Institute of Public Accountants

Institute of Public Accountants (IPA)
Formation January 1, 1923 (1923-01-01) (88 years ago)
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]

Contents

History

The NIA Coat of Arms.
The old NIA Coat of Arms represented integrity, respect, teamwork and a dedication to knowledge and education.[citation needed]

The Institute of Public Accountants (IPA) is one of Australia's oldest representative professional bodies, formed over eighty-five years ago in 1923.[2]

  • 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.[3]
  • 2011 - IPA becomes a member of the Confederation of Asian and Pacific Accountants (CAPA)

Membership Levels

The IPA has several levels of membership:[4]

  • Associate (AIPA)
  • Member (MIPA)
  • Fellow (FIPA)

Students studying towards an accounting qualification can join the IPA Student Register.

Membership Requirements

AIPA membership requires:

  • Advanced Diploma in Accounting

or

  • 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

or

  • 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.[5]

IPA Program

The IPA Program is a fully accredited educational pathway delivered by the University of New England (UNE).[6] 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).[citation needed]

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).[7][8]

Mutual Recognition

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).[9]

In March, 2011 the IPA entered into an MOU with peak accounting body, the Institute of Cost and Works Accountants of India.

Market Reputation

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.

The IPA is recognised in Government forums and represented on various committees. These include those of the Australian Securities and Investments Commission and the Australian Taxation Office.[10]

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.[11]

Qualifications Assessment

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.[12]

Public Practice and Bookkeeping

Bookkeeping

Members at the AIPA level of the IPA may apply for a Bookkeeping Practice Certificate (BPC) after satisfying additional requirements.

Public Practice

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.

External Links

References


http://en.wikipedia.org/wiki/Institute_of_Cost_and_Works_Accountants_of_India


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