Meet Cheryl Mallett: IPA Group President and Chair of the Board

In Australia, a Senate inquiry is debating the management and assurance of integrity by consulting services following a scandal involving PwC’s leaking of sensitive government information.

Recently, one of the senators leading the inquiry shared a short video of what she felt was an impactful moment from the hearings.

In the video, IPA Group President Cheryl Mallett tells the Senate Finance and Public Administration References Committee exactly how the behaviour of unregulated consultants impacts on her practice and those of her fellow IPA Group members.

There was a lot of talk at the final day of hearings for the Consultants Inquiry about the need to regulate the Big 4. Even the President of the Institute of Public Accountants, Cheryl Mallett, was cranky about it! pic.twitter.com/ARSLX24Uip

— Barbara Pocock (@BarbaraPocock) February 23, 2024

“I am cranky,” Mallett told the committee on 23 February. “I’d like to see this resolved. It’s unfortunate that those that misbehave the most find themselves the least regulated, because it results in them being thrown out of the regulated bodies and then they can dust themselves off and put their consultant’s cap on, and walk straight back into our industry.”

We spoke with Mallett following her Senate appearance to speak about the shared ethics, values and respect that informed the statement and evidence she provided, as well as her pathway into accounting, career to date, and plans as IPA Group President.

Q What led you into the profession of accounting?

A I was a late bloomer for study. My family was working class, so university wasn’t on the agenda. I finished grade 10, then was expected to go out and get a job, and start contributing to the family.

Later on, in my mid-30s when my kids were young, I started getting a little bit restless. I did an H&R Block course just to get some part-time work, and I found that I was really good at it. So I took myself to TAFE [Australia’s public vocational education and training institution] and did an accounting course.

Q Where was your first job?

A It was where I am now! I had little kids so I needed to be home after school, and my husband was working 12 hours a day, six days a week. A lady named Vita Gustafson was the only person who would employ me. I started there in 1993 and her name is still on my business – Vita Gustafson & Associates.

I had a conversation with Vita one day and told her I’d never leave her, because I couldn’t go into competition with her after she’d done so much for me.

In 2009 Vita gifted me and another employee, Thanh Thai, partnership. Sadly, Vita passed away quite suddenly in December 2017. Thanh and I are both still partners.

When I joined the business it was just Vita and I. Now, there are 15 of us.

Q The transition challenge is big when an owner sells their business. How difficult was it when Vita passed away?

A There were a lot of clients I hadn’t even met. I spent an entire year meeting with every single client to let them know the business was running and we were still there for them. I don't believe we lost a single client throughout that transition.

That process took a long time, and it culminated in me winning the National Regional Professional of the Year award in 2019 at the AMP Women in Finance Awards.

Q How did you form such a strong bond with the IPA Group?

A Our cultures land on the same page. The IPA Group has the same culture as I’ve taken into my business. I’m a huge believer in the fact that if you get the culture right and you get your ethics right, then the members and clients will come. Along with that, so will revenue. I am a living, breathing example of that, as are so many of our members.

That is why it’s such a good fit for me to be President, because I know in my heart where we’ve got to go. I share the values and the culture, which is basically about putting members and their clients first.

And the very fact that a small practitioner far away from the major capital cities has been able to rise through the ranks and become President of our Institute is reflective of our values and ethics.

Q What excites you about the future of the IPA Group?

A The new education pathway. It means we can attract people into the profession without forcing them through the university route. We can attract people who have street knowledge, through the new micro-credentialing capability, and they won’t end up with huge [student loan] debts.

Accounting is suffering talent shortages. It’s really important for us to hold on to talent and attract new people, just as the sector attracted me as a mum of young kids.

Q Where else will you be looking to make change?

A My passion is the members – just as the IPA Group team’s is. I feel huge frustration when I see some members who don’t believe in themselves because they perceive the IPA Group and themselves to be “the little guys”.

That couldn’t be further from the truth. Small business is the life and breath of our economy, and the IPA Group is respected as an essential contributor to our profession.

I’d like to see all of our members be really proud of themselves and of our brand. We’re doing so much more and we’re punching well above our weight.