The PSC or Professional Standard Councils have been persuading all the members of the CPA in Australia to meet with their brokers. This is after it has been confirmed that the existing CPA Professional Standards Scheme which is implemented in all the jurisdictions of the mainland will no longer be in place after October 7, 2017.
According to Dr. Deen Sanders OAM, the CEO of Professional Standard Councils, they have been rallying and hoping that all members of the CPA will be able to meet with their brokers and talk to them regarding the change that will take place in October. They are hoping that the members will be able to get an additional accountant professional indemnity insurance that will ensure all gaps will be covered so that they will not be subjected to unlimited malpractice suits.
The existing program by the Professional Standards Scheme covers almost 7,000 members in the country and it is impossible for the PSC to approve a new program that will be introduced by the CPA in time for the expiration of the current one.
Insurance brokers that have clients in the accounting field should contact them as per the advice of NIBA. It is best to be proactive so that they know how they will be affected by the coming change.
After the announcement made by the PSC, IPA or Institute of Public Accountants which is the competitor of CPA Australia are currently reaching out to members of the CPA Australia in order to present the services they are offering.
According to the president and chairman of the board at IPA, Damien Moore, they are in the works with PSC for the several months and they are welcoming CPA Australia members to their organization especially those who will be impacted by the change.
For the meantime, all CPA members who will be affected by the change, it is suggested by PSC that they conduct an evaluation of the current level of their accountant professional indemnity insurance as well as check their approach when it comes to risk management to cover all gaps that exists. This will also ensure them that they will not be subjected to unlimited malpractice suits.