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When we look at the global financial downturn we can see that the role of regulation is essential. It is important that industries are regulated and the Institute’s role is to look ahead, question and positively influence the growth of the profession.
The first responsibility of a Chartered Accountant is to act ethically and in the public interest. The Institute sets standards for the industry allowing stakeholders to rely on the advice of Chartered Accountants. Without standards, the national economy could be at risk. The general public and the community need to know that financial advice is reliable and reputable. Chartered Accountants themselves contribute to industry standards by sharing their knowledge and concerns with the Institute.
In the age of globalisation, it is essential that Australia’s regulations are in line with those of other developed nations. To make this happen, the Institute is a member of the International Federation of Accountants (IFAC). The IFAC works closely with it’s 153 member associates to develop international standards on ethics, auditing and assurance, education, and public sector accounting standards.
The Institute is also the only Australian accounting body member of the Global Accounting Alliance (GAA) – an international accounting coalition made up of 11 of the world’s leading accounting bodies. Representing over 775,000 professional accountant’s worldwide, the GAA has the opportunity to share information on a global scale.
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