Qualified Accountant

Qualified Accountant is a defined term under section 88B of the Corporations Act 2001 (Cth). ASIC declares which classes of person hold that status by legislative instrument. The current declaration is the ASIC Corporations (Qualified Accountant) Instrument 2016/786, which replaced Class Order [CO 01/1256]. Only a qualified accountant can issue the certificate relied on for the sophisticated investor test in section 708(8)(c) and the wholesale client test in section 761G(7)(c).

Why It Matters

If the certificate is not issued by someone within a declared class, the exemption it is meant to support does not hold. That exposes the party making the offer, not just the accountant. Anyone relying on a certificate should confirm the issuer states their professional body, their membership classification, and their compliance with that body's continuing professional development requirements.

How It Works

Instrument 2016/786 declares classes of members of specified professional bodies, being Chartered Accountants Australia and New Zealand, CPA Australia, and the Institute of Public Accountants, at declared membership classifications.
Members qualify only if they are subject to their body's continuing professional development requirements and have confirmed in writing, at or about their most recent membership renewal, that they have complied with them.
Members of eligible foreign professional bodies can also qualify. They must have at least three years of practical experience in accounting or auditing, and the certificate must be given to a person resident in the same country.
How net assets and gross income are measured is left to the accountant's professional judgement. ASIC discusses its expectations in Regulatory Guide 154.

Common Use Cases

Issuing a certificate to support an offer made without a prospectus
Certifying an investor for entry into a wholesale mortgage fund
Verifying that a certificate presented by an investor was validly issued
Confirming which Chapter or Chapters a certificate has been issued under

Related Switchboard Resources

The instrument is available on the Federal Register of Legislation, and ASIC guidance is at asic.gov.au.

Which professional bodies count?

Members of Chartered Accountants Australia and New Zealand, CPA Australia, and the Institute of Public Accountants at the declared membership classifications, plus members of eligible foreign professional bodies subject to additional conditions. Membership alone is not enough: the declared classification and continuing professional development conditions must both be met.

Is Instrument 2016/786 still in force?

Under the Legislation Act 2003 legislative instruments automatically sunset after ten years unless action is taken to preserve them, and Instrument 2016/786 was due to sunset on 1 October 2026. ASIC assessed the instrument as operating effectively and consulted on remaking it in Consultation Paper CS 58, released 15 July 2026, with submissions closing 12 August 2026. Because the instrument number will change if and when it is remade, always check the Federal Register of Legislation for the current instrument rather than relying on a number quoted in secondary material.

Can any accountant issue the certificate?

No. Only a person within a class declared by ASIC. A bookkeeper, tax agent, or accountant outside a declared class or classification cannot issue a valid certificate, even if they prepare the underlying financial information.

General information only. This page explains a term used in Australian financial services law. It is general information, not legal or financial product advice, and does not take account of your objectives, financial situation or needs. Definitions and thresholds change. Confirm the current position on the Federal Register of Legislation or with a qualified professional before relying on it.