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Accountants must 'own' the trust market - IPA
INSTITUTE of Public Accountants (IPA) chief executive officer, Andrew Conway has told hundreds of delegates at the IPA annual national congress, that accountants must revitalise community trust in professions.
“Public expectations continue to rise in a time when overall trust in institutions is declining,” said Mr Conway.
“Trust impairment is a global trend and when you take into consideration such factors as the findings from the Hayne Royal Commission Interim Report and a growing distrust in financial institutions and financial advice, we as a profession must step up.
“Lack of trust only exacerbates people’s expectations, however, the fundamental need of people seeking trustworthy and competent professionals must still be met.
“There have been no systemic issues involving accountants and public accountants still hold the honour of being trusted advisers to their clients.
“However, as a profession we must do everything in our power to not only maintain that level of trust but also respect the community need for the trust they invest in us.
“As reflected in the interim findings of the banking royal commission, trust is in question and the brand of financial advice has been tarnished. This means that all professional accounting bodies must stand together and rebuild trust for the sake of not just the profession but also the broader public interest,” said Mr Conway.
About the Institute of Public Accountants
The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies. In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 35,000 members and students in over 80 countries. The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.
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