The Chartered Accountants Australia and New Zealand (CA ANZ) has been granted approval for its new Professional Standards Scheme (PSS) by the Professional Standards Councils.
This PSS, which is applicable across all Australian states and territories, provides a statutory framework to enhance consumer protection through elevated professional standards and compulsory professional indemnity insurance.
Under the Professional Standards Legislation, the PSS allows the CA ANZ members in public practice to benefit from statutory capped occupational liability in return for adhering to these standards.
Since 1997, the CA ANZ has been offering such a scheme to its Australian members in practice.
To secure this endorsement, professional associations are required to demonstrate an ongoing commitment to raising member standards.
This involves implementing strong regulatory systems and risk management strategies aimed at consumer safeguarding.
For the CA ANZ, it entails the promotion of professional standards, enforcement of the code of ethics, and regulation of conduct for roughly 32,000 Australian members in public practice affected by this scheme.
CA ANZ CEO Ainslie van Onselen said: “Ultimately, the scheme gives the public confidence that chartered accountants are being held to the highest standards, across regulation, education and ethics, by their membership body.”
The scheme’s renewal is set to begin on 13 July 2025 and will last for five years. It will be applicable to all members who possess a current Australian Certificate of Public Practice (CPP), including Affiliate Members and Practice Entity Members.
In February 2025, the CA ANZ advocated for an immediate review of a proposed bill that could impose taxes on unrealised gains on superannuation assets exceeding A$3m ($1.8m) in Australia.
