Public practice refers to members who offer accounting services to businesses and the public (see detailed definition below). For regulatory purposes CPA Australia has created its own by-laws for members in public practice. The main rules of conduct are listed below.
To be a principal in public practice you must:
- hold a Public Practice Certificate and satisfy all the requirements in CPA Australias By-Laws 9.5
- have a copy of the Members' Handbook
- follow the CPA Constitution, By-Laws and Code of Professional Conduct and Professional Statements
- not act as a tax agent, financial planner, company auditor, superannuation fund auditor without the right registration or licence
- take part in the CPA Australia Quality Assurance Program
- hold professional indemnity insurance
- meet Professional Standards Legislation (PSL) limited liability scheme requirements (as per individual state requirements)
- complete 120 hours of continuing professional development each triennium (minimum 20 hours per year)
- follow the CPA Australia branding guidelines
For more details about your obligations, download the Summary of the regulation of public accounting services in Australia.
Detailed definition of public accounting services
Public accounting services include, but are not limited to accounting (including bookkeeping), auditing, reports for prospectus or similar work, taxation, secretarial work, receivership, insolvency and reconstruction, financial planning and other statutory functions.
Public accounting services do not include computer consultancy or management consulting services unless such services are ancillary to and provided in conjunction with other public accounting services.
