IPA pursues Pronouncement 11: financial planning services standard
The Board of Directors of the Institute of Public Accountants (IPA) recently decided to adopt the IPA's own Pronouncement 11: Financial Planning Services in place of the alternative APES 230: Financial Planning Services.
"After extensive consultation with our members and affirmation of our Board, the IPA wishes to announce Pronouncement 11 will be established in place of APES 230 issued by the Accounting Professional and Ethical Standards Board (APESB)," said IPA chief executive officer, Andrew Conway.
"The IPA has consulted with APESB regarding APES 230 and the alignment with the Future of Financial Advice (FoFA) reforms. The APESB has been made well aware of the IPA's Constitutional power to issue a pronouncement in place of an APESB standard where it is in the interests of IPA members to do so.
"The IPA maintains its firm view that the additional components imposed by the IPA on members effectively address the public interest, including:
a. Compliance with the law (FoFA) b. Compliance with IPA professional standards c. Compliance with the APES 110 Code of Ethics d. Mandatory continuing professional education e. Extensive quality assurance review process f. IPA complaints, investigation and disciplinary system.
"The IPA continues its strong and committed support of the APESB. "This Pronouncement seeks to provide certainty to our members while ensuring they are able to continue to provide high quality, affordable advice to their clients." said Mr Conway.