PUBLIC PRACTICE

Starting your practice

Once you have your public practice certificate (PPC), below are the key considerations for starting a practice, including your ongoing obligations required to obtain and keep current professional indemnity insurance, and to complete continuing professional development (CPD).

FIRM STRUCTURE

In deciding how to structure your firm, whether to open your own practice or to go into partnership with another, you need to consider it from all angles.

PROFESSIONAL INDEMNITY INSURANCE

As professionals and business people, you are subject to many risks. Professional Indemnity Insurance (PII) is mandatory for all CPA Australia PPC holders, as well as other members providing public, honorary or private accounting services, whether paid or unpaid.

RISK MANAGEMENT

All PPC holders managing a practice must have a risk management framework (RMF) to be compliant under APES 325.

The Risk Management Framework is an online tool that will help you develop a customised RMF for your practice, tailored to your individual circumstances. It will help you identify, assess, mitigate, implement and monitor the risks to your practice.

QUALITY REVIEW

Every member who holds a PPC is subject to the requirements of the Quality Review Program. Upon issuance of a PPC, a member is permitted a two-year period of grace within which to establish their quality control policies and procedures, before becoming eligible for selection for review.

Explore resources to assist with preparing for a review.

PROMOTING YOUR PRACTICE

Raise consumer awareness of the breadth of services you offer by having your details on the Find a CPA search tool. If you are already listed on Find a CPA, log in and update your details so that they are reflected accurately.

It’s important to market your practice including leveraging your CPA brand. CPA Australia has prepared helpful member guides for marketing, branding and social media.

COMPLIANCE AND REGULATION

Understand your licence and registration requirements as well as other business obligations when starting your own practice.

OTHER INFORMATION AND OBLIGATIONS

MEMBERS HANDBOOK

The Members’ Handbook provides a framework that outlines your membership entitlements and obligations. The Public Practice Statements have been compiled from various source materials and designed to act as a guide for members about to enter public practice.

CPA CONCIERGE

CPA Concierge is a personal member service that can help you work through your options, obligations and opportunities when starting a practice.

Contact [email protected]

ACCOUNTING PROFESSIONAL AND ETHICAL STANDARDS

CPA Australia members have a responsibility to act in the public interest and comply with the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour in all their dealings. The APES 300 series applies to members in public practice.

PROFESSIONAL DEVELOPMENT

As a PPC holder there is an obligation to participate in CPD as part of your CPA Australia membership.

View our conferences and events