Survey Results

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Results of Survey on the
Financial Literacy of Australian Directors

Results of FRC Survey on the Financial Literacy of Australian Directors

1

Directors survey
– 210 respondents

Results of FRC Survey on the Financial Literacy of Australian Directors

2

What type of organisation are you a director of?

Responses were also received from
directors of:
• a large consumer co-operative
• various government authorities
• an NSX listed entity
• an SGX Singapore REIT
• various professional services firms
• a Euronext listed entity

Results of FRC Survey on the Financial Literacy of Australian Directors

3

Are you a member or chairperson of a board audit
committee on any entity of which you are a director?

Results of FRC Survey on the Financial Literacy of Australian Directors

4

Highest level of formal education?
Formal qualifications in accounting,
finance, business or management?

Results of FRC Survey on the Financial Literacy of Australian Directors

5

Have you undertaken any other training on
accounting/finance issues for Australian directors?

Numerous respondents mentioned having undertaken:
• various courses for directors run by the AICD
• short courses or education events run by the Institute of Chartered Accountants, CPA Australia and the Institute of Public Accountants
Respondents also mentioned having undertaken:
• post-graduate degree and diploma courses offered by universities and business schools • courses run by other bodies such as FINSIA, the Institute of Chartered Secretaries and the Australian Institute of Management

• training sessions run by the company of which they were a director Results of FRC Survey on the Financial Literacy of Australian Directors

6

How would you rate your
personal understanding of
the following general
accounting matters?

Results of FRC Survey on the Financial Literacy of Australian Directors

7

How would you rate your personal understanding of the
following specific accounting issues?

Results of FRC Survey on the Financial Literacy of Australian Directors

8

How would you rate the
overall understanding of
your fellow Australian
directors (on average, as a
group) on the following
general accounting matters?

Results of FRC Survey on the Financial Literacy of Australian Directors

9

How would you rate the overall understanding of your fellow Australian directors (on average, as a group) on the following specific accounting issues?

Results of FRC Survey on the Financial Literacy of Australian Directors

10

Financial professionals survey
– 175 respondents

Results of FRC Survey on the Financial Literacy of Australian Directors

11

What type of organisation do you currently work for?
‘Other’ included:
• Sole practitioners
• Employees of accounting professional bodies
• Academics
• Consultants
• Tax agents
• ATO officer

Results of FRC Survey on the Financial Literacy of Australian Directors

12

How many years have you been working as a financial
professional?
How many boards of directors do you directly deal with in your current professional role?

Results of FRC Survey on the Financial Literacy of Australian Directors

13

How often would you interact with directors personally on
financial matters over the course of a year?

Very frequently: 12+ times a year
Frequently: 7-12 times a year
Occasionally: 2-6 times a year
Rarely: once a year

Results of FRC Survey on the Financial Literacy of Australian Directors

14

How would you rate the overall financial literacy of the
Australian Audit Committee Chair(s) you deal with (on average, as a group)?

Results of FRC Survey on the Financial Literacy of Australian Directors

15

How would you rate the overall financial literacy of the
Australian Audit Committee member(s), other than Audit
Committee Chair(s), you deal with (on average, as a group)?

Results of FRC Survey on the...
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