The Australian Securities & Investments Commission (ASIC) defined IPA members using the post-nominals APIA, MIPA and FIPA as Qualified Accountants, under section 88B of the Corporations Act 2001, using the ‘ASIC Corporations (Qualified Accountant) Instrument 2016 / 786’.
Our members in public practice form a genuine professional community and are required to meet a rigid set of IPA professional and ethical standards.
The government, regulators, standard setters and consumers all rely on the professional expertise, technical competence and ethics of IPA members to ensure compliance with the accounting and auditing standards.
As a professional accounting body, these stakeholders rely on the IPA to co-regulate the activities of members in practice to ensure compliance with these laws, regulations, standards and rules in order to maintain a high level of consumer protection and consumer confidence.
Part of the member co-regulatory process is administered through the IPA Quality Review Program (QRP). The QRP is a member quality assurance program that monitors and checks the operations and risk management of each members practice in order to determine if these laws, regulations, standards and rules are being adhered to.
The QRP in combination with other IPA co-regulatory systems has afforded IPA members in practice to participate in a Professional Standards Scheme. The IPA Professional Standards Scheme is a legal instrument that requires the IPA to monitor, enforce and improve the professional standards of IPA members in practice.
Participating in a Professional Standards Scheme is a privilege that is only available to professional membership bodies whose members provide a high level of consumer protection and professional services. Information about the IPA Professional Standards Scheme can be found here
The Professional Standards Councils (PSC) oversee the IPA Professional Standards Scheme and the ongoing requirements for the IPA and IPA members in practice. Information about the PSC and the Professional Standards Legislation and can be found on the PSC website here.
The underlining mandate of the IPA’s policy work is consumer protection. This informs the development of regulatory frameworks in a number of policy areas. One example is in financial advice, which has undergone numerous reforms over many years, consumer protection is regarded as the central theme and objective for reforms. The IPA’s numerous submissions highlight our commitment to working in the public interest and strengthening consumer protection on a continuous basis. A list of the IPA submissions can be found here
The IPA have a Complaints and Disciplinary Action system available to consumers to lodge a complaint about an IPA member. IPA staff are available to discuss this process or any concerns about an IPA member and the professional and ethical standards IPA members are required to meet. Information about the IPA Complaints and Disciplinary Action system can be found here