Latest news on the Professional Standards Scheme (Scheme)

The current Professional Standards Scheme commenced across Australia on 23 December 2019, replacing the previous Scheme, which concluded on 22 December 2019.

The current Scheme enables public practitioners to participate who conduct public accounting services, hold a CPA or FCPA designation and have a current limited or full public practice certificate. The Scheme may impose a limited liability cap to a civil claim relating to the provision of public accounting services if there is no contrary legislative impediment.

You can conduct a Scheme eligibility self-assessment using our guidance tool (PDF), which will help you identify what you need to do to participate.

You can find out more about the Scheme and your obligations by watching Understanding the Scheme webinar recording on YouTube.

What is the Scheme?

The Scheme is not insurance, it’s a legal instrument that may limit civil claims to the level of professional indemnity insurance (PII) public practitioners are required to hold in accordance with our By-Laws. The Scheme’s objectives are to protect, improve and help consumers and professionals by preserving the viability of the accounting profession by continually encouraging improved professional standards.  

Scheme eligibility and exemptions

If you are a CPA Australia public practitioner, you should review your eligibility to participate in the current 2019-2024 Scheme using the Guidance Tool (PDF) so that you understand your obligations and risk profile relating to civil claims.

If you are eligible to participate in the Scheme, participation is compulsory unless you have an exemption, which you can apply for by completing a Scheme Exemption Application Form and sending it to: [email protected].

Scheme obligations

If you are eligible to participate in the Scheme you must:

  • Continue to display the notification of limited liability statement “Liability limited by a scheme approved under Professional Standards Legislation” in at least 8 point font Times New Roman on all promotional material as suggested by the Professional Standards Council.
  • Continue to hold the correct amount of professional indemnity insurance (PII) suitable for the services you provide and your practice’s income in accordance with the By-laws (9.8) as explained in our short video below or read more about public accounting insurance options.
  • Ensure your practice maintains a risk management framework informed by APES 325: Risk Management for Firms.
  • Comply with CPA Australia’s Constitution, By-Laws, and all applicable APESB standards.
  • Comply with the Best Practice Program and participate when selected.
  • Undertake 120 hours of CPD to maintain your professional competencies, and
  • Promptly advise CPA Australia at [email protected]if a civil claim against you is likely to exceed the minimum insurance prescribed by the By-Laws

Civil Claims

If you are notified of a claim against your PII you should:

  • Identify the relevant Scheme according to the date of the cause of action in table 1 below.
  • Identify whether you are eligible to participate in that Scheme, 2017-2019 Scheme Eligibility Tool (PDF), the 2019-2024 Scheme Guidance Tool (PDF), or the 2013-2017 Scheme and:
    • if eligible, notify your insurer and/or legal counsel of your eligibility.
  • Promptly advise CPA Australia at [email protected] if the claim is likely to exceed the minimum insurance prescribed by the By-Laws.

Professional Standards Schemes – effective dates


 2013-2017 Scheme effective dates inclusive 2017-2019 Scheme effective dates inclusive 2019-2024 Scheme effective dates inclusive
NSW 8 October 2013 – 7 October 2017 23 December 2017 – 22 December 2019 23 December 2019 – 22 December 2024
WA 8 October 2013 – 7 October 2017  30 December 2017 – 22 December 2019 23 December 2019 – 22 December 2024
QLD 8 October 2013 – 7 October 2017 1 January 2018 – 22 December 2019 23 December 2019 – 22 December 2024
ACT 8 October 2013 – 7 October 2017  1 January 2018 – 22 December 2019 23 December 2019 – 22 December 2024
NT 8 October 2013 – 7 October 2017  18 January 2018 – 22 December 2019 23 December 2019 – 22 December 2024
SA 8 October 2013 – 7 October 2017  24 January 2018 – 22 December 2019 23 December 2019 – 22 December 2024
TAS 8 October 2013 – 7 October 2017 21 February 2018 – 22 December 2019 23 December 2019 – 22 December 2024
VIC 8 October 2013 – 7 October 2017  19 March 2018 – 22 December 2019 23 December 2019 – 22 December 2024


Chubb Policy (PDF) Run-Off cover for 5 years – effective dates

NSW 8 October 2017 – 21 December 2017
WA 8 October 2017 – 29 December 2017
QLD 8 October 2017 – 31 December 2017
ACT 8 October 2017 – 31 December 2017
NT 8 October 2017 – 17 January 2018
SA 8 October 2017 – 23 January 2018
TAS 8 October 2017 – 20 February 2018
VIC 8 October 2017 – 18 March 2018