Meet Cheryl Mallett: IPA Group President and Chair of the Board

On the final day of hearings for the Senate inquiry into the management and assurance of integrity by consulting services, Senator Barbara Pocock tweeted on X (formerly Twitter), a short video of what she felt was an impactful moment from that day.

In the video, IPA Group President Cheryl Mallett tells the Senate Finance and Public Administration References Committee exactly how the behaviour of unregulated consultants impacts on her practice and those of her fellow IPA members.

There was a lot of talk at the final day of hearings for the Consultants Inquiry about the need to regulate the Big 4. Even the President of the Institute of Public Accountants, Cheryl Mallett, was cranky about it! pic.twitter.com/ARSLX24Uip

— Barbara Pocock (@BarbaraPocock) February 23, 2024

“I am cranky,” Mallett told the committee on 23 February. “I’d like to see this resolved. It’s unfortunate that those that misbehave the most find themselves the least regulated, because it results in them being thrown out of the regulated bodies and then they can dust themselves off and put their consultant’s cap on, and walk straight back into our industry.

“Members are resentful, when they try so hard to stay within the regulations, to find that they have a compatriot who has no regulations at all applied to them.”

We spoke with Mallett following her Senate appearance to speak about the shared ethics, values and respect that informed the statement and evidence she provided, as well as her pathway into accounting, career to date and plans as IPA Group President. 

Q What led you into the profession of accounting?

A I was a late bloomer for study. My family was working class, so university wasn’t on the agenda. I finished grade 10, then was expected to go out and get a job, and start contributing to the family.

Later on, in my mid-30s when my kids were young, I started getting a little bit restless. I did an H&R Block course just to get some part-time work, and I found that I was really good at it. So I took myself to TAFE and did an accounting course. 

Funnily enough, I received two awards while I was at TAFE from the National Institute of Accountants, which would become the IPA. They were for Highest Achiever Intermediate Accounting, in 1993, and Highest Achievement in the unit Cost Accounting, in 1994.

Q Where was your first job?

A It was where I am now! I had little kids so I needed to be home after school, and my husband was working 12 hours a day, six days a week. A lady named Vita Gustafson was the only person who would employ me. I started there in 1993 and her name is still on my business – Vita Gustafson & Associates.

I had a conversation with Vita one day and told her I’d never leave her, because I couldn’t go into competition with her after she’d done so much for me. 

In 2009 Vita gifted me and another employee, Thanh Thai, partnership. Sadly, Vita passed away quite suddenly in December 2017. Thanh and I are both still partners. 

When I joined the business it was just Vita and I. Now, there are 15 of us.

Q The transition challenge is big when an owner sells their business. How difficult was it when Vita passed away?

A There were a lot of clients I hadn’t even met. I spent an entire year meeting with every single client to let them know the business was running and we were still there for them. I don't believe we lost a single client throughout that transition.

That process took a long time, and it culminated in me winning the National Regional Professional of the Year award in 2019 at the AMP Women in Finance Awards.

l-r: IPA GRoup CEO Andrew Conway and President Cheryl Mallett, at IPA National Congress 2023.

Q How did you form such a strong bond with the IPA?

A Our cultures land on the same page. The IPA has the same culture as I’ve taken into my business. I’m a huge believer in the fact that if you get the culture right and you get your ethics right, then the members and clients will come. Along with that, so will revenue. I am a living, breathing example of that, as are so many of our members.

That is why it’s such a good fit for me to be President, because I know in my heart where we’ve got to go. I share the values and the culture, which is basically about putting members and their clients first. 

And the very fact that a small practitioner far away from the major capital cities has been able to rise through the ranks and become President of our Institute is reflective of our values and ethics.

Q What excites you about the future of the IPA?

A The new education pathway. It means we can attract people into the profession without forcing them through the university route. We can attract people who have street knowledge, through the new micro-credentialing capability, and they won’t end up with huge HECS debts.

Accounting is suffering talent shortages. It’s really important for us to hold on to talent and attract new people, just as the sector attracted me as a mum of young kids.

Q Where else will you be looking to make change?

A My passion is the members – just as the IPA team’s is. I feel huge frustration when I see some members who don’t believe in themselves because they perceive the IPA and themselves to be “the little guys”.  

That couldn’t be further from the truth. Small business is the life and breath of our economy, and the IPA is respected as an essential contributor to our profession.

I’d like to see all of our members be really proud of themselves and of our brand. We’re doing so much more and we’re punching well above our weight. At the recent Senate inquiry into regulating the Big Four, we were just as respected as any other association or membership body. We have a place at the table.

Members will have the opportunity to speak with Cheryl Mallett and IPA Group CEO Andrew Conway at a series of President and CEO Roadshow events throughout March. Events in some states are sold out or nearing capacity – find your local event and RSVP now.