The Institute of Public Accountants and SMSF Professionals' Association (SPAA) have signed a collaboration agreement to work together on relevant issues, reflecting the growing significance of the self-managed super sector for small and medium accounting practices.
The two industry bodies have agreed to collaborate in areas such as "accreditation, advocacy, research and policy development, organisational efficiencies and education", as well as providing "the highest quality training" to SMSF practitioners, according to a joint statement.
IPA chief executive Andrew Conway said the partnership reflects the growing professionalism of the SMSF advice space and the importance of SMSF work for the accounting profession.
"The collaboration agreement between IPA and SPAA will create a strong voice for public accountants engaged in the provision of advice and services to Australia's $474 billion-plus SMSF sector," he said.
"We have a great deal of respect for the creation of a profession in SMSF advice as well as the work that SPAA does in support of the SMSF sector.
"There is a great fit with the strategic priorities of the IPA to support the small and medium accounting practice sectors and the services provided by SPAA."
SPAA chief executive Andrea Slattery said the partnership would further the move to an SMSF profession and "provide a complimentary solution for all professionals wanting to [provide] advice on SMSFs".
A joint working group of the boards and management of both organisations will work together to oversee the collaboration.
The announcement comes as the prime minister, Julia Gillard, has issued a tribute to the role of the IPA in the financial services sector in celebration of the organisation's anniversary.
"As the Australian economy evolves to meet the challenges of the Asian century, the quality and integrity of our financial services industry has never been more important," she said.
