The Institute of Public Accountants (IPA) has utilised its constitutional status to offer its members an alternative to APES 230.
Notwithstanding the fact that the Accounting Professional and Ethical Standards Board (APESB) significantly amended its original APES 230 approach to meet the concerns of the major accounting bodies, the IPA board proceeded with its promise to offer its members an alternative.
In doing so it said its so-called "draft of a Pronouncement of the Board of Directors (Pronouncement 11: Financial Planning Services)" represented a viable alternative to APES 230.
Commenting on the move, IPA chief executive Andrew Conway said that after extensive consultation with its members, the IPA had developed the exposure draft "which provides practical alignment with Future of Financial Advice legislation, whilst maintaining the high ethical and professional standards imposed by APESB".
He said his organisation believed that the additional components imposed by the IPA on members such as adherence to APES 110 (Code of Ethics for Professional Accountants), Professional Indemnity insurance requirements, My Public Accountant Orientation Program, Continuing Professional Education requirements and audit thereof, and use of IPA's online practice quality assurance system, were all additional measures that effectively addressed the public interest.
Conway said the IPA board pronouncement sought to provide certainty to its members while ensuring they were able to continue to provide high quality, affordable advice to their clients.
