favour of former Commonwealth Auditor-General, Ian McPhee. Facing a significant swelling of discontent amongst CPA members, in June 2017 it was announced that the CPA board had terminated the contract of Malley, resulting in CPA paying out the remainder of his contract to the sum of A$4.9 million. On the developing scandal, Sydney Morning Herald journalist Colin Kruger noted: "Accountancy is meant to be the profession of sober financial clarity. [...] Not the sort of profession for flashy types, accountants are meant to be the score keepers, not the goal scorers. It makes the lack of accountability, and financial clarity, from the top accounting body in Australia – CPA Australia – all the more incongruous." In August 2017, it was announced that the remaining board members would resign their positions at the end of the year, to make way for an entirely new board. The subsequent review report released in September 2017 found that the "chief executive was overpaid, [CPA Australia] had lost touch with its members and provided questionable value for money for the services it rendered." In addition to CPA's "over-emphasis on marketing and brand building activities that centred on the former CEO", the review in particular noted the excessive CEO's salary, with its many increases over several years not being justified by organisational growth. Membership Full members of CPA Australia use the designatory letters CPA, while senior members may become Fellows and use the letters FCPA. Arms See also Chartered Accountants Australia and New Zealand International Qualification Examination International Federation of Accountants References External links CPA Australia's website Accounting in Australia Member bodies of the International Federation of Accountants