API Audit FAQs | APIV Audit FAQs
Each year the Australian Property Institute undertakes a random compliance audit of its members and their member obligations, to ensure standards are met in accordance with Professional Standards Legislation. Audits are conducted in retrospect; meaning this year the API will be auditing compliance for year 2023 for Continuing Professional Development (CPD), including mandatory modules.
Below are some answers to Frequently Asked Questions.
API CPD Audit
Audit inbox: [email protected]
Phone: 1800 111 274
A random selection of members commences Monday 16 September.
Timeline
Audit: 16 September until 21 October
Non-compliance will trigger disciplinary action from 31 October.
As an API Member you have an obligation to adhere to the API prescribed policies.
Furthermore, it is important to ensure you remain up-to-date with current industry practices and knowledge. API supports your professional development through learning programs and CPD events as well as yearly refreshed Mandatory Modules or when required.
Membership Type: | Student/Connect/Retired | Parental Leave | MAPI | PMAPI/ AAPI/ FAPI / LFAPI/ Non-valuer |
---|---|---|---|---|
CPD Points | 0 | 0 | 10 | 20 |
Ethics and Rules Module | No | No | Yes | Yes |
Risk Management Module | No | Yes | No | No |
Membership category | PMAPI/ AAPI/ FAPI/ LFAPI. Carrying out professional valuation services | PMAPI/ AAPI/ FAPI/ LFAPI. NOT carrying out professional valuation services | ||
---|---|---|---|---|
PLUS APIV Details | APIV member Member provides professional valuation services or advice for external client | APIV Exempt - Category A Members who provide professional valuation services or advice that derive 100% income from government contracts on a non-recourse basis | APIV Exempt - Category B Member is a Government or ADI employee and only provides professional valuation services or advice for the employer's internal purposes (e.g. internal risk review) | APIV Exempt - Category C Member is not undertaking valuations or providing advice (e.g. anyone who is a non-practising valuer which could include private, Authorised deposit-taking institution (ADI) or government, career break or compliance manager) |
CPD Points | 20 | 20 | 20 | 20 |
Ethics and Rules Module | Yes | Yes | Yes | Yes |
Risk Management Module | Yes | Yes | No | No |
IVS Module | Yes | Yes | Yes | Yes |
RVSI Module | Yes - if undertaking residential mortgage work | No | No | No |
You will need to complete the 2023 Compulsory module.
Please email [email protected] notifying the team that you have completed the 2023 version of the Mandatory module, and the team will ensure your 2023 CPD diary reflects you have complied with that module for that year.
Yes
Visit Compulsory Module page, click on 2023 Module under both RMM and Ethics and Rules.
To meet your CPD requirements, you can complete some additional training this year to make up for any missing points in 2023. Visit our Products page at https://felix.api.org.au/products/
You can also manually add CPD activities you undertook in 2023 outside of the API via your Member Dashboard – Felix.
If you believe you are eligible for a CPD exemption, please complete the online form
https://www.api.org.au/professional-development/cpd-rules-requirements/
This will then be assessed by our team and you will be advised if the exemption request is approved.
Note: Exemption for non-practicing is not an accepted reason for exemption
APIV Frequently Asked Questions
NO, all randomly selected firms/sole trader are obligated under the APIV membership policy to complete the audit by the due date.
Each year the list is generated at random using a smart formula using Excel. Anyone that has been audited in the last 3 years have been removed. Once the system finds the Auditee, communication from APIV is triggered to firms/sole trader.
NB: Gender, firm size, geographical location or past non-compliance takes no bearing on how the auditees are selected each year.
No.
The audit is a visual verification of the self-declaration you complete annually. Whilst you may have participated in the Scheme Renewal Survey and/or the Annual Scheme Renewal, the audit process is separate and requires verification of your participation/self-declaration.
Definitions
Annual Self Declaration: The annual renewal is a self-declaration of your compliance in accordance with APIV scheme requirements annually.
2021-2026 Claim survey: In 2020 the APIV conducted a second claims-based survey, this was to help lay the groundwork for constructing a new scheme for the 2021-2026 scheme period which has been approved and came into effect on 1st September 2021.
If you provide a valid reason as to why you require the extension before the due date, we will consider the reasons and consider an extension. Please email us [email protected] with your valid reasons.
We are here to support you.
If you have any questions, or queries, or require extra information on how to provide the requested information, please contact [email protected].
Once every 3 years.
If you have been selected in 2024 you will not be added to another audit round until 2027.
You will be:
- Noted as non-compliant to the API and APIV boards.
- No ability to claim the protection of the Scheme if a claim arises.
- Breaches the APIV membership policy.
- Noted and reported as non-compliant to the Professional Standards Councils – our governing government body.
- Termination from the APIV scheme, putting you in breach of the API membership policy.
- Your CPV or RPV certification under the API may be impacted.