CPA Australia has released new resources to raise awareness of financial abuse and help accountants respond safely when clients may be at risk.
CPA Australia Regulations and Standards lead Belinda Zohrab defined financial abuse as a type of family and domestic violence marked by continuous behaviours aimed at controlling, exploiting or sabotaging someone’s finances, which can also include business-related misconduct.
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Zohrab said: “Financial abuse can impose devastating financial and emotional burdens on victim-survivors, with around an estimated 16% of women and 7.8% of men experiencing it since the age of 15, according to the Australian Bureau of Statistics.
“This type of abuse often strips victims of independence and security and its impacts can be severe and long-lasting. This includes poverty, bankruptcy, homelessness and significant harm to physical and mental well-being.
“Accountants are in a unique position as trusted advisers to notice when something may not be right. With the right awareness and guidance, they can play an important role in identifying potential financial abuse and supporting affected clients.”
Zohrab stressed that accountants are not social workers, and any steps they take should be “practical, proportionate and designed” to avoid increasing risks for victim-survivors unintentionally.
CPA Australia developed the guidance in partnership with Each, described as a specialist in resolving business-related financial abuse, alongside people with “lived experience” and public practice accountants.
The materials are intended to help members recognise indicators of abuse and respond in ways that prioritise safety and well-being.
Zohrab said: “Financial abuse can take many forms and is often difficult to detect. It may occur in personal, family or business contexts and can involve coercion, manipulation or misuse of financial systems.”
Some of the warning signs include clients having limited or no access to their own financial information or accounts, unexplained debts or liabilities incurred without informed consent, and pressure to sign financial documents or act as a director or guarantor.
Other potential red flags include sudden or unusual changes in control of finances, or complex business structures that obscure ownership or restrict access to assets.
