The Institute of Public Accountants (IPA) has welcomed the corporate regulator’s small business strategy 2017-20.

“It is very pleasing that ASIC is placing due attention on small business through its small business strategy with the focus on "assist, engage, protect," said IPA chief executive officer, Andrew Conway.

“In particular, we support and encourage the effort to engage by promoting and supporting greater financial capability of small business owners. 

“During our Small Business White Paper roadshow across Australia, the need for greater financial literacy by small business owners has emerged as a constant theme. 

“The IPA also encourages assisting small business by promoting an understanding of compliance obligations. 

“Small business cannot always do this alone and we encourage small business owners to consider using public accountants and other advisers to assist in meeting their compliance obligations. 

“We also support ASIC's actions as a regulator to protect small business through its activities to level the playing field by investigating and taking action against those who are not doing the right thing. 

“As a promoter and key advocate of small business, the IPA believes that we all have a part to play in building and strengthening the small business sector, said Mr Conway. 

The IPA is currently developing the second edition of the Small Business White Paper which puts forward recommendations to boost small business productivity and prosperity.