- Institute of Public Accountants
Institute of Public Accountants (IPA) Formation January 1, 1923 Headquarters Melbourne, Australia Membership 22,000 Member's designations AIPA, MIPA & FIPA President Christine Leetham CEO Andrew Conway Website publicaccountants.org.au Former name National Institute of Accountants
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 22,000 members and students working in industry, commerce, government, academia and private practice.
From the 2nd of May 2011, the organisation changed from its previous title, the National Institute of Accountants (NIA).
- 1 History
- 2 Membership Levels
- 3 Membership Requirements
- 4 Mutual Recognition
- 5 Market Reputation
- 6 Qualifications Assessment
- 7 Public Practice and Bookkeeping
- 8 External Links
- 9 References
The Institute of Public Accountants (IPA) is one of Australia's oldest representative professional bodies, formed over eighty-five years ago in 1923.
- 1923 - Institute of Factory and Cost Accountants, formed in Melbourne, Victoria.
- 1950 - Institute of Taxation and Cost Accountants, name change.
- 1957 - National Institute of Accountants, name change.
- 1967 - Institute of Commercial Studies, name change.
- 1970 - Institute of Affiliate Accountants, name change.
- 1988 - National Institute of Accountants, adoption of the precedent name.
- 2002 - NIA gazetted as an authorised assessing authority for skilled migration to Australia
- 2004 - NIA becomes a member of the International Federation of Accountants (IFAC)
- 2011 - Institute of Public Accountants, name change.
- 2011 - IPA becomes a member of the Confederation of Asian and Pacific Accountants (CAPA)
The IPA has several levels of membership:
- Associate (AIPA)
- Member (MIPA)
- Fellow (FIPA)
Students studying towards an accounting qualification can join the IPA Student Register.
AIPA membership requires:
- Advanced Diploma in Accounting
- University degree in Accounting
MIPA membership requires:
- Advanced Diploma in Accounting
- IPA Program Stage 1 and Stage 2 (confers a Master of Commerce in Professional Accounting)
- Mentored Experience Program
- University degree in Accounting
- IPA Program Core (4 units) (confers a Graduate Certificate in Professional Accounting)
- Mentored Experience Program
Members with a University qualification may elect to complete a further 4 units and obtain a Master of Commerce (Professional Accounting) from the University of New England.
FIPA membership requires:
- MIPA status
- 10 years experience in accounting (5 of which are at a senior level)
- 7 years membership of IPA
Mentored Experience Program
The Mentored Experience Program (MEP) requires members to undergo a formal mentoring process gaining 3 years of structured work experience. With the guidance of an IPA approved mentor, usually a fully qualified accountant from one of the three professional bodies, the MEP provides the framework for members to increase both their practical experience and knowledge in the workplace.
The IPA Program is a fully accredited educational pathway delivered by the University of New England (UNE). It provides rigorous and globally recognised postgraduate education resulting in the award of a Masters degree and/or a Graduate Certificate in Professional Accounting. Members are required to undertake either four (4) or eight (8) subjects to advance to MIPA status depending on their undergraduate qualifications. The program is delivered online via distance learning and allows members to study at their own pace. Members have up to 5 years to complete the program.
Continuing Professional Education (CPE)
All members of the IPA(except retired members) must complete a minimum of 80 hours structured CPE activity per biennium (2 years). The IPA recommends for members to meet this requirement that they complete 40 structured hours CPE activity per year. However a minimum of 10 hours per annum is possible with 70 hours being completed in the second year of the biennium.
The IPA runs a series of face-to-face and online professional development events every year, open to IPA members and the public.
Members of Other Professional Bodies
Members of certain other professional bodies may apply for certain membership levels with the IPA at an equivalent level based on their existing qualifications. These include members of Association of Chartered Certified Accountants (ACCA), Chartered Institute of Management Accountants (CIMA), CPA Australia (CPA) and the Institute of Chartered Accountants in Australia (ICAA).
The IPA collaborates with CPA Australia and the Institute of Chartered Accountants in Australia in supporting the Accounting Professional & Ethical Standards Board (APESB), founded in 2006. APESB publishes ethics-related standards that must be followed by accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants (IESBA).
The IPA has a mutual recognition agreement in place with The South African Institute of Professional Accountants (SAIPA). Formerly known as Institute of Certified Public Accountants of South Africa.
MIPA/FIPA members of the IPA are recognised by the UK's Chartered Institute for Securities & Investment (CISI) for admission to CISI's full membership (MCSI). Full membership of the CISI is recognised by several national investment professional bodies such as the Financial Services Institute of Australasia (FINSIA), formerly the Australian Institute of Banking and Finance and the Hong Kong Securities Institute (HKSI).
In November, 2010 the IPA hosted a delegation of senior executives from Nigeria’s peak accounting body, the Association of National Accountants of Nigeria (ANAN).
In March, 2011 the IPA entered into an MOU with peak accounting body, the Institute of Cost and Works Accountants of India.
The IPA has the same Australian legislative recognition as the other two Australian accounting bodies, CPA Australia (CPA) and the Institute of Chartered Accountants of Australia (ICAA). In particular, the three accounting bodies are defined as "professional accounting bodies" in the Corporations Act 2001. Such recognition entitles each of the three bodies to nominate a representative to the Australian Financial Reporting Council, the Australian Government's peak body responsible for providing oversight of the setting of accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Government reports and advice on these matters.
The PNA designation was introduced in 2000 as part of a strategy to upgrade the standing of IPA, then NIA, in the Australian market. At the time, to become a PNA, the applicant required a university degree in accounting plus 3 years work experience in accounting.
The IPA became a member of the International Federation of Accountants in November 2004. In order to obtain IFAC membership, the IPA upgraded the academic requirements for the PNA designation, including the requirement of post-graduate qualifications, developed in conjunction with the University of New England.
From 1 July 2005, the IPA upgraded the experience requirements for the PNA designation to a three year competence-based mentored experience program. Applicants for this class of membership must demonstrate to a professionally qualified accountant that they have the competence to undertake various tasks required by the IPA.
From 2nd May 2011, the NIA was rebranded as the Institute of Public Accountants. In part this rebrand and repositioning is with a view to increase recognition and awareness as well as strengthen designations both nationally and globally.
Effective from 1 July 2002, the IPA was gazetted by the Australian Minister for Immigration as an authorised assessing authority for accountants seeking to migrate to Australia under Australia's skilled migration program. This gives the IPA the authority to assess the accounting qualifications of such persons.
The requirements to obtain a qualification assessment as an accountant for migration purposes are not the same as those for actual membership of IPA.
Public Practice and Bookkeeping
Members at the AIPA level of the IPA may apply for a Bookkeeping Practice Certificate (BPC) after satisfying additional requirements.
Members at the MIPA level of the IPA may apply for a Professional Practice Certificate (PPC) after satisfying additional requirements.
PPC holders may advertise their businesses on the IPA's Find an Accountant database.
- Website: www.publicaccountants.org.au
- ^ http://www.financialstandard.com.au/news/view/8415439/
- ^ IPA History
- ^ http://www.moneymanagement.com.au/news/nia-members-vote-to-become-public-accountants
- ^ IPA Membership Types
- ^ Mentored Experience Program
- ^ IPA Program
- ^ "About APESB". APESB. http://www.apesb.org.au/apesb-content/47/about-us. Retrieved 2011-06-08.
- ^ "APESB at a Glance". APESB. http://www.apesb.org.au/apesb-content/48/APESB-at-a-Glance. Retrieved 2011-06-08.
- ^ NIA Strengthens International Ties with Nigerian Accounting Body
- ^ Representation
- ^ http://www.moneymanagement.com.au/news/nia-s-name-change-about-perception-and-recognition
- ^ Migration Assessment
IFAC Member Bodies and Associates Asia Africa Europe North America & Caribbean Oceania South America
Wikimedia Foundation. 2010.
Look at other dictionaries:
Institute of Financial Accountants — Infobox Company company name = Institute of Financial Accountants company company type = Professional body foundation = flagicon|UK [England, UK] (1916) company slogan = location = Burford house, 44 London Road, Sevenoaks, Kent, TN13 1AS key… … Wikipedia
Institute of Management Accountants — (en) Cet article est partiellement ou en totalité issu de l’article de Wikipédia en anglais intitulé « Institute of Management Accountants » (voir la liste des auteurs) L IMA ® (Institute of Management Accountants) est une organisation… … Wikipédia en Français
Institute of Chartered Accountants — Any of the three professional accountancy bodies in the UK, the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), and the Institute of Chartered Accountants in Ireland… … Big dictionary of business and management
Institute of Management Accountants — IMA A U.S. professional accounting organization. Established in 1919 (and originally called the National Association of Cost Accountants), the IMA focuses on *management accounting and financial management. It has little overlap with the external … Auditor's dictionary
Institute of Chartered Accountants in England and Wales — (ICAEW) Predecessor Incorporated Society of Liverpool Accountants, Institute of Accountants in London and three others Formation May 11, 1880 (1880 05 11) … Wikipedia
Institute of Chartered Accountants of Scotland — The Institute of Chartered Accountants of Scotland (ICAS) is the Scottish professional accountancy body for chartered accountants and auditors. It is based in Edinburgh.ICAS is a member of the Consultative Committee of Accountancy Bodies (CCAB)… … Wikipedia
Institute of Chartered Accountants in England & Wales — The Institute of Chartered Accountants in England Wales (ICAEW) was established by a Royal Charter in 1880.Perks, R.W.(1993): Accounting and Society . Chapman Hall (London); ISBN 0412473305. p.16] It has over 130,000 members. Over 15,000 of these … Wikipedia
Institute of Chartered Accountants of India — The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of chartered accountancy in India. During its more… … Wikipedia
Institute of Chartered Accountants of Pakistan — Infobox University name =Institute of Chartered Accountants of Pakistan native name = latin name = motto = established =1961 type =Chartered accountancy body, Professional institute endowment = staff = faculty = president =Imran Afzal students… … Wikipedia
Institute Of Chartered Accountants In England and Wales (ICAEW — A group of accountants and finance professionals who have met various industry competency standards in England and Wales. To become a chartered accountant and be designated an Associate of the Institute of Chartered Accountants in England and… … Investment dictionary