International Practice Management focuses on risk management, ethics and strategic planning for a public practice.
CPAs and FCPAs who are interested in studying practice management and who do not intend to obtain a CPA Australia Public Practice Certificate to offer public accounting services in Australia may enrol in the CPA 203 International Practice Management distance learning program.
Candidates enrolled in International Practice Management receive the CPA 201 Practice Management study guide, which focuses on risk management, ethics and strategic planning for a public practice. This material is examinable.
The materials for this program also include a supplementary booklet containing information on the requirements to practise as an accountant in Hong Kong, Malaysia, New Zealand and Singapore, so the program is particularly relevant to members in these countries. As CPA Australia does not regulate members working in public practice outside Australia, this material is not examinable.
The material in the supplementary booklet is intended to be an introduction to the requirements only. Members are responsible for ensuring they comply with the regulators' requirements in the country in which they work.
Members who have completed CPA 203 do not receive a CPA Australia Public Practice Certificate and are not entitled to use the CPA logo.
Members who are currently working overseas but who intend to offer public accounting services in Australia in future should complete the Public Practice Program as one of the prerequisites for obtaining a Public Practice Certificate.
Program outline: CPA 203 International Practice Management
CPA 203 International Practice Management aims to help members evaluate and make an informed decision regarding entering public practice, including the role and responsibilities of a public practitioner in the enhancement of both the quality and efficiency of services they provide.
A major component is APES 110 Code of ethics for professional accountants and by-laws relating to public practice. Risk management, ethics and strategic planning are also key elements of the study guide, which is provided to candidates enrolled in both CPA 203 International Practice Management and CPA 201 Practice Management.
Candidates enrolled in CPA 203 International Practice Management also receive additional information on the requirements to practise as an accountant in Hong Kong, Malaysia, New Zealand and Singapore. This is provided in a separate booklet with the program materials. As CPA Australia does not regulate members working in public practice outside Australia, the material on the requirements to practise as an accountant in Hong Kong, Malaysia, New Zealand and Singapore is not examinable. The material in the booklet is intended to be an introduction to the requirements only. Members are responsible for ensuring they are aware of, and comply with, all of the regulators' requirements in the country in which they work.
Study guide
Module 1: an introduction to public practice
- what is public practice?
- how has public practice changed in recent years?
- what does public practice involve?
- is public practice for me?
- pathways in public practice
- managing yourself and others
- what types of practice structure could I establish?
Module 2: ethics, professionalism and risk management in public practice
- ethical issues in accounting
- risk management and quality control in your practice
- self-regulation discipline principles
- liability and insurance
- professional standards for specific practice areas
- licensing requirements in Australia
Module 3: planning an independent practice: the 'big picture'
- strategic planning
- the strategic planning process
- evaluating and valuing a practice for purchase
- building and growing a practice: the long-term imperative
Module 4: creating a business plan that fits your strategic plan
- the need for business planning
- building a risk management approach into your practice
- the structure of your practice
- issues in structuring a practice
- your services strategy
- your practice operating systems
- developing a marketing strategy
- a technology strategy
Module 5: developing a people strategy
- your practice and its people
- the market for accounting staff
- considering generational diversity
- the practice's culture
- delegation: the key to practice leverage
- communication
- the staff mix
- hiring
- inducting
- retaining and developing your people
- approaches to non-chargeable time
- firing
- risk management issues
- quality control issues
Module 6: a finance plan within your strategic plan
- financial issues to consider
- some general financial considerations
- building a set of practice KPIs and benchmarks
- your financial feasibility
- an exit strategy
- risk management issues
Module 7: building and growing a practice
- assessing your growth requirements
- developing your growth strategy
- creating a practice culture
- identifying your target client
- building your brand
- putting your plans in operation
Module 8: CPA Australia support services
- CPA Australia governance structure
- continuing professional development (CPD)
- networking
- public practice support services
- general member support
International practice management supplementary booklet
Hong Kong
- introduction to the accounting profession in Hong Kong
- CPA Australia members working in Hong Kong
- obtaining a HKICPA Practising Certificate
- ongoing requirements for holders of an HKICPA Practising Certificate
- Hong Kong organisations recognising the CPA Australia qualification for their entry requirements
- Hong Kong organisations only recognising the HKICPA qualification for their entry requirements
Malaysia
- Malaysian accountants and the regulatory framework
- registration of accountants
- CPD
- risk, liability and insurance in public practice
New Zealand
- accountants
- chartered accountants
- auditors
- investment advisers and investment brokers
- tax advisers
Singapore
- registration environment for professional practice
- registration as public accountants
- registration as public accounting corporations, firms or limited liability partnerships
- registration as financial advisers
- registration as tax advisers
- professional indemnity insurance