Calling Clients To Account

The Age

Wednesday November 7, 2007

Paul Edwards

MY FIRST job was filling cars at a Moorabbin petrol station at the age of 14 and my next job was working part-time at a metal shop, also in Moorabbin, when I was 15.

This latter experience left me with a small scar precisely between my eyes, the result of a small piece of flying metal. I don't have an enormous amount of nostalgia for this particular job experience.

I was later to discovery that accountancy, while stimulating and full of ebb and flow, thankfully offered less prospect of personal scarring.

My professional career started out as a cost accountant with the Commonwealth Aircraft Corporation while completing my degree in economics at Monash University.

Following this short stint in industry, I decided that I was more interested in working in public practice, which is where I have stayed for the past 26 years.

Having undertaken the usual path of starting in audit work and then moving to business services compliance work, I started a masters in taxation at Melbourne University in 1992, completing it in 1994.

Since then, I have headed up Sothertons Melbourne taxation advisory division.

This involves work in due diligence, mergers and acquisitions, undertaking high net-wealth income tax audits, managing negotiation teams with revenue authorities regarding high-end audits, consulting to legal firms and smaller accounting practices in taxation matters, and representing Sothertons on national and international company and accounting boards.

Since March 2005, I have been the vice-chairperson of the co-ordinating body for a group of independent firms branding under our name.

I'm also chairman of the International Group of Accounting Firms for the Asia-Pacific region and on the IGAF Worldwide board.

This experience and exposure has resulted not only in interesting assignments but has enabled our firm to significantly expand our global reach to assist our clients as they expand into offshore markets.

The roles on the IGAF boards mean board meetings across Australia and internationally, something I have enjoyed tremendously.

The ability to work with professionals across the world offers challenges and opportunities that many practitioners never enjoy. It required the support of the firm but the growth in those areas has been remarkable.

In the past five years, my major focus has been providing taxation and consulting advice. The client base of the firm is diverse and includes high net-worth family groups and established businesses.

The decision to travel overseas in the late '90s to establish contacts with firms resulted in work for overseas corporations based out of Britain and the US.

One recent job was for a client who wanted to expand into Asia and needed help setting up an office. Another client was looking to do some IT business in the US. The advice on the alternative structures were discussed with our overseas associates and the strategies were carried out.

I have also been involved with establishing a detailed prudential review process. These reviews are for organisations wishing to evaluate their revenue compliance across a range of revenue areas, not limited to income tax. We quickly develop a response strategy depending on what the review reveals.

The agenda is to ensure that the client under review, as a good corporate citizen, is meeting its obligations. If non-compliance is detected, we liaise with the client and authorities while ensuring that the client is protected. Part of this work also involves advising parties under audit about the management of that process.

For example, over the past few years this revenue work has involved assisting defence counsel with revenue cases and a review of the affairs of a complex trust estate.

However, it's not all about clients. As professionals, we are also members of the community at large and I involve myself in a number of areas.

One is mentoring of graduates, usually young graduates but also people from overseas who have re-trained here. I see this as a way of giving back to the broader professional community.

This is done through a number of ways, including the Monash University alumni-sponsored mentoring programs. Under these programs, three-month mentoring agreements are established for individual candidates, often followed by ongoing contact.

I have also done community work for not-for-profit organisations including youth groups, charities and community-based organisations, both informally and by taking up executive positions. -- PAUL EDWARDS

CV

Born British Guyana, 1958

Educated Mount Scopus College - VCE 1975, Monash University/ Melbourne University - Bachelor of Economics 1981, Masters in Taxation 1994.

Jobs Holiday jobs - metal works and petrol station, cost accountant while completing university; Commonwealth Aircraft Corporation 1981; Nelson Wheeler 1981-83; Hungerford Hancock & Offner 1984; Sothertons to present.

Professional bodies Fellow of the CPA Australia, a member of the Institute of Chartered Accountants, a fellow of the Tax Institute of Australia and a member of the European Tax Institute.

Career high Being part of the successful growth of my own practice with my co-directors.

Career low Never pursued the dream to work overseas for a few years.

Five years from now Being part of a stronger and larger Sothertons with some younger directors to take the business forward.

Unwinding Family, travelling and reading.

© 2007 The Age

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