogger at: http://delarue.net/.
Keith previously spent eight years working in knowledge
management at Telstra, Australia, where he led a team engaged
in the transfer of product and service knowledge to Telstras
enterprise and business sales force. He is a member of the
International Association of Business Communicators, and is a
committee member of the Melbourne Knowledge Management
Leadership Forum.
He is also a regular speaker at conferences in Australia and
overseas and has delivered presentations and workshops for
CPA Australia on social media, communication and knowledge
management. He holds a degree in computer science from
RMIT, and has previously worked in the telecommunications
andITindustries for over 30 years.

Betty Ferguson Cert IV TAE, BSc (Maths) Hons (Statistics),

GradDip (Japanese), MCom (Accounting), CPA, MAICD, AIMM
Betty has more than 35 years experience in public
administration, business education and training. She is an
experienced volunteer company director and office holder of
substantial community enterprises. Betty is active in training
for the not-for profit sector, including financial reporting and
accounting principles for boardmembers.
Betty worked for 24 years in the Australian Public Service,
initiallyin information technology, and then auditing and
financial services, before moving into tertiary education.
FortheUniversity of Canberra over a period of nine years,
Bettytaught a variety of subjects in accounting, finance and
banking, anddelivered vocational training in government
finances and the Federal Budget. Betty now consults in financial
administration andeducation.
Betty has been involved with the CPA Program for 13 years,
working on exams or materials for Corporate Governance
and Accountability, Strategic Management Accounting and
Contemporary Business Issues.

Dr Jane Hamilton PhD Monash, CPA

Jane was Professor of Accounting at the Bendigo campus of
LaTrobe University from 2009 to 2013. Prior to that appointment,
Jane held various academic positions at both La Trobe University
and the University of Technology, Sydney. Jane has 20 years
experience in teaching financial accounting and auditing at
undergraduate and postgraduate levels. She is the co-author of
two undergraduate textbooks in accounting theory and auditing.
Janes academic research focus was on the economics of auditing,
accounting and auditing standard-setting, and accounting
education. The results of her work were published in several
Australian and international academic journals, including the
Accounting Review, Contemporary Accounting Research and
Accounting and Finance. She also presented the results of her
research at international refereed conferences, including the
American Accounting Association Annual Meeting, the European
Accounting Association Annual Congress and the International
Symposium on Audit Research.

Marina Kelman CPA

Marina is General Manager, Mergers and Acquisitions,
at National Australia Bank Ltd where she is responsible
for assessing and recommending mergers, acquisitions,
divestmentsand joint ventures for the bank.
She was previously a director in the Investment Banking
Department of UBS Australia, where her work involved
advising companies on mergers, acquisitions, divestments and
capital raisings. She has advised clients in the mining, energy,
financialservices and general industrial sectors. Marina has over
10years experience in finance, strategic advice, and mergers
and acquisitions. Marinas career has included working for other
large corporations, such as ExxonMobil and ANZ Bank. Shehas
also run her own information services business, InfoXpress.

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Dr Hayat Khan BSc (Hons), MSc, PhD

Dr Hayat Khan is a lecturer in the Department of Finance at La
Trobe Business School, La Trobe University. He is co-founder of
the Master of Islamic banking and finance at La Trobe University.
Dr Khans research interests include financial and economic
theory, quantitative finance and Islamic banking and finance.
Hayat regularly speaks on Islamic finance in conferences and
workshops and writes opinion pieces on related issues. He is
frequently interviewed by national and international newspapers
and magazines on Islamic finance.
Hayats academic achievements include the Killmany prize for
outstanding performance in PhD coursework, a gold medal in
economics (master degree), and awards for the best student
of BSc (Hons) and MSc economics. He also received the
2010Deans Teaching Award for excellence in teaching and
the 2011 LTU Teaching Citation for outstanding contribution to
studentlearning.

Dr Julie Margret PhD USyd, CPA, CMA, SAFin

Julie is a senior lecturer at La Trobe University Business School.
Her areas of expertise are forensic accounting, internal auditing,
governance and risk management. She is a member of the
Institute of Company Directors Australia (MAICD), an Associate
member of the Association of Certified Fraud Examiners and
a member of the Institute of Internal Auditors of Australia.
In2006, she was inducted as a member of Beta Gamma Sigma
(BGS), University of Sydney chapter, in recognition of high
scholastic achievement. BGS is the international honour society
for collegiate schools of business. In 2013, Julie was appointed
to theeditorial board of the journal Issues in Accounting
Education, one of three association-wide journals of the
American Accounting Association, as a specialist in forensics
and fraud. Prior to academe, Julie worked as an accountant
in local government as well as in the manufacturing and
servicesindustries.

Tui McKeown BA (Hons), MA, PhD

Tui is a Senior Lecturer in the Department of Management,
Monash University.
Tui has been working in education for over 20 years. Her research
agenda is aimed at an active examination of the changing nature
of workwith a specific focus on the independent contractor
as a way of working, which offers a practically grounded
understanding of the nature, dimensions and relations of work.
Tuis work on independent contracting offers an applied
crossing point between small business, self-employment and
entrepreneurship. She has published both domestically and
internationally in academic and practitioner journals and books.
Tui is a board member of Independent Contractors Australia,
theSmall Enterprise Association of Australia and New Zealand
and the South Oakleigh Wildlife Shelter.

Dean Newlan M. Corp. L, BCom, CPA.

Dean, a consultant to McGrathNicol Forensic, is a forensic
accounting specialist with more than 25 years experience.
Hewas appointed as partner at McGrathNicol in January
2006 after leading KPMGs forensic practice in Melbourne for
11 years. Priorto this, Dean spent several years in KPMGs
Corporate Recovery Division following 10 years service with
theVictoria Police.
His forensic experience includes investigation into major
corporate collapses, fraud and misconduct in business generally,
quantification of loss in commercial disputes, complex funds
tracing and fraud and misconduct control. Dean was an
independent member of the Audit Committee of the Municipal
Association of Victoria for seven years including two years as chair.
He has lectured in Forensic Accounting at undergraduate and
postgraduate level at the University of Melbourne since 2005.
Heis an Honorary Fellow of the University of Melbourne and
in 2013 completed a period as visiting scholar at Queensland
University of Technology. He is a board member of the Australian
Institute of Professional Investigators.
Dean was the Chair of the Working Party formed by Standards
Australia to produce Australias Fraud and Corruption Control
standard (AS80012008).

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| CONTEMPORARY BUSINESS ISSUES

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16

Roger Simnett PhD UNSW

Roger is Macquarie Group Foundation Scientia Professor of
Accounting and Academic Director, Centre for Social Impact,
UNSW Australia Business School. He teaches and researches in
accounting and auditing. Roger has a background in standardsetting and was the first academic appointed as a member of the
International Auditing and Assurance Standards Board (IAASB),
where he served as a member from 2002 to 2005. He has also
served on the Australian Auditing and Assurance Standards
Board from 1995 to 1999. He was recently the co-chair of the task
force that developed an assurance standard on greenhouse gas
emissions disclosures for the IAASB in 2012, and is a member of
the International Integrated Reporting Council working group
and technical task force. He has authored and co-authored
many research and practitioner articles and texts in auditing
andaccounting.

Dr Siri Terjesen PhD

Dr Siri Terjesen is Assistant Professor at the Kelley School of
Business at Indiana University, USA, and a Visiting Research
Fellow at Lund University in Lund, Sweden. Dr Terjesen has
lectured at the London School of Economics & Political
Science in the United Kingdom, and Queensland University
of Technology in Australia. She researches and teaches in
strategy and entrepreneurship and has authored numerous
articles and books, including Strategic Management: Logic
and Action (Wiley2008) and Sources of Funding for Australias
Entrepreneurs. She is an Associate Editor of two leading
international journals: Small Business Economics and Academy
of Management Learning and Education.
Her research has been profiled in the US News & World Report,
Christian Science Monitor, Management Issues, the Times
(London), CNBC Europe and other outlets. Dr Terjesens current
area of research is strategy and entrepreneurship.

Russell Clowes
CPA Australia would like to acknowledge the contribution of Russell Clowes to Modules 2 and 5.

Catherine Pozzi
CPA Australia would also like to acknowledge the contribution of Catherine Pozzi to Module 4.