CAANZ membership and the CAANZ Professional Standards (Limitation of Liability) Scheme
William Buck is a member of Chartered Accountants Australia and New Zealand (CAANZ). As a member of CAANZ, William Buck participates in an Australian professional standards scheme that limits William Buck’s liability for damages arising from occupational liability claims. The scheme commenced on 8 October 2019 and identifies participants as being responsible professionals who have adequate resources to meet claims made against them to a specified limit.
A professional standards scheme is a legal instrument that obliges associations to monitor, enforce and improve the professional standards of their members. This is designed to help protect the people, or consumers, who use their members’ services. Other professions such as lawyers and surveyors have similar schemes. More information about professional standards schemes can be found here.
How the CAANZ Scheme works
The CAANZ Limited Liability Scheme operates by capping the amount of damages that can be awarded against a CAANZ member for professional negligence. CAANZ members are obligated to follow certain rules and provisions, including upholding professional standards, and having minimum professional indemnity insurance as required under the scheme.
CAANZ membership and the Limited Liability Scheme
Being a member of CAANZ and participating in the CAANZ Limited Liability Scheme provides a number of benefits for our clients, including:
- Financial protection in the event of professional negligence
- Reduced risk of litigation
- Increased confidence in the quality of our services
- William Buck’s commitment to Professional Standards
William Buck is committed to providing our clients with the highest possible standards of professional service. We are also committed to protecting our clients from the financial consequences of professional negligence. That is why we are a signatory to the CAANZ Limited Liability Scheme and have taken out professional indemnity insurance in excess of the Scheme’s minimum $2 million cap.
As a member of CAANZ, William Buck is committed to:
- achieving and maintaining an appropriate level and currency of professional qualifications and experience
- adhering to a prescribed code of ethics
- adopting CAANZ complaints and disciplinary procedures, and
- maintaining appropriate levels of professional indemnity insurance.
As a member of the CAANZ Limited Liability Scheme, William Buck is required to state our limited liability on all documents that promote or advertise our firm or our services. This includes official correspondence given to our clients or prospective clients.
For more information
If you have any questions about the CAANZ Limited Liability Scheme, please do not hesitate to contact us. We would be happy to discuss the Scheme with you in more detail.