Annual Report 2011/2012 Professional Standards Councils
Tabled paper 112
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
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Professional Standards Council
49Professional Standards Councils Annual Report 201112 Table 12: Cover of Excellence schemes in SA Association Scheme applies to: Number of members participating in scheme in SA Limit of liability Start date for scheme End date for scheme Accountants CPA Australia (SA) all members of CPA Australia ordinarily resident in SA who hold a current public practice certificate and who are not exempt 263 $1 million to $75 million Reasonable charge of services x 10 14 April 2008 13 April 2013 Institute of Chartered Accountants in Australia (SA) all members of ICAA ordinarily resident in SA who hold a current public practice certificate and who are not exempt 1,651 $1 million to $75 million Reasonable charge of services x 10 20 February 2008 19 February 2013 Engineers Engineers Australia (SA) members of Engineers Australia who are also members of the Engineering Science and Technology Professional Standards Society 0 $1.5 million to $20 million 1 September 2009 31 August 2014 barristers The South Australian Bar Association all members of the Law Society who have not applied for an exemption 200 Single class: $1.5 million Discretion to approve up to $50 million 1 January 2012 30 December 2016 Solicitors Law Society of South Australia all admitted and company members who are not exempt and who have compliant PII 1,900 Two classes: (1) $10 million participating members in a law practice exceeding 20 admitted members or where the practice generated total annual fee income exceeding $10 million (2) $1.5 million other than those in category above Discretion up to $50 million 1 January 2012 31 December 2016 SOUTh AUSTRALIA SUmmARy DATA The Professional Standards Council of South Australia (SA) approves schemes under the Professional Standards Act 2004 (SA). Associations with schemes under this Act have a statutory obligation to submit an annual compliance report to the Council, covering implementation and monitoring of their risk management strategies, details of claims and insurance data, use of the Cover of Excellence trademark, and disclosure of limited liability. During 2011-12, there were eight schemes in operation in SA, covering eight occupational associations and four occupational groups. Accountants CPA Australia (SA) Institute of Chartered Accountants in Australia (SA) barristers The NSW Bar Association operates under mutual recognition The South Australian Bar Association The Victorian Bar Association operates under mutual recognition Solicitors The Law Society of South Australia Engineers Engineers Australia (SA) valuers Australian Property Institute Valuers Limited operates under mutual recognition There were no new scheme applications in progress for SA during the reporting period. c o m p lia n c e r e p o r t in g