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A new memorandum of understanding aimed at boosting the integrity of the tax profession has now been signed by the Tax Practitioners Board and the Professional Standards Councils.
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TPB signs new agreement with Professional Standards Councils
02 September 2021
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The landmark memorandum of understanding (MOU) comes as the Professional Standards Councils take up a seat at the table of the newly established Tax Practitioner Governance and Standards Forum – a platform that will ensure significant legislative changes, including to the Code of Professional Conduct, are made with appropriate consultation.
The Professional Standards Councils are independent statutory bodies that oversee the Professional Standards Schemes that professional accounting bodies subscribe to, to limit the civil liability of members.
TPB chair Ian Klug said the MOU would help guide the collaboration, cooperation, and mutual assistance between both organisations with the objective of promoting the integrity of the tax profession.
“We welcome the creation of the MOU as it establishes a framework for greater collaboration with the Councils,” said Mr Klug.
“Through it we hope to achieve shared goals, minimise duplication and provide increased consumer protection for the legislative schemes that we administer.”
John Vines, chair of the Professional Standards Councils, said that the creation of the MOU supported the efforts of the Councils and TPB to work together to ensure services are delivered to consumers by competent and ethical tax professionals.
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“This first MOU with the TPB fulfils the Councils’ strategic commitment to streamline regulatory efforts with peer regulators for better consumer protection outcomes,” said Mr Vines.
“The MOU reflects a partnership approach to creating opportunities to share insights and to work with professional associations in a flexible and streamlined way that enhances community confidence.”
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