Types of professional accounting organisations in Australia
There are 3 main types of accounting bodies across Australia - CPA, IPA and CA. All of these organisations provide professional guidelines, standards, minimum academic requirements and codes of conduct that their members must adhere to.
Why use an accountant who is a member of the IPA, CA, or CPA?
What this means for anyone looking to enlist the services of an accountant who is a member of any of these bodies is that you will receive a high standard of advice and accounting services from a professional who has extensive training and in-depth industry knowledge. It’s an extra level of assurance that the accountant has the financial needs of your business as a top priority.
In addition, these professional accounting bodies can provide an avenue for disputes or complaints if the need arises.
The 3 main accounting associations in Australia:
- CPA - Certified Practicing Accountants
- IPA - The Institute of Public Accountants
- CA - Chartered Accountants Australia and New Zealand
Certified Practicing Accountants - CPA
‘A Certified Practising Accountant (CPA) is a finance, accounting and business professional with a specific qualification. Being a CPA is a mark of high professional competence. It indicates a soundness in depth, breadth and quality of accountancy knowledge.’ CPA Australia.
CPA’s must:
- Complete a CPA recognised degree or postgraduate award
- Carry out the CPA Program which includes 3 years of professional finance, accounting or business experience
- Perform complimentary professional development activities each year
- Comply with the CPA Australia Code of Conduct
- Complete the CPA Australia’s Public Practice Program and hold the relevant certification to provide public accounting services.
What does being a CPA mean for clients?
The CPA accountant holds appropriate public liability insurance, they adhere to the CPAs high professional standards, are committed to continual improvement and must carry out periodic quality review assessments.
Find out more about CPA Australia - cpaaustralia.com.au
Chartered Accountant - CA
Chartered Accountants Australia & New Zealand are an internationally recognised network of around 120,000 accounting professionals who are committed to building successful, sustainable, prosperous businesses.
Chartered accountants:
- Are bound by a code of ethics and must follow CA professional standards.
- Must train for a minimum of six years.
- Are required to carry out ongoing professional development training and stay up to date with industry advancements.
- Are subject to periodic reviews as well as CA disciplinary procedures if required.
- Must obtain a Certificate of Public Practice to offer services to the public.
What does being a CA member mean for clients?
A CA offers a range of services from strategic business plans, risk management, financial structuring, income tax planning, to trusts and asset protection.
Find out more about CA Australia & New Zealand - charteredaccountantsanz.com
Institute of Public Accountants - IPA
Specialise in small business and are committed to improving the quality of life of small businesses.
An IPA accountant:
- Must adhere to and uphold the IPA Rules and Standards
- Carry out the IPA Program which ensures members adept at analysing information and providing strategic advice for their clients.
What does being an IPA accountant means for clients?
Because an IPA accountant specialises in SME and small businesses they can provide expert financial, business structure, and accounting advice which is relevant for businesses of this size. They understand the issues small businesses encounter and can provide practical, effective solutions.
Find out more about IPA - publicaccountants.org.au
Bottom Line Control Sunshine Coast Accountants are members of the IPA.
