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Annual Report 2011/2012 Professional Standards Councils



Annual Report 2011/2012 Professional Standards Councils

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Tabled paper 112


Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT






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Tabled papers

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Professional Standards Council

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27Professional Standards Councils Annual Report 201112 Table 6: Cover of Excellence schemes in operation in each State and Territory Scheme ACT NSW NT Qld SA Tas Vic WA Accountants Institute of Chartered Accountants in Australia (ICAA) Certified practising Accountants Australia (CpA Australia) Institute of public Accountants (IpA) barristers NSW bar Association (NSW bar) SA bar Association (SA bar) Victorian bar Incorporated (Vic bar) Lawyers The Law Society of NSW (LSNSW) Law Society of SA (LSSA) Law Institute of Victoria (LIV) Queensland Law Society (QLS) WhAT dOeS MuTuAL reCOgNITION Of SCheMeS MeAN? As members of professional associations may work across State and Territory borders, the Professional Standards Councils support amendments to professional standards legislation, allowing Cover of Excellence schemes to have force across multiple jurisdictions. These mutual recognition provisions are now in place in the legislation in New South Wales (NSW), the Northern Territory (NT), the Australian Capital Territory (ACT), Queensland (Qld), Victoria (Vic), South Australia (SA) and Western Australia (WA). hOW dOeS The COMMONWeALTh gOVerNMeNT preSCrIbe Cover of exCellenCe SCheMeS? The Commonwealth Government can limit the liability of members of occupational associations with Cover of Excellence schemes, under the Treasury Legislation Amendment (Professional Standards) Act 2004 (Cth). The Commonwealth can prescribe a Cover of Excellence scheme under the Competition and Consumer Act 2010 (formerly the Trade Practices Act 1974), the Corporations Act 2001, and the Australian Securities and Investments Commission Act 2001. Through the Competition and Consumer Amendment Regulations 2011 (No 1), subregulations in the Competition and Consumer Regulations 2010 which specified expiry dates of prescription of schemes, were omitted. C o v e r o f e x C e lle n C e S c h e m e S