I was recently involved in an ACS "Re-accreditation" review for my University which I graduated from in 2011. It was clear from the outset that the whole thing was a farce - to be re-accredited required the ACS to ask past students generic questions (such as "How important is ethics to an IT Professional") and for us to give canned answers. While the university didn't explicitly tell us to give the 'expected' answers to ACS questions, it was strongly implied that we were expected to represent the virtues that the ACS "teaches".
It is in the universities interests to advertise that their IT degrees include ACS accreditation (despite no Australian IT employers I know of giving a damn about it) and it is in the interest of ACS for the university to keep paying the exorbitant fees. If anything, I feel that ACS accrediation is detrimental to the students as it requires the university to include such useful courses as "Ethics for the IT Professional" in their degrees. While being ethical is obviously important to any professional, this is time that could be spent learning real skills instead.