CPAs flee over expiring limited liability coverage

CPAs flee over expiring limited liability coverage

Chartered Accountants Australia and New Zealand has reported high numbers of enquiries and applications from CPA members, citing CPA’s expiring professional standards scheme as a key reason for many.

In June it was uncovered that the CPA’s application to the Professional Standards Council for a new professional standards scheme would not be complete when its current scheme expires on 7 October this year.

CA ANZ head of members, Simon Grant, told Accountants Daily that this has led to a number of enquiries from CPA members regarding the pathway to membership with CA ANZ.

“We have received a lot of interest from CPA members about joining our organisation in the past few months. One of the main concerns has been around the Professional Standards Scheme administered by CPA that is due to expire in October,” Mr Grant said.

“Professional Standards Schemes can provide a limit on the level of damages that can be awarded against a professional who is covered by the relevant Scheme. We have received many enquiries about this from CPA members.”

Mr Grant said that CA ANZ has had almost 20,000 unique visits to its website, over 500 enquiries regarding membership and over 200 applications.

“The past few months have had a profound impact on the accounting profession – a profession long associated with trust, integrity, transparency and accountability,” he said.

“Our pathway to membership with CA ANZ is about rebuilding the industry and ensuring that the communities that accountants serve are not affected.”

In July, CA ANZ, as well as the Institute of Public Accountants (IPA) and the National Tax and Accountants’ Association (NTAA), reported strong levels of enquiries from CPA members.

 

 

CPAs flee over expiring limited liability coverage
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