The Institute of Public Accountants (IPA) has welcomed the public notification by the
Professional Standards Councils (PSC) that its national scheme has been approved. IPA
members who hold a professional practice certificate will be covered by a Professional
Standards Scheme which is now being implemented nationally.

“We are very pleased that the PSC have endorsed an extension of our existing scheme in
New South Wales to the rest of Australia via mutual recognition,” said IPA chief executive
officer, Andrew Conway

“We are going through a formal process including the statutory consultation period and
liaising with all States and Territories to implement the relevant legislative instruments.
These are technical processes and no issues are anticipated. It is akin to a Bill passing
through Parliament but awaiting Royal assent.

“The IPA supports the principle guiding professional standards legislation. The very
existence of the PSC Schemes provides clarity and certainty to professionals and
importantly the public that the professional they are engaging is appropriately covered. This
is why we have been working constructively with the PSC to implement a national Scheme.
“Our scheme is very straightforward. All IPA members in practice must maintain a minimum
professional indemnity insurance cover of $1m.

“It is important to note that the Scheme reflects the professional standing of the IPA
membership which we respect. Ultimately members of the public trust public accountants;
our members need to live up to those expectations.

“We will continue to work with the PSC and the State and Territory governments to have the
Scheme enshrined in law as soon as possible.

“Members of CPA Australia wishing to retain protection of a limited liability scheme should
consider applying for an IPA Professional Practice Certificate now and they will become
automatically covered when it becomes law very soon,” said Mr Conway.