Latest news on the Professional Standards Scheme (Scheme)
On 21 June 2019, the Professional Standards Councils (PSC) approved CPA Australia’s application for a five-year Professional Standards Scheme (Scheme) for gazettal. The Scheme has been authorised by NSW, VIC, SA and WA ahead of other states and we anticipate a commencement date of 23 December 2019 across Australia.
The new Scheme will enable all public practitioners who conduct public accounting services, hold a CPA or FCPA designation and have a current limited or full public practice certificate to participate.
However, the application of the limited liability will depend on the services provided and any legislative impediments. A limited liability cap will apply to a claim relating to the provision of public accounting services if there is no contrary legislation. Accordingly, the Scheme may not limit liability for those practitioners who are required to hold adequate professional indemnity insurance as part of a statutory license or condition of registration.
You can prepare for the new Scheme by conducting an eligibility self-assessment using our guidance tool (PDF) and find out more about your compulsory professional indemnity insurance requirements by watching our video below: