CALLED TO ACCOUNT

The recently released Annual Report of the NSW Professional Standards Council provides new insight into the work of professional bodies to improve the standards of their members.

The Professional Standards Council approves schemes that cap the liability of professionals and other occupations.

Schemes impose new obligations on the professions including accountants, lawyers, valuers and other occupations to be more transparent about their activities and to focus on continuously improving what they do.

The Council's 2003 annual report outlines the future planned risk management strategies of professional bodies, including the NSW Law Society and the major accounting bodies, as well as reports on their recent strategies designed to protect consumers through improved standards.

The Council's unique approach has won the support of other states and the Federal Government. Plans are unfolding to extend the system Australia-wide, backed up by changes to federal legislation such as the Trade Practices Act in support of nationally consistent state legislation.

For a copy of the report, send an email to psc_excellence@agd.nsw.gov.au