Richard Ian Sykes

Member’s name: Richard Ian Sykes
Date of Hearing: 13 February 2025
Division: Victoria
Tribunal: Disciplinary

On 13 February 2025, the Disciplinary Tribunal found Mr Richard Ian Sykes breached CPA Australia’s 11 May 2022 Constitution:

• Article 36(a), when he “committed, participated in or been involved with an Adverse Event” as defined in Article 76(c) as having “breached this Constitution (or a constitution of the Company in force from time to time before the Amending Date), By-Laws, Code of Professional Conduct or the Applicable Regulations” by failing to meet the requirements of APES 305 Terms of Engagement, an Applicable Regulation.
• Article 36(a), when he “committed, participated in or been involved with an Adverse Event” as defined in Article 76(e) as having “failed to observe a proper standard of professional care, skill or competence” by reclassifying a director’s loan as a shareholders’ loan.
• Article 36(a), when he “committed, participated in or been involved with an Adverse Event” as defined in Article 76(c) as having “breached this Constitution (or a constitution of the Company in force from time to time before the Amending Date), By-Laws, Code of Professional Conduct or the Applicable Regulations” by failing to meet the requirements of APES 310 Client Monies, an Applicable Regulation.
• Article 36(a), when he “committed, participated in or been involved with an Adverse Event” as defined in Article 76(c) as having “breached this Constitution (or a constitution of the Company in force from time to time before the Amending Date), By-Laws, Code of Professional Conduct or the Applicable Regulations” by failing to meet the fundamental principles of ethics as prescribed by APES 110 Code of Ethics for Professional Accountants, the Code of Professional Conduct

Mr Sykes attended the Disciplinary Tribunal hearing and denied the complaints.

Penalty and Costs:

The Disciplinary Tribunal found the Complaints sustained and imposed the following penalties:

Complaint 1:

• A severe reprimand.
• The Member must successfully complete the “My firm. My future. Communication Essentials” course.
• The Member must successfully complete the “Public Practice Program e-learning” course.

Complaint 2:

• A severe reprimand.
• The Member must successfully complete the “Monthly Tax Special Topic on Division 7A” course.
• A Fine of $3,000.

Complaint 3:

• A severe reprimand.
• The Member must successfully complete the “Professional Ethics in Focus 2024” course.

Complaint 4:

• A severe reprimand.
• The Member must successfully complete the “Understanding Conflicts of Interest” course.

In relation to Complaints 1,2,3 and 4, Mr Sykes’ CPA Australia membership is suspended for a period of 12 months. 

Mr Sykes is required to complete the above courses within 12 months of the Disciplinary Tribunal date. If Mr Sykes fails to satisfactorily complete the courses within the required time frame, his CPA Australia membership is to be forfeited.

The Member was ordered to pay a contribution to CPA Australia’s costs of $23,724.40.