Professional standards schemes

Register now for a complimentary 60-minute webinar on Thursday 13 February to learn more about the Scheme and your obligations or watch a 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 your options at public accounting insurance.
• 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 Quality Review 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.