An independent review has found the former CPA CEO was overpaid and out of touch.

While the report may not bring any new information for CPA members, it does carry some recommendations to overhaul corporate governance and practices.

The review was order amid the collapse of the previous CPA board (in which seven of its twelve members quit), but before the besieged former CEO Alex Malley was shown the door (with a healthy $4.9 million payout).

“It is fair to say that, over time, the Board and the then CEO lost touch with a large cohort of the membership of CPA Australia,” said the review – run by former federal auditor general Ian McPhee.

“When under pressure, the board and CPA Australia has commonly defaulted to the minimum standard of disclosure.

“This has occurred in response to significant issues raised by members and the media, rather than giving emphasis to transparency and the likely interests of the membership.”

In a profound understatement, the review found “the board could have handled things better”.

The review concluded that the remuneration of the boards of CPA Australia and its financial planning wing, CPA Advice, were “above the expectations of many members and those of benchmarked member-based organisations”.

It said senior CPA executives were “paid more than comparable positions at other member-based organisations”.

The review found the objectives and spending of the CPA's $30 million marketing budget were generally in line with other professional organisations, but it questioned the necessity of sponsoring large sporting events like the National Basketball League and the heavy promotion of Mr Malley.

CPA Australia members paid for a commercial TV chat show starring Mr Malley, and for the promotion of his autobiography.

Significant funds were also spent on holding this year's annual general meeting in Singapore, which saw most members forced to follow on a live stream that had no option for real-time participation.

“Some members have indicated that there is a misalignment between services and membership costs,” the review found.

“In particular, that the cost of professional development and training is also perceived as being too high.”

“On occasions, interactions between staff and members have not always been constructive and respectful and, at times, have been detrimental.”

The review calls for the creation of a charter explicitly governing standards of behaviour, and that the maximum term for CPA directors be cut from nine years to six.

A final report is due in December.