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NSW threatens to end CPAs' legal liability protection

Minister for Innovation and Better Regulation Matt Kean MP

The NSW government is threatening to deregister the accountants' organisation CPA Australia based on legal advice that it is no longer functioning as a professional standards body because it competes with its own members.

In a decision that will shock certified practicing accountants across Australia, NSW Fair Trading Minister Matt Kean has been told by the NSW Crown Solicitor that he should not approve a new professional standards scheme for CPA Australia when the current one expires in October.

"I'm deeply concerned that CPA Australia may have compromised its ability to maintain the professional standards of its members and I'm deeply concerned about CPA Australia exposing their members to significant liability," Mr Kean said in an exclusive interview with The Australian Financial Review.

To read the full article from The Australian Financial Review click here