The Institute of Public Accountants (IPA) has received public notification by the Professional Standards Councils (PSC) that its national scheme has been approved, providing an additional layer of liability cover to members holding a professional practice certificate.
The IPA is currently going through formalities, which include the statutory consultation period and liaising with all states and territories to implement the relevant legislative instruments.
“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,” said chief executive Andrew Conway.
All IPA members in practice must maintain a minimum professional indemnity insurance cover of $1 million.
Late last month, the PSC confirmed CPA Australia’s scheme would expire from 7 October this year. It operates in all mainland jurisdictions.
The scheme covers 6,963 CPA Australia members with a public practice certificate.
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