Wednesday, May 27, 2009

Are external examiners required to hold professional indemnity insurance?

There is no requirement in the Legal Profession Act 2007 (LPA) or Legal Profession Regulation 2007 (LPR) for external examiners to hold professional indemnity insurance but most persons entitled to be appointed as an external examiner will be required as registered auditors under the Corporations Act, or as members of a professional association, to hold professional indemnity insurance.

An external examiner must be a registered auditor under the Corporations Act, or a member of CPA, or ICAA, or NIA entitled to practise as a public accountant, or a person approved by the Chief Executive to perform the duties of an external examiner.

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