Professional Practice Manual

The Professional Practice Manual (PPM) has been re-written as of February 2018. The new PPM now comprises of 12 modules providing pertinent information to IPA members to assist them in running their practice successfully. Members are urged to use this resource as required.

Please note that the content of the PPM has now been consolidated with the content of the IPA Professional Practice Program (PPP) to produce a single member resource. The PPP is compulsory for IPA PPC holders. Therefore the content of the PPM and PPP is now identical.

Modules

Module-1 Introduction to the Accounting Profession

  • Historical developments
  • Owning an Accounting Practice
  • Practice structures
  • Practice entry options
  • The Future of Accounting Practice

Module-2 APES 100 Code of Ethics for Professional Accountants

  • APES 110 Code of Ethics for Professional Accountants

Module-3 APES 200 All Members

  • APES 205 Conformity with Accounting Standards
  • APES 210 Conformity with Auditing and Assurance Standards
  • APES 215 Forensic Accounting Services
  • APES 220 Taxation Services
  • APES 225 Valuation Services
  • APES 230 / Pronouncement 11 Financial Planning Services

Module-4 APES 300 Members in Public Practice

  • APES 305 Terms of Engagement
  • APES 310 Dealing with Client Monies
  • APES 315 Compilation of Financial Information
  • APES 320 Quality Control for Firms
  • APES 325 Risk Management for Firms
  • APES 330 Insolvency Services
  • APES 345 Reporting on Prospective Financial Information Prepared in Connection with a Disclosure Document
  • APES 350 Participation by Members in Public Practice in Due Diligence Committees in connection with a Public Document
  • GN 20 and GN 30 standards

Module-5 Statutory registrations

  • Business name registration with ASIC (and ex-ABR), ABN and TFN registration
  • ASIC registration requirements – RCA, SMSF audit, LAFSL, AFSL
  • TBP registration requirements – BAS Agent, Tax (Financial) Advisor, Tax Agent 

Module-6 Regulatory Compliance

  •  AASB standards
  •  AUASB standards
  •  AML requirements
  •  FRC requirements

Module-7 Co-regulatory Compliance

  • IPA Constitution and By-Laws
  • IPA Pronouncements
  • IPA Professional Practice Quality Assurance reviews (PPQA)
  • Professional Standards Council (PSC) Scheme requirements

Module-8 The Strategic Business Plan

  • Mission statement
  • The business concept
  • Long and short term strategic goals
  • SWOT and Porter 5 forces analysis
  • Market positioning
  • Customer value proposition
  • Public practice business models
  • Implementing KPIs for professional practice

Module-9 Financing your Practice

  • Financing to keep the practice operational
  • Budgeting and cash-flow forecasting
  • Balancing personal and business finances
  • Analysing business investment decisions
  • ROI, IRR, NPV and benchmark calculations
  • Exit strategy and financial consequences

Module-10 Staffing your Practice

  • Practice culture
  • Employees vs. contractors
  • Recruitment 
  • Employee induction
  • Workplace laws/ Fair Work Ombudsman
  • Staff dismissal

Module-11 Marketing your Practice

  • Marketing objectives
  • Target market, opportunities, positioning and competitor analysis
  • Pricing rationale and sales plan
  • Building and growing your practice
  • Building and growing your brand
  • IPA branding guidelines and support services
  • Effective use of social media

Module-12 Cyber Security

  • Cyber security hygiene
  • Patches for MS Windows OS, Java and Adobe Reader
  • Running anti-malware software
  • Backup and restore process
  • Best practice user awareness
  • Landscape, email phishing and ransom demand

Program Content is subject to change