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The Institute of Public Accountants has received public notification by the Professional Standards Council (PSC) that its national scheme has been approved, affording members with a professional practice certificate an additional layer of liability cover.
The IPA is currently going through a formal process including the statutory consultation period and liaising with all states and territories to implement the relevant legislative instruments.
IPA chief executive Andrew Conway said the national scheme would be an extension of their existing scheme in NSW to the rest of the country via mutual recognition.
“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,” Mr Conway said.
“It is important to note that the scheme reflects the professional standing of the IPA membership which we respect.
“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.”
All IPA members in practice must maintain a minimum professional indemnity insurance cover of $1 million.