Accountants possess a range of skills and qualifications to offer to businesses. This is the reason finding the right accountant is an important task. In Australia there are two types of accounting professionals: the chartered accountant and the accountant.
In Australia, to practice as an accountant, membership of one of three professional bodies is necessary: CPA Australia, (Certified Practising Accountants), the Institute of Public Accountants or Chartered Accountants Australia and New Zealand (formerly The Institute of Chartered Accountants in Australia).
To become a CPA, a candidate must hold a degree and complete the CPA Program, including three years’ practical experience and ongoing professional development. The IPA has several levels of membership: Associate (AIPA), Member (MIPA) and Fellow (FIPA), each involving different requirements, such as a university degree and a varying number of subjects completed in the IPA Program.
A chartered accountant must complete a university degree, usually an accounting degree, along with the Chartered Accountant Program, to earn membership of the Chartered Accountants Australia and New Zealand. The Chartered Accountant Program includes three years of mentored practical experience as well as a study component. The study involves working towards the Graduate Diploma in Chartered Accounting (GradDipCA).These membership, training and professional obligations ensure that the chartered accountant acts with financial integrity and has a commitment to work ethically in his professional environment.
Once the accountant gains membership of the Chartered Accountants Australia and New Zealand, he must continue his education to remain up to date with developments within the industry. To maintain the high standard of professionalism required, he must complete 120 hours of Continuing Professional Education every three years. Ethics related standards must be followed by accountants based on published international ethical standards.
Choosing a chartered accountant in Sydney to help with the operation of your business is highly recommended. He will be able to offer a range of accounting and taxation services which can be very beneficial to your business. A chartered accountant will also give you professional business advice which will have a significant impact on the ultimate success for your venture. Make the right choice for your accountant, and your business is sure to thrive!