The IPA has the same Australian legislative recognition as the other two Australian accounting bodies, CPA Australia (CPA) and the Chartered Accountants Australia and New Zealand (CA ANZ). In particular, the three accounting bodies are defined as "professional accounting bodies" in the Corporations Act 2001. Such recognition entitles each of the three bodies to nominate a representative to the Australian Financial Reporting Council, the Australian Government's peak body responsible for providing oversight of the setting of accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Government reports and advice on these matters.