CPA Australia Professional Standards Scheme approved for gazettal
On 21 June 2019, the Professional Standards Councils (PSC) approved CPA Australia’s application for a five-year Professional Standards Scheme (Scheme) for gazettal. Before it can take effect, the Scheme application must first be authorised by the relevant Ministers in each Australian state and territory for gazettal. The new Scheme is expected to commence on 23 December 2019 when the current Scheme expires, with the date to be confirmed upon gazettal.
The new Scheme will be more inclusive than the current Scheme and 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 scope of eligibility will depend on the services provided. A limited liability cap will apply to a claim relating to the provision of public accounting services including accounting, bookkeeping, taxation, audit and assurance services, insolvency and corporate reconstruction, management accounting, limited financial planning, forensic accounting and financial reporting activities. Whereas, it will not apply to a claim relating to the provision of public accounting services including financial planning and advice (Full AFSL), and consumer and commercial credit services (ACL).
A new Scheme eligibility self-assessment tool will become available on the CPA Australia website upon gazettal.
Register now for a complimentary 60-minute webinar on Thursday 12 December to learn more.
Public notification documents