Limitation of liability scheme
As members of the Institute of Chartered Accountants in Australia (the Institute), the principals of our firm are now participants in a scheme that limits our liability other than for the acts of omnissions of financial services licensees.
Effectively, the scheme identifies us as being responsible professionals, who will have adequate resources to meet claims made against us to a specified limit.
As members of the scheme, we are committed to:
> Achieve and maintain the appropriate level and currency of professional qualifications and experience in our firm
> Adhere to a prescribed code of ethics
> Maintain professional indemnity insurance to meet claims made against us to a set limit.
The Institute promotes risk management procedures and disciplines members who act contrary to professional requirements.
The Professional Standards Council is a statutory body which considers and approves schemes presented by professional bodies. The Institute's scheme has been approved by the Council. The Institute scheme came into effect on [ insert date here ]. It is designed to:
1. Limit the maximum liability for damages (the 'limitation amount') which may be awarded by a court against a person to whom the scheme applies
2. Require members of the scheme to have compulsory insurance of a value of not less than the limitation amount
3. Adopt the Institute's pre-existing complaints and disciplinary procedures.
Members of the scheme are required to state their limited liability on all documents that promote or advertise the member or member's occupation (including official correspondence given to clients or prospective clients).
For more information
For more information on the scheme, contact the national office of the Institute of Chartered Accountants in Australia on 1300 137 322.