Professional Standards Scheme update

The Professional Standards Council (PSC) has approved CPA Australia's application for a new Professional Standards Scheme for recommendation to the relevant Ministers in each state and territory for gazettal. The NSW Scheme was gazetted on 22 December 2017 and took effect on 23 December 2017. Schemes for other states and territories have also been gazetted.

For more information, visit Professional Standards Schemes.

Minimum professional indemnity insurance (PII) requirements under CPA Australia’s By-Laws:

  • the policy must be underwritten by an APRA-authorised general insurer or insurers
  • minimum of $2 million in PII cover for members in Australia and NZ$1 million for members located in New Zealand
  • provision for one or more automatic reinstatements following a claim
  • provision for an excess for each and every claim
  • cover for losses arising out of dishonesty (fidelity cover)
  • indemnity for all of the Public Accounting Services that you provide
  • retroactive date no later than seven years before the beginning of the period of insurance
  • cover for everyone affiliated with the practice 
  • cover for defence costs in addition to the minimum limit
  • provision for run-off cover for a period of not less than seven years.

A detailed explanation of the requirements can be found in Managing your risks with insurance (PDF).

CPA Professional indemnity insurance offer

PII is mandatory for all CPA Australia Public Practice Certificate holders, as well as other members providing public, honorary or private accounting services, whether paid or unpaid.

CPA Australia PII Scheme

PII for members earning over $10,000 in gross fees per calendar year.

CPA Australia Mini Policy

PII for members earning less than $10,000 in gross fees per calendar year and performing private accounting services as an individual.

CPA Australia Global PII Policy

PII for members providing pro bono or voluntary accounting services in the community.

Find out more

Other insurance


CPA Australia
1300 73 73 73

Fenton Green & co.
1300 760 123 (within Australia)
+61 3 8625 3333 (outside of Australia)