annual report - parliament.qld.gov.au...the board is also supported by three assistant members...

Valuers Registration Board of Queensland

ANNUAL REPORT

For the Year ended

30 June 2015


ANNUAL REPORT 1 JULY 2014-30 JUNE 2015

Letter of Compliance

Chairperson's Address

Office of the Board

Publication of the Annual Report

Interpreter Service Statement

Introduction

Objectives

Jurisdiction and Responsibility

Members of the Board

Assistant Members of the Board

Secretary to the Board I Administration

Finance

Registration

INDEX TO REPORT

Table 1- Number of Registered Valuers I Breakup of Registrations Table 2- Retired I Deceased I Cancelled

Mutual Recognition

Board Meetings

Complaints

Table- Complaints- 1 July 2011 to 30 June 2015

Educational Support

Rural/Regional Activities

Regulation of Valuation Profession

Communication

Strategic Plan

External Scrutiny

Right to Information

Public Interest Disclosure Act 2010

Public Sector Ethics Act 1994

Information Systems & Recordkeeping

Summary of Financial Performance

Internal Audit

Financial Statements

Attachment A- Compliance Checklist

Attachment B- Financial Statements

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I------- - --- - - ---Valu~ts :Re-9~i$.tr~Ji<)~·-~-- -~- --=---------- -~----~

I Board of Queensland · ·. - ·

1 September 2015

The Honourable Dr Anthony Lynham MP Minister for State Development and Minister for Natural Resources & Mines Level17, 61 Mary Street Brisbane Qld 4000

Dear Minister Lynham,

. -·· -.- _..,_._.... - -~---

I am pleased to present the Annual Report and Financial Statements for the Valuers Registration Board of Queensland for the year ended 30 June 2015.

I certify that this Annual Report complies with:

• The prescribed requirements of the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, and

• The detailed requirements set out in the Annual report requirements for Queensland Government agencies.

A checklist outlining the annual reporting requirements can be found at Attachment A of this annual report or accessed at www.vrbgld.com.au.

Yours sincerely,

2

- - - - - --- - - Lev8i2.Tii'e~ ~ ~

40 George Street, BRISBANE, OLD 4o'6o -:--- ,,-- ' ,_.. Ill Postal Address: PO BOX 15877, City East, OLD 4002 Telephone: (07) 322 1 3892 Facs1mile: (07) 3221 8296

Email: [email protected] Web: www.vrbqld.com.au



Chairperson's Report

On behalf of the Valuers Registration Board of Queensland (the Board), I present the Annual Report for the financial year 1 July 2014 to 30 June 2015.

The Board has ensured it properly administered the Valuers Registration Act 1992 to the best of its ability and has continued to maintain the Strategic Plan which is reviewed on a monthly basis. The plan itself has been reviewed, and all remaining policies/procedures will be reviewed in the coming months.

In line with maintaining a high degree of professionalism/excellence, the Board Members, Assistant Board Members, Secretary and Assistant Secretary undertook Governance training to ensure they are meeting their responsibilities. It was a very informative workshop that engaged all members in an open forum.

As previously noted, the Board processed nearly double the number of applications for registration under Mutual Recognition reciprocity, predominantly from NSW. 34 valuers were registered under the interview process and 60 valuers were registered through Mutual Recognition. The Productivity Commission is conducting a review of Mutual Recognition and the Board has provided two submissions. The main concern for the Board is the lack of harmonized educational qualifications and practical experience with NSW.

It is intended to hold a forum for Specialist Retail Valuers in the latter part of 2015 to bring these valuers up-to-date with changes in legislation, writing determinations and how appointments are made. A QCAT Member and a lawyer will assist in facilitating this forum.

In the previous year, the Board was proposing to conduct a survey of students, graduates, recently registered valuers and employers throughout Queensland in an endeavor to ascertain whether the Universities are adequately preparing students for the workplace environment.

After lengthy discussions it was decided not to pursue this approach. Instead, the Board met with representatives of the five Universities in Queensland offering the valuation course to discuss their valuation courses, current issues and any future changes. This was a very productive meeting and the Board will be keeping this line of communication open. The Board is an active supporter of these Universities and in turn they are active supporters of valuers.

The Board continues to sponsor awards at these Universities which is also an opportunity for Members to attend these ceremonies to present the Board's award to recipients. The Board also continued with its sponsorship ofthe CPD program of the Australian Property Institute with Board Members attending at conferences throughout the State. These conferences allow Members to interact with valuers on different issues that have arisen.

With my term of appointment ending at 30 June 2015, I take this opportunity to thank my fellow Board Members for their commitment, the knowledge and experience they bring to the Board. I also acknowledge the dedication of the Secretary and office staff during the year.

I offer this Annual Report as a record of the Board's achievements for the 2014/15 year and its future direction with the community, the industry and the profession.

~ .. Greg Clarke CHAIRPERSON

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Office of the Board

The Board's office is located at: Postal address: Telephone/Fax: Email: Web Address:

Level 2 The Mansions, 40 George Street, BRISBANE QLD 4000 PO Box 15877, CITY EAST QLD 4002 07- 3221 3892 07- 3221 8296 [email protected]

www.vrbqld.com.au

Publication and availability of the Annual Report

A copy ofthis Annual Report will be made available on the Board's website- www.vrbqld.com.au and distributed to a number of key stakeholders including the State Library of Queensland and the National Library of Australia. Copies are available on request from the Board's office.

Enquiries about this publication should be directed to the Secretary, Valuers Registration Board of Queensland- [email protected], 07 3221 3892 (phone), 07 32218296 (fax).

This publication has been compiled by the Secretary, Valuers Registration Board of Queensland ©Valuers Registration Board of Queensland, 2015 and no part ofthis report can be used without prior approval of the Board.

Interpreter Service Statement

The Valuers Registration Board of Queensland is committed to providing accessible services to Queenslanders from all culturally and linguistically diverse backgrounds. If you have difficulty in understanding the annual report, you can contact us on either 07-3221 3892 or by email to

[email protected] and we will arrange an interpreter to effectively communicate the report to you. OlJ Introduction

The Valuers Registration Board of Queensland was established in 1965 by the Valuers Registration Act 1965. The current legislation is the Valuers Registration Act 1992 (the Act) and Valuers Registration Regulation 2013.

Queensland retains a system of registration of valuers and approval of Specialist Retail Valuers. Annual renewal of a valuer's registration is dependent upon payment ofthe prescribed fee and providing documentary evidence of their compliance with Continuing Professional Development (CPD).

The majority of applicants seeking registration in Queensland this year again came through Mutual Recognition reciprocity.

We continue to receive new complaints against valuers for various reasons and four investigations were undertaken. The Board currently retains a panel of four Investigators to investigate these complaints and provides ongoing support and training to keep Investigators abreast of changes in legislation and assist with issues that may arise from investigations.

The Board's focus continues to be on the highest standards of education, experience for graduates seeking registration and report writing, ensuring that the technical content and market reconciliation is appropriate. The Board retains a library of sample valuation reports for applicants to assist with the layout and content for reports.

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Objectives

The Board's objectives are to provide a measure of protection for the public and to maintain the standard of valuers in Queensland by monitoring the registration, education, experience and professional conduct requirements.

To reflect these objectives the Board will continue to adopt the following mission statement.

,Committed to fostering professional excellence of registered valuers in Queensland"

Jurisdiction and Responsibility

Subject to the Minister, the Board administers the Act.

The protection of the public through the registration of valuers of land in this State is the primary function ofthe Board. Consequently, the Board liaises closely with the educational organisations and the Australian Property Institute to ensure a high academic standard is maintained. The Board has established policies for the assessment of applicants under the Act in order to ensure that applicants have obtained sufficient practical valuation experience over a period of at least three years from the commencement of an approved course of study.

Section 43 of the Act provides procedures for the public to lay complaints against registered valuers and the appointment of an independent person to investigate such complaints. The Board refers the more serious disciplinary matters to the Queensland Civil and Administrative Tribunal (QCAT) for resolution. The valuer also has the option to refer their matter to QCAT to decide rather than the Board.

The Board is currently compiling a list of suggested amendments to the Act and Regulation to enable the Board to improve the complaint process and its responsibilities under the Act.

The Board seeks to ensure that those persons practising as valuers do so in a proper and competent manner and do not undertake valuations which are outside their area of professional competence. The Board reinforces this issue with all new applicants when they are interviewed by the Board for registration.

The Board is required to maintain a list of Specialist Retail Valuers comprising the names of registered valuers considered by the Board to have sufficient retail experience to competently determine rental disputes. There are currently 27 registered valuers who have been approved by the Board for Listing as Specialist Retail Valuers with no locality limitations throughout Queensland.

It is intended to hold a forum for Specialist Retail Valuers in the latter part of 2015 to bring these valuers up-to-date with changes in legislation, writing determinations and how appointments are made. A QCAT Member and a lawyer will assist in facilitating this forum.

Members of the Board

The membership ofthe Board at 30 June 2015 was:

[a] A nominee, who is a valuer, ofthe Valuer-General; [b] Two registered valuers, one of whom is to be appointed from names submitted by the

Australian Property Institute; [c] Two nominees, from business, community or professional organisations.

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The members of the Board at 30 June, 2015 were:

Gregory Clarke Chairperson

Brett McAuliffe Member

Gail Tarditi Member

Neil Bray Member

Gavin Hulcombe Member

Registered Valuer/Specialist Retail Valuer Mr Clarke is a Director of McGees Property, Brisbane. Mr Clarke was appointed Chairperson of the Board on 23 April 2009.

Registered Valuer Mr McAuliffe is the Director of McAuliffe Property Services Pty Ltd. Mr McAuliffe has served as an Assistant Member since 19 December 2002 and was appointed a Member ofthe Board on 17 December 2007.

Lawyer Ms Tarditi is a lawyer currently working as a consultant and was appointed a Member of the Board on 30 October 2011.

Registered Valuer Mr Bray is the Valuer-General for Queensland and was appointed a Member ofthe Board on 1 July 2013.

Registered Valuer Mr Hulcombe is the National Chairman of Herron Todd White and was appointed a Member ofthe Board on 1 July 2013.

The Board is also supported by three Assistant Members appointed from nominees of registered valuers from the Australian Property Institute and the Real Estate Institute of Queensland, appointed by the Governor in Council by Gazette notice. The Board is able to call upon these Assistant Members when a Member is unavailable to attend meetings.

The Assistant Members of the Board at 30 June 2015 were:

Allen Crawford Assistant Member

Lynne Armitage Assistant Member

Philip Willington Assistant Member

Registered Valuer Mr Crawford is a Director of Chesterton Corporate Property Advisors and was appointed an Assistant Member to the Board on 23 April 2009.

Registered Valuer Dr Armitage is an Associate Professor at Bond University and was appointed as an Assistant Member to the Board on 30 October 2011.

Registered Valuer/Specialist Retail Valuer Mr Willington is a former Director of Knight Frank Valuations and was appointed as an Assistant member to the Board on 1 July 2013.

Secretary to the Board I Administration

The Board is supported by the following staff members:

Secretary to the Board Assistant Secretary Administration Officer

Julia French Narelle Rendalls Carmel Ucchino

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- 20 September 1993 to 30 June 2015 - 20 January 2015 to 30 June 2015 - 8 March 2004 to 30 June 2015



The Secretary is the only full-time employee assisted by an Assistant Secretary and a casual Administration Officer. The role of Assistant Secretary is a permanent part-time position to assist the Secretary with the day to day operation of the Board. Position Descriptions have been developed for the Secretary and staff to ensure awareness of their duties and responsibilities.

Finance

The Board is a self-funding Statutory Body and does not receive any Government funding. It endeavors to accumulate funds so that it is able to meet expenses for complaint investigations and possible litigation, as well as the everyday expenses of the Board. All fees collected by the Board are paid into the Board's account, not consolidated revenue, and all expenses are paid from this account. Funds are invested in a term deposit with Queensland Treasury Corporation.

An increase in fees occurred on 1 July 2014 in line with CPI and these fees are currently adequate to maintain the financial viability of the Board. At 30 June 2015 the fees charged by the Board were:

Application I Roll Fee - $208.60 Late Fee - $59.95 Certificate Fee - $59.95

The only costs the Board may recoup are related to complaint matters that have been referred to QCAT. For disciplinary matters handled by the Board, there is no avenue to recoup the costs incurred with carrying out investigations and/or any legal costs, and sometimes these can be substantial.

For matters referred to QCAT, it is at the discretion of QCAT to award costs pursuant to Section 59(2) of the Act. In these instances the Board incurs the costs ofthe investigation and the legal costs in the drawing of an application, and also representation at QCAT for Directions Hearings, Compulsory Conferences and Hearings.

The Board is still awaiting the outcome of the costs to be awarded for the disciplinary hearing that was conducted at QCAT in the 2013/2014 year.

There are currently two persons being prosecuted through the Magistrates Court for carrying out valuations in Queensland while unregistered. One matter has been decided but the person has appealed to the District Court. With previous cases in the Magistrates Court, only a portion ofthe professional legal costs are awarded with a penalty, and the Board then has to bear the costs of the investigation.

The Board sought legal assistance regarding debt recovery to try and recoup disciplinary costs that had been owing to the Board for several years, but this has proved unsuccessful.

Licensing in New South Wales is still under review with an expected outcome that registration of valuers will be abandoned. Without registration in NSW, this would impact heavily on Mutual Recognition as a source of income for the Board as we currently process nearly double the amount of these type of applications for registration.

The Board is audited annually by the Queensland Audit Office (QAO). However, for the last 2 years external auditors have been engaged by the QAO. An Independent Audit Report from the Auditor-General of Queensland still forms part ofthe financial statements included in this Annual Report.

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Registration

legislative Requirements- Qualifications for Registration as a Valuer Section 30 of the Valuers Registration Act 1992 states:

The board is to register a person as a valuer if the person makes application under section 29 and satisfies the board that the person -(a) is of good fame and character and is a fit and proper person to be registered as a valuer; and (b) either-

(i) holds a certificate of competence recognized by the board and issued by a prescribed institute; or

(ii) has passed an examination approved by the board; and (c) has had sufficient practical experience over a period of at least 3 years since starting an

approved course of study to enable the person to competently value land in Queensland.

At 30 June 2015, there were 1,576 valuers registered for the State of Queensland. During the 2014/2015 year, the Board granted 94 registrations, and 14 valuers had their registration restored having previously been removed from the register for non-payment of fees.

Of the 94 approved applications for registration, 34 had passed an approved examination and were interviewed by the Board. Fifty-nine applicants were registered under the provisions of the Mutual Recognition Act 1992 and one applicant was registered under the provisions ofthe Trans-Tasman Mutual Recognition Act 1997. The Board interviewed and approved one valuer for listing as a Specialist Retail Valuer. There are now 27 registered valuers on the list of Specialist Retail Valuers for Queensland.

The names of 107 valuers were removed from the register for various reasons including death, retirement or not having paid the statutory fee and/or not providing their CPD Compliance by the prescribed date.

One valuer was refused registration as the Board did not consider this person could competently value land in Queensland. However, this person reapplied for registration after gaining further experience and was subsequently registered as a valuer in Queensland.

The Board has proposed to refuse another person registration, and this application will be decided in the coming months.

Each year we lose a number of valuers who retire or do not renew their registration as they are no longer practising valuation; choosing to work in a different capacity and cannot comply with the CPD requirements under the Act. A small portion of these valuers apply for restoration of their registration within the twelve month period allowed under the Act. In this regard, 14 valuers applied for restoration of their registration.

Prior to 14 February 1970, it was possible for persons who had been in the valuation field, to gain registration on the premise of experience only. During the early years of registration, these valuers made up the large majority of registrations. However, over the intervening years, with natural attrition, the number of valuers registered without academic qualifications has decreased to 5.

At 30 June 2015 there were 1,576 valuers registered for the State of Queensland, and 27 Specialist Retail Valuers on the Board's approved Jist.

The following table incorporates the total number of valuers registered for the year from 1 July 2011 through to 30 June 2015, including mutual recognition, refused and restored applications.

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Total Number of Registrations Registrations- Refused Restored Registered Valuers Mutual Recognition Applications

2011 1567 24 50 1 17 2012 1597 36 61 0 19 2013 1584 28 49 0 10 2014 1575 31 47 0 11 2015 1576 34 60 1 14

This table shows the number of valuers from 2011 through to 2015 who are retired I deceased or have had their registration cancelled.

Year Retired/Deceased Valuers . Cancelled Registrations

2011 26 63

2012 38 48

2013 44 56

2014 39 59

2015 58 49

Mutual Recognition

The provisions of the Mutual Recognition Act 1992 took effect on 1 March 1993. Any person who has unrestricted registration as a valuer in New South Wales or Western Australia (the only other States in Australia that continue to maintain registration of valuers) is eligible to be registered in another State upon making application. The Trans-Tasman Mutual Recognition Act 1997 allows registered valuers in New Zealand to apply for reciprocal registration in Qld, NSW and WA.

The main problem lies in the fact that the Mutual Recognition scheme permits New South Wales valuers to gain registration in Queensland without meeting Queensland's high standards of educational qualifications and valuation experience.

Applicants applying under Mutual Recognition reciprocity are not required to attend before the Board for an interview or submit samples of their work prior to registration. Their only requirement is to provide a completed application form and a certified copy of the licence they hold in a reciprocal State.

Again this year the Board received a greater number of applicants applying for registration through Mutual Recognition reciprocity rather than proceeding through the interview process, and the majority ofthese applicants were from NSW. This reciprocity also allows Queenslanders who do not meet the high requirements for registration to be registered in NSW and then be mutually recognised in Queensland.

With the review of licensing in NSW and the possibility of de-regulation, this would impact heavily on Mutual Recognition applications in Queensland.

The Productivity Commission is currently undertaking a review of Mutual Recognition with a possible outcome being Automatic Mutual Recognition and the Board has provided two submissions to the Commission in this regard.

Some ofthe concerns with Automatic Mutual Recognition are: • which jurisdiction would undertake disciplinary action; • how can this action be enforced if the valuer resides in another jurisdiction;

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ANNUAL REPORT 1 JULY 2014- 30 JUNE 2015

• what happens if a valuer has registration cancelled in one jurisdiction;

• how would the Board be made aware of valuers carrying out valuations in Queensland if they were not previously registered in Queensland;

• how would CPO Compliance be enforced.

The Board would view Mutual Recognition differently if there was a harmonization of qualifications and experience. The mutual licensing scheme would need to set a national standard for valuer registration which is more rigorous than that of New South Wales and resembles that of Queensland, Western Australia and New Zealand.

It is essential to the valuation profession in Queensland that the high standard for registration of valuers is retained.

An essential part of a valuer's training is CPO Compliance, and without it these valuers present a risk to the public and to the valuation profession. The Board strives to maintain the educational level of all new applicants to that of university standard currently provided by five Universities throughout Queensland:

The University of Queensland Queensland University of Technology Central Queensland University Bond University University of the Sunshine Coast

Board Meetings

Thirteen meetings were held during the year and the Board interviewed 37 applicants for registration . All applicants are required to provide the Board with four detailed samples of valuations as well as evidence of their academic qualifications and a log book of their valuation experience. In addition to examining the evidence of an applicant's practical valuation work, the Board further investigates their fitness to practice as a Valuer.

Of the 36 applicants interviewed for registration, six applicants were required to submit further valuations in support of their application. Two of these applications are still outstanding.

The Board also interviewed one valuer for Listing as a Specialist Retail Valuer. In this regard the Board must also consider whether the applicant has sufficient knowledge of the Queensland Legislation, namely the Retail Shop Leases Act 1994 and Retail Shop Leases Regulation 2006; experience in the Queensland retail market; and an adequate understanding of rental methodology, in order for approval ofthe listing to be granted.

The Board did not hold any Special Meetings during the 2014/2015 year.

There has not been any overseas travel undertaken during the year by Board Members on behalf of the Board. The only travel undertaken has been for attendance at Board meetings in Brisbane and travel to Australian Property Institute Conferences held throughout Queensland.

The current fees payable were $406 to the Chair and $334 to Members for meetings of 4 hours of more duration. Half these fees were payable for meetings of less than 4 hours.

The following chart is a record of attendance by Board Members and Assistant Members at these meetings and the total fees paid during the 2014/2015 year.

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Member Eligible to Board Total Fees Appointment Appointment Attend Attended Paid Start End

Greg Clarke 13 13 $5,075 20/12/2002 30/06/2015 Brett McAuliffe 13 13 $4,175 20/12/2002 30/06/2016 Gail Tarditi 13 10 $3,173 30/10/2011 30/06/2016 Valuer-General's Nominee 13 13 $0 1/07/2013 30/06/2016 Gavin Hulcombe 13 11 $3,340 1/07/2013 30/06/2016 Allen Crawford 1 1 $334 23/04/2009 30/06/2016 Lynne Armitage 0 0 $0 30/10/2011 30/06/2016 Philip Willington 1 1 $334 1/07/2013 30/06/2016

Complaints

The Board has processes in place for the public to lay complaints against registered valuers and persons holding themselves out to be registered valuers, as well as the appointment of an independent person to investigate such complaints pursuant to Sections 43, 44 and 63 of the Act.

If any investigation is authorized, once the Investigator's report has been received, if the Board reasonably considers a valuer has engaged in professional misconduct or incompetence or negligence in their performance as a valuer, the Board can either forward the matter to QCAT to decide, or if it considers the matter does not warrant referral to QCAT, initiate disciplinary procedures itself.

The Board has the power to do one or more of the following: 1. admonish or reprimand the valuer; 2. order the valuer to give an undertaking to abstain from particular conduct; 3. impose a penalty of an amount equal to not more than 20 penalty units.

Recorded in the table below is the number of complaints received, disciplinary action taken and whether completed, including matters from 1 July 2010 to 30 June 2015.

Year Comps Completed Investigated Disciplinary Action Refer Registration Rec'd Without to Suspended- Not

Investigation QCAT Cancelled completed 10 1 x Reprimand

10/11 16 4 + $1,000 penalty 0 0 0

11/12 17 11 1 0 0 0 0

12/13 17 8 2 1 x Reprimand 0 0 0

1 x Reprimand 1 x Reprimand + $1,000

13/14 9 5 1 penalty 0 0 0 1 x Reprimand +Order

for undertaking to abstain from

unprofessional conduct + $1,000 penalty

1 x Reprimand+ $1,000 1 x 6 month 14/15 15 11 4 penalty 0 suspension 4

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Fifteen new complaints were received during the year and an independent Investigator was appointed under Section 44 of the Act to investigate four of these complaints. Disciplinary action was taken in two of the matters investigated and these matters are still outstanding. Eleven matters were completed with no action taken against the valuer and the four investigations authorized are still outstanding.

An Investigator had been appointed in one matter from 2013/2014 and this matter is now complete. The disciplinary action shown in the above table relates to this complaint.

Two other matters from 2013/2014 have been completed with no disciplinary action taken.

One matter from 2011/2012 and one from 2012/2013 have also been completed with no disciplinary action taken against the valuers.

With regard to the disciplinary hearing held at QCAT in the previous year, this resulted in the valuer having his registration suspended for a period of 6 months. Costs for this matter are yet to be determined.

The Board has commenced action in the Magistrates Court against two persons holding themselves out as valuers while unregistered. One ofthese matters has been decided by the Court and the person has now appealed to the District Court. These two matters are not recorded in the above table.

We currently have four Investigators who assist the Board with Investigations. Each year the Board holds a workshop which is facilitated by Counsel Mark Healy to assist Investigators through the complaint process and to give them the opportunity to raise and resolve issues that have arisen during recent investigations. Changes in legislation affecting the investigation process are also discussed.

The Board provides an open line of communication for our Investigators to assure them that any help required is provided through the Secretary and Legal Counsel.

Educational Support

The Board continues to award a prize to the outstanding student in the second year of the Real Estate Valuation Course at the five Universities throughout the State. Where possible, Members of the Board attend these award ceremonies to present prizes to the recipients. The following students received awards during this financial year:

The University of Queensland Central Queensland University Queensland University of Technology University of Sunshine Coast Bond University

- Mr William Sharpe - Mr Christopher Herdman & Mr Kristoffer Sell - Mr Benjamin Andrew Hatch - Ms Monique Sykes - Ms Lynne Seddon

Under Section 36B of the Act, CPD is a compulsory part of a valuer's annual renewal of registration. It is essential that valuers keep aware of changes in legislation that affect their profession and keep up to date with their professional development.

The Australian Property Institute held conferences throughout Queensland during the year and Members of the Board, Secretary and Assistant Secretary attended these conferences and were available to discuss any issues with valuers and other delegates present.

The Board continues to provide financial support to the CPD Program of the Queensland Division of the Australian Property Institute and was a major sponsor of the following events:

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North Queensland Property Conference held in Airlie Beach in August 2014 State of the Market Retail seminar held in Brisbane in November 2014 Queensland Property Conference held at the Gold Coast in October/November 2014 Rural Property Conference held in Rockhampton in March 2015

Rural/Regional Activities

The Board issues Newsletters during the year to Registered Valuers on topics which include new Board Members; changes and reviews of legislation; currency of valuation terminology; disciplinary matters; Board's library of sample valuation reports. Our newsletters can be obtained from our website.

All applicants are interviewed at the Board's office in Brisbane. However, the Board will interview applicants in regional areas when attending at Australian Property Institute Conferences. When Board Members attend API Conferences, it is an opportunity to meet and address members on issues relevant to the profession.

Regulation of the Valuation Profession

The Board continues to maintain an overview of the regulation of the valuation profession both in Australia and overseas in order to provide input to the Government if required regarding the regulation of the profession and associated industries and business.

This proactive approach by the Board is to ensure that Queensland is informed as to the nature of regulatory best practice and how it is applied. It is the Board's intention to maintain a watching brief on the regulation of the valuation profession and other associated professions.

A current issue for the Board is the review of Mutual Recognition with the possible outcome being Automatic Mutual Recognition.

Communication

The Board meet with representatives of the five Universities in Queensland offering the valuation course to discuss their valuation courses, current issues and any future changes. This was a very productive meeting and the Board will be keeping this line of communication open. The Board is an active supporter of these Universities and in turn they are active supporters of valuers.

It is intended to hold a forum for Specialist Retail Valuers in the latter part of 2015 with topics to include changes in legislation, writing determinations and how appointments are made. A QCAT Member and a lawyer will assist in facilitating this forum. As we currently have 27 Specialist Retail Valuers throughout Queensland, we are endeavoring to host this forum with video-conferencing facilities.

The Board also met with Government representatives to discuss broad overviews of the Queens Wharf development which affects the current location of the Board's premises. The Board will be required to relocate to new premises sometime during 2016.

The Board is conscious of the need to ensure the community is aware of the services it provides. The Board's website enables it to post details of registered valuers, policy, procedures, newsletters, disciplinary decisions and other items of interest. Having control of its own website means that all information is posted on a more timely basis.

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The site is essential to allow access by the public to the current list of Registered Valuers for independent valuations and also the list of Specialist Retail Valuers approved by the Board, and simply to check the status of a valuer's registration. The website also allows professionals, students and graduates, financial institutions and the public to access articles of interest.

Strategic Plan

In line with the Board's Strategic Plan of maintaining a high degree of professionalism/excellence, the Members, Assistant Members, Secretary and Assistant Secretary undertook Governance training to ensure they are meeting their responsibilities. It was a very informative workshop that engaged all members in an open forum. Some of the actions identified that need to be discussed at future Board meetings were:

• Risk Management Framework • Agency Planning Guidelines • Connections with API Membership Committee

• Delegations from Board to Secretary

In the previous year, the Board was proposing to conduct a survey of students, graduates, recently registered valuers and employers throughout Queensland in an endeavor to ascertain whether the Universities are adequately preparing students for the workplace environment.

After lengthy discussions it was decided not to pursue this approach. Instead, the Board meet with representatives of the five Universities in Queensland offering the valuation course to discuss their valuation courses, current issues and any future changes. This was a very productive meeting and the Board will be keeping this line of communication open. The Board is an active supporter of these Universities and in turn they are active supporters of valuers.

The Board's policies are reviewed at specific intervals in accordance with the Strategic Plan and the plan itself was reviewed earlier this year.

The Board's current Strategic Plan for the period 2015-2017 is as follows:

a] Effective implementation of the Act b] Improve communication with stakeholders c] Maintaining a high degree of professionalism I excellence d] Improve handling and response to complaints e] Foster professional excellence

External Scrutiny

The Queensland Ombudsman previously provided a recommendation for improvement of the Board's complaints management practices. The development of a Complaints Management System is ongoing as this has been a more complicated process than anticipated.

Right to Information Act 2009

The Secretary to the Board is the contact person for matters relating to Right to Information.

During the period 1 July 2014 to 30 June 2015, one application was received under the Information Privacy Act 2009. This application was received from a valuer regarding a complaint made against him.

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Public Interest Disclosure Act 2010

The reporting of suspected wrongdoing is essential to the integrity of the public sector in Queensland.

Under the Public Interest Disclosure Act 2010, special protection is given to public officers in regard to disclosures about unlawful, negligent or improper public sector conduct or danger to publ ic health or safety or the environment.

There have been no disclosures under this Act during the period 1 July 2014 to 30 June 2015.

Public Sector Ethics Act 1994

The Board's Code of Conduct provides a measure against which the behaviour of Board Members and employees can be assessed to ensure the appropriate standard of ethical behaviour in the conduct of their activities. It forms the basis for quality assurance audits of the activities of the Board.

The Code of Conduct is reviewed and updated, as appropriate, to ensure Board Members and staff are given access to education and training about public sector ethics.

The administrative procedures and management practices ofthe Board have proper regard to this Act and, in particular, the ethics principles and values, and the Board's approved Code of Conduct.

Information Systems and Recordkeeping

The Board maintains a current retention and disposal schedule and archives documentation off site. The archived documentation includes sample valuation reports; Board minutes; complaint files; valuer files; and financial records.

All current data is backed up through our small business server as well as hard copies retained in the office. Emails and MYOB records are now stored in the cloud.

Summary of Financial Performance

Provided below is a summary of the Board's financial performance. The table provides a comparison between the 2013/2014 and 2014/2015 financial years and the budget forecast for 2014/2015.

Item 2014/2015 Budget 2014/2015 2013/2014 Current Assets $671,899 $653,282 Current Liabilities $428,889 $411,551 Roll Fees $359,088 $328,800 $357,556 Application & Certificate Fees $23,984 $24,200 $20,163 Complaint management $84,283 $83,000 $70,346 Employee expenses $176,602 $177,888 $157,475

Explanation of variances:

• Complaint Management- considerable expense was outlayed for legal costs in connection with the QCAT hearing which included appearances for Directions Hearings. We have also incurred costs associated with the two Magistrates Court prosecutions which are ongoing. These legal costs are solely related to complaint management.

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• Employee Expenses- The role of the Assistant Secretary was filled in January 2015. This person was previously a casual employee ofthe Board from March 2014 to January 2015. The Board still has one casual employee who has been employed by the Board since 2004.

Internal Audit

As the only full-time employee ofthe Board, the Secretary processes all day to day payments that are then ratified by the Board at each board meeting. A bookkeeper attends once a month to prepare financial documents for the Auditors. This process is approved by the Qld Audit Office.

Financial Statements

The Financial Statements were examined by an external accountancy company on behalf ofthe Queensland Audit Office and an unqualified audit report has been issued.

The complete set of Financial Statements and the notes accompanying the below set of Financial Statements are included in this report at Attachment B:

• Statement of Comprehensive Income for the year ended 30 June 2015;

• Statement of Financial Position as at 30 June 2015; • Statement of Changes in Equity for the year ended 30 June 2015; • Statement of Cashflows for the year ended 30 June 2015.

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ATTACHMENT A- Compliance Checklist

Annual Report

Summary of requirement Basis for requirement reference

• A letter of compliance from the Letter of accountable officer or statutory Compliance body to the relevant Minister ARRs- section 8 Page 2

• Table of contents

• Glossary ARRs- section 10.1 1

• Public availability ARRs- section 10.2 4 Queensland Government Language Services Policy

• Interpreter service statement ARRs- section 10.3 4

Copyright Act 1968

• Copyright notice ARRs- section 10.4 4 QGEA -Information licensing

Accessibility • Information Licensing ARRs- section 10.5 N/A

• Introductory Information ARRs- section 11.1 Page4

• Agency role and main functions ARRs- section 11.2 Page 4-5

General • Operating environment ARRs- section 11.3 Page 10-11

Information • Machinery of Government changes ARRs- section 11.4 N/A

• Government objectives for the community ARRs- section 12.1 N/A

• Other whole-of-government plans I specific initiatives ARRs- section 12.2 N/A

• Agency objectives and performance indicators ARRs- section 12.3 Page 5

Non-financial • Agency service areas and service performance standards ARRs- section 12.4 N/A Financial performance • Summary of financial performance ARRs- section 13.1 Page 15-16

• Organisational structure ARRs- section 14.1 Page 5-7

• Executive management ARRs- section 14.2 Page 6-7

• Government bodies (statutory bodies and other entities) ARRs- section 14.3 N/A

Governance- Public Sector Ethics Act

management 1994

and structure • Public Sector Ethics Act 1994 ARRs- section 14.4 Page 15

• Risk Management ARRs- section 15.1 Page 14

Governance- • External Scrutiny ARRs- section 15.2 Page 14

risk • Audit Committee ARRs- section 15.3 N/A

management • Internal Audit ARRs- section 15.4 Page 16

and • Information systems and accountability recordkeeping ARRs- section 15.5 Page 15

17



ATIACHMENT A- Compliance Checklist

Annual Report Summary of requirement Basis for requirement reference

• Workforce planning and performance ARRs- section 16.1 Page 6-7

Directive No.11/12 Early Governance- Retirement, Redundancy human • Early retirement, redundancy and and Retrenchment resources retrenchment ARRs- section 16.2 N/A

ARRs- section 17

• Consultancies ARRs- section 34.1 N/A ARRs- section 17

• Overseas Travel ARRs- section 34.2 Page 10

• Queensland Language Services ARRs- section 17 Policy ARRs- section 34.3 N/A

ARRs- section 17 Open Data • Government Bodies ARRs- section 34.4 Page 10-11

FAA- section 62 FPMS- sections 42, 43

• Certification of Financial and 50 Statements ARRs- section 18.1 Page 16

FAA- section 62 FPMS- section 50

• Independent Auditors Report ARRs- section 18.2 Attachment B Financial Reporting Requirements for Queensland Government

Financial Agencies Statements • Remuneration disclosures ARRs- section 18.3 Attachment B

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ATTACHMENT B- Financial Statements for the year ended 30 June 2015

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VALUERS REGISTRATION BOARD OF QUEENSLAND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2015

VALUERS REGISTRATION BOARD OF QUEENSLAND Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2015

Notes 2015 2014 $ $

Income from Continuing Operations

Revenue

Roll fees 359,088 338,846

Interest 18,080 17,298

Application and certificate fees 23,984 20,163

Other revenue 5,244 830

Total Income from Continuing Operations 406,396 377,137

Expenses from Continuing Operations

Employee expenses 2 176,602 157,475

Professional fees 3 18,172 18,316

Board members' fees & expenses 20,156 16,878

Prizes, donations & sponsorships 22,000 21,000

Complaint management 84,283 70,346

Rent expense 27,344 27,344

Printing & stationery 4,993 4,624

Postage and Telephone 7,948 8,966

Public Relations 4,873 4,204

Depreciation

Other expenses 4 38,746 60,603

Total Expenses from Continuing Operations 405,117 389,756

Operating Result from Continuing Operations 1,279 (12,619) Other Comprehensive Income

Total Comprehensive lncome/(Loss) 1,279 (12,619)

The accompanying notes form part of these statements.

2

VALUERS REGISTRATION BOARD OF QUEENSLAND Statement of Financial Position as at 30 June 2015

Notes 2015 2014 $ $

Current Assets Cash assets 5 666,737 647,255 Receivables 6 5,162 5,827

Total Current Assets 6711899 653,282

Non-Current Assets Property, plant & equipment 7

Total Non-Current Assets

Total Assets 6711899 653,282

Current Liabilities Payables 8 371 ,076 356,442 Accrued Employee Benefits 9 57,813 55,109

Total Current Liabilities 428,889 411,551

Non-Current Liabilities Accrued Employee Benefits 9

Total Non-Current Liabilities

Total Liabilities 428,889 411,551

Net Assets 243,010 241,731

Equity Contributed equity 181 ,342 181,342

Accumulated Surpluses 61 ,668 60,389

Total Equity 243,010 241,731


3

VALUERS REGISTRATION BOARD OF QUEENSLAND Statement of Changes in Equity for the year ended 30 June 2015

Accumulated Surpluses

Balance as at 1 July

Operating Result from Continuing Operations Other Comprehensive Income Total Comprehensive Income

Balance as at 30 June

2015 $ 60,389

1,279 --

1,279 -

61,668


2014 $ 73,008

12,619 -

12,619

60,389

4

Contributed Equity 2015 2014

$ $ 181,342 181,342

- -- -- -

181,342 181,342

2015

241,731

1,279 -

1,279

243,010

TOTAL 2014

254,350

(12,619) -

(12,619)

241 731

QAO certified statements

VALUERS REGISTRATION BOARD OF QUEENSLAND Statement of Cash Flows for the year ended 30 June 2015

Notes 2015 2014 $ $

Cash flows from operating activities Inflows: Roll fees 370,241 357,556 Interest 18,080 17,298 Application and certificate fees 23,984 20,163 Other revenue 5,244 830 GST input tax credits received from ATO 19,878 15,939 Outflows: Employee expenses (172,229) (149,700) Professional fees (17,500) (14,206) Board members' fees (20,156) (16,878) Prizes, donations & sponsorships (22,000) (21,000) Complaint management (81 ,186) (70,346) Rent expense (27,344) (27,344) Printing & stationery (4,993) (4,624) Postage and Telephone (7,948) (8,966) Public Relations (4,873) (4,204) Other expenses (40,703) (61,942) GST Paid to suppliers (19,213) (19,359) Net cash provided by (used in) operating activities 19,282 13,217

Cash flows from investing activities Outflows: Payments for property, plant and equipment Proceeds from investments Payments for investments Net cash provided by (used in) investing activities

Cash flows from financing activities Inflows: Proceeds from borrowings Outflows: Repayments of borrowings Net cash provided by (used in) financing activities

Net increase (decrease) in cash and cash equivalents 19,282 13,217 Cash and cash equivalents at beginning of financial year 647,455 634,238

Cash and cash equivalents at end of financial year 666,737 647,455


5

VALUERS REGISTRATION BOARD OF QUEENSLAND NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

Objectives and Principal Activities of the Board The objectives of the Valuers Registration Board of Queensland are to provide a measure of protection for the public and to maintain the standard of valuers in Queensland by monitoring the registration, education, experience and professional conduct requirements. To reflect these objectives the Board continues to adopt the following mission statement: "Committed to fostering professional excellence of registered valuers in Queensland"

1 Summary of Significant Accounting Policies

{a) Statement of Compliance

The financial statements have been prepared in compliance with the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009.

These financial statements are general purpose financial statements and have been prepared on an accrual basis in accordance with Australian Accounting Standards- Reduced Disclosure Requirements and Australian Interpretations.

All amounts throughout the financial statements are in Australian dollars.

With respect to compliance with Australian Accounting Standards and Interpretations, the Board has applied those requirements applicable to not-forprofit entities, as the Board is a not-for-profit Statutory Body. Except where stated, the historical cost convention is used.

The Reporting Entity The Board does not control other entities. The financial statements include the value of all income, expenses, assets, liabilities and equity for the Board as an individual entity.

Accounting policies Unless otherwise stated, all accounting policies applied are consistent with those of the prior year. Where appropriate, comparative figures have been amended to accord with current presentation and disclosure made of material changes to comparatives.

Classification between current and non-current In the determination of whether an asset or liability is current or non-current, consideration is given to the time when each asset or liability is expected to be realised or paid. The asset or liability is classified as current if it is expected to be turned over within the next twelve months, being the Board's operational cycle.

Rounding and Comparatives Unless otherwise stated, amounts in the report have been rounded to the nearest dollar. Sub totals and totals may not add due to rounding, but the overall discrepancy is not greater than two.

Comparative information has been restated where necessary to be consistent with disclosure in the current reporting period.

{b) Funding of Board's Operations

Roll Fees of $208.60 per annum are levied by the Board on each valuer registered under the Valuers Registration Act 1992 so as to provide, together with other receipts, sufficient funds to finance the operations of the Board for the year.

Roll fees are recognised as revenue on an accruals basis.

Interest Received Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument.

{c) Property, Plant & Equipment

Property, plant and equipment items with a purchase cost greater than $5000 and a useful life of more than one year are recognised as an asset. All other items of property, plant and equipment are expensed on acquisition.

Depreciation on property, plant and equipment is calculated on a straight-line basis so as to write-off the cost of each depreciable asset progressively over its estimated useful life to the Board.

Depreciation periods are listed below and are consistent with the prior year: Class of Fixed Asset Depreciation Rate Computer Equipment 25%

6


1 Summary of Significant Accounting Policies (cont)

(d) Cash and Cash Equivalents

For the purposes of the statement of financial position and the statement of cash flows, cash assets include all cash and cheques receipted but not banked at 30 June as well as deposits at call with financial institutions. Investments are measured at cost. Interest revenue is recognised as received.

(e) Employee Benefits

Provision for employee benefits

Provision for employee benefits represents amounts accrued for annual leave and long service leave. The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service. Based on past experience, the company does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. However, these amounts must be classified as current liabilities since the company does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement. The non-current portion for this provision includes amounts accrued for long service leave entitlements that have not yet vested in relation to those employees who have not yet completed the required period of service.

Superannuation

Employer superannuation contributions are paid to the employee's superannuation funds. Contributions are expensed in the period in which they are paid or payable. The Board's obligation is limited to its contribution to each of the funds.

(f) Taxation

The activities of the Board are exempt from Commonwealth taxation except for Fringe Benefits Tax (FBT) and Goods and Services Tax (GST). The Board is exempt from charging GST on Registration Fees. Input tax credits receivable from the Australian Taxation Office are recognised and accrued.

(g) Issuance of Financial Statements

The financial statements are authorised by a resolution of the Board for issue by the Chairman and Secretary at the date of signing the Management Certificate.

(h) Receivables

Trade debtors are recognised at the nominal amounts due at the time of sale or service delivery i.e. the agreed purchase/contract price. Settlement of these amounts is required within 30 days from the invoice date.

The collectability of receivables is assessed periodically with provision being made for impairment. All known bad debts were written-off as at 30 June. Increases in the allowance for impairment are based on loss events that have occurred.

(i) Payables

Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the agreed purchase/contract price, gross of applicable trade and other discounts. Amounts owing are unsecured and are generally settled on 30 day terms.

(j) Leases

Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are recognised as expenses in the periods in which they are incurred.

(k) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to, the ATO are presented as operating cash flows included in receipts from customers or payments to suppliers.

7


1 Summary of Significant Accounting Policies (cont)

(I) Initial Accounting Estimates and Judgements

Employee Benefits

Provision is made for the company's liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employees may not satisfy vesting requirements. Those cash flows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cash flows.

2 Employee expenses

Employee Benefits Wages and salaries Employer's superannuation contribution Salary sacrifice superannuation contribution Other employee benefits Total

2015 2014 $ $

150,487 15,220 10,530

365 176,602

133,882 12,359 10,615

619 157,475

The number of employees including both full-time employees and part-time employees measured on a full-time equivalent basis is:

Number of Employees: 2 2

3 Professional Fees

Audit fees (Queensland Audit Office) 6,500 9,010 Accounting Fees 4,660 2,800 Bookkeeping Services 7,012 6,506 Total 18,172 18,316

The 2014 audit fee expense to the Queensland Audit Office contained both the 2013 audit expense and the 2014 audit accrual, in order to present the audit expense under accrual accounting for the first time for the year ended 30 June 2014. The audit fee expense for the 2015 and future financial years will only contain that respective year's audit accrual.

4 Other expenses

Advertising 3,258 2,658 Bank charges 2,767 4,512 Catering 817 1,725 Computer expenses 10,785 13,444 Conference expenses 2,463 4,434 Electricity 1,920 2,493 Insurance 1,299 1,250 Internet & Website Expenses 2,405 5,044 Legal Expenses 500 4,605 Low Value Assets Written Off 279 6,230 Parking, Taxis and Tolls 1,881 1,971 Photocopier Rental and Office Amenities 8,102 9,204 Repairs and Maintenance 310 629 Sundry Expenses 1,960 2,404 Total 38,746 60,603

5 Cash assets

Cash on hand 250 250 Cash at bank 47,761 34,987 Cabcharge Bond Held 200 200 QTC Capital Guaranteed Cash Fund 618,526 612,018 Total 666,737 647,255

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6 Receivables

GST Receivable GST receivable

Total

7 Property, plant & equipment

Computer equipment (at cost) Less: Accumulated depreciation

Total

8 Payables

PAYGW Payable Superannuation Payable Accrued Expenses Trade Creditors Income Received in Advance Total

9 Accrued Employee Benefits

Current Accrued Employee Benefits: -Annual leave payable - Long service leave payable

Total current accrued employee benefits

Non-Current Accrued Employee benefits: - Long service leave payable Total non-current accrued employee benefits

Total

10 Future Operating Commitments

The Board had no capital committments of material nature at 30 June 2015.

Operating lease commitments

Non-cancellable operating leases contracted for but not recognised in the financial statements Payable- minimum lease payments: 2015 2014

- not later than 12 months 5,808 5,808 - between 12 months and five years 10,648 16,456 - later than five years o 0

16,456 22,264

11 Contingent Assets

2015 2014 $ $

5,162

5,162

7,555 (7,555)

2,665 2,065

13,446 24

352,876 371,076

4,557 53,256 57,813

57,813

5,827

5,827

7,555 (7,555)

2,053 1,849

10,618 199

341,723 356,442

5,172 49,937 55,109

55,109

As at 30 June 2015, the Board had a number of fines and/or penalties owing to them as a result of successful legal cases finalised in the 2015 financial year. Whilst the possibility of an inflow of economic resources is probable based on legal representation, the Board are unable to provide an accurate estimate of any amounts receivable at the reporting date, as these fines and/or penalties were yet to be determined at 30 June 2015. Therefore, no amounts have been recognised for fines and/or penalties receivable on these particular legal cases at the reporting date.

9


12 Remuneration of Board Members

Remuneration paid to Board Members in connection with the management of the Board, including meeting fees and other allowances. The number of responsible persons whose remuneration from the Board was within the following specified band were:

0 to 9,999

Board Members Remuneration Gregory Clarke Allan Crawford Brett McAuliffe Gail Tarditi Gavin Hulcombe Philip Willington

13 Key management personnel compensation

2015 2014 No. No.

6 6

$ $ 5,075 4,466

334 334 4,175 3,746 3,173 3,340 3,340 3,674

334 668 16,431 16,228

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Board, directly or indirectly.

Those persons having authority and responsibility for planning, directing and controlling the activities of the Board, directly or indirectly, during the year ended 30 June 2015 were:

Ms Julia French, Secretary

Position Responsibilities Contract classification and

appointment authority

Secretary The secretary is responsible for A06 4 I Public Service Act 2008 strategic leadership, management and direction over the efficient, effective and economic financial administration and operation of the board.

The aggregate compensation made to key personnel is set out below.

Compensation Made to Key Personnel Short-term employee benefits Long-term employee benefits Post-employment benefits Termination benefits Total Compensation

14 Events Occurring after Balance date

2015 89,060

2,241

91,301

2014 88,080

2,192

90,272

Date appointed to position

1 November 2007

The Board has no events occurring after the balance date that would affect the financial package at 30 June 2015.

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VALUERS REGISTRATION BOARD OF QUEENSLAND

CERTIFICATE OF THE VALUERS REGISTRATION BOARD OF QUEENSLAND

These general purpose financial statements have been prepared pursuant to section 62(1) of the Financial Accountability Act 2009 (the Act), relevant sections of the Financial and Performance Management Standard 2009 and other prescribed requirements. In accordance with section 62(1){b) of the Act we certify that in our opinion.

(a) the prescribed requirements for establishing and keeping the accounts have been compiled with in all material respects; and

(b) the statements have been drawn up to present a true and fair view, in accordance with prescribed accounting standards, of the transactions of the Valuers Registration Board of Queensland for the financial year ended 30 June 2015 and of the financial position of the board at the end of that year; and

(c) these assertions are based on an appropriate system of internal controls and risk management processes being effective, in all material respects, with respect to financial reporting throughout the reporting period.

N.A. BRAY Chairman

fltn J. M. FRENCH

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INDEPENDENT AUDITOR'S REPORT

To the Board of Valuers Registration Board of Queensland

Report on the Financial Report

I have audited the accompanying financial report of Valuers Registration Board of Queensland, which comprises the Statement of Financial Position as at 30 June 2015, the Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and certificate given by the Chairman and Secretary.

The Board's Responsibility for the Financial Report

The Board is responsible for the preparation of the financial report that gives a true and fair view in accordance with prescribed accounting requirements identified in the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, including compliance with Australian Accounting Standards - Reduced Disclosure Requirements. The Board's responsibility also includes such internal control as the Board determines is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on the financial report based on the audit. The audit was conducted in accordance with the Auditor-Genera/ of Queensland Auditing Standards, which incorporate the Australian Auditing Standards. Those standards require compliance with relevant ethical requirements relating to audit engagements and that the audit is planned and performed to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control, other than in expressing an opinion on compliance with prescribed requirements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board, as well as evaluating the overall presentation of the financial report including any mandatory financial reporting requirements approved by the Treasurer for application in Queensland.

I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my audit opinion.

Independence

The Auditor-General Act 2009 promotes the independence of the Auditor-General and all authorised auditors. The Auditor-General is the auditor of all Queensland public sector entities and can be removed only by Parliament.

The Auditor-General may conduct an audit in any way considered appropriate and is not subject to direction by any person about the way in which audit powers are to be exercised. The Auditor-General has for the purposes of conducting an audit, access to all documents and property and can report to Parliament matters which in the Auditor-General's opinion are significant.

Opinion

In accordance with s.40 of the Auditor-General Act 2009-

(a} I have received all the information and explanations which I have required; and

(b} in my opinion -

(i) the prescribed requirements in relation to the establishment and keeping of accounts have been complied with in all material respects; and

(ii) the financial report presents a true and fair view, in accordance with the prescribed accounting standards - Reduced Disclosure Requirements, of the transactions of Valuers Registration Board of Queensland for the financial year 1 July 2014 to 30 June 2015 and of the financial position as at the end of that year.

Other Matters - Electronic Presentation of the Audited Financial Report

Those viewing an electronic presentation of this financial report should note that the audit does not provide assurance on the integrity of the information presented electronically and does not provide an opinion on any information which may be hyperlinked to or from the financial report. If users of the financial report are concerned with the inherent risks arising from electronic presentation of information, they are advised to refer to the printed copy of the audited financial report to confirm the accuracy of this electronically presented information.

N GEORGE CPA as Delegate of the Auditor-General of Queensland

Queensland Audit Office Brisbane

annual report - parliament.qld.gov.au...the board is also supported by three assistant members...

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