26 September 2017
The Professional Standards Council (PSC) will commence the public notification process for CPA Australia’s proposed new Professional Standards Scheme on 27 September 2017.
CPA Australia welcomes the public notification which is an important step in the consideration for approval of a new Professional Standards Scheme.
The proposed scheme instrument and public consultation document outlining the operation and oversight of the scheme can be viewed here. The public notification document is intended to explain the scope and the operation of the Scheme.
Comments on the proposed scheme close on 25 October 2017.
For further detail, visit the Professional Standards Council website.
Adam Awty CPA
Interim Chief Executive Officer
CPA Australia’s current Professional Standards Scheme (PSC) expires on 7 October 2017. Our application for a new scheme is under active consideration.
The obligations of a CPA Australia Public Practitioner remain unchanged during a gap in scheme coverage.
Members are still required to:
- Hold minimum levels of prescribed Professional Indemnity Insurance (PII) that mirror the current scheme minimum caps.
This provides confidence that compensation is available, so if anything goes wrong, you know our members have insurance.
To further protect consumers, during the gap in scheme coverage our members - who are not covered by an alternative PSC scheme - have access to additional top-up cover. For consumers this means consumer protection over and above the minimum amounts of PII that a CPA Australia Public Practitioner must maintain.
- Comply with Professional and Ethical Standards prescribed by the Accounting Professional and Ethical Standards Board (APESB)
Professional and ethical standards are fundamental to the reputation of CPA Australia and ensure consistency of practice and confidence for Australian businesses. We set high professional standards via our regulation and oversight programs.
The APESB is an independent national body which sets the code of ethics and professional standards with which our members must comply.
- Maintaining Professional Competencies. Keeping Up to Date
Our members are committed to life-long learnings and required to complete 120 hours of Continuing Professional Development (CPD) each triennium.
Our professional development programs ensure our members maintain the knowledge and skills relevant to the services they provide.
- Monitor Compliance
Through our Quality Review Program we monitor members’ compliance with the application of standards and regulations.
We provide oversight via a Quality Control Program and maintain a Complaints and Discipline program. So if you believe that a member you’ve dealt with has acted unprofessionally or breached their professional standards, you can make a complaint.
For further information on the consumer benefits of a professional standards scheme visit: psc.gov.au/consumer-information.