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Practice Structures
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Key ICAA Requirements 
 
In 2001, the ICAA amended its requirements for Practice Structures and the use of the designation "Chartered Accountants". 
 
Regulation R9 (Public Practice) spells out these requirements. In summary they are: 

  • Members no longer require ICAA approval for the use of practice entities  
  • Members may serve as directors of companies or trustees of trusts that are practice entities offering public accounting services provided they hold Certificates of Public Practice. 
  • A practice entity may only use the description "Chartered Accountants" provided the principals are all members holding a CPP or they are Affiliate members of the Institute. (Certain other conditions apply to a practice involving affiliate members). 
  • Restrictions on the sharing of profits have been removed 
Members should also consult the following Institute of Chartered Accountants in Australia website articles:Other Considerations 
 
  • Tax Considerations and Resources including:
  • Restrictions applicable to specific appointments such as audit and insolvency, and additional requirements for financial planning  
  • Asset protection – planning to limit the risk to business and individuals 
  • Legal requirements 
  • Succession planningResources & LinksFor further assistance and guidance on practice structure issues, members can contact the Professional Standards team. 
     
    Once the practice structure has been finalised, members can assist us in maintaining our database by completing this Practice Details Advice Form and returning it to the ICAA. 

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