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 NSW Minister has authorised the Scheme, ahead of other States and we anticipate a commencement date of 23 December 2019 across Australia.
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, management consulting, forensic accounting, valuation services and transactional accounting or financial reporting activities.
Whereas, it will not apply to a claim relating to the provision of public accounting services including financial planning and advice (Limited and Full AFSL), consumer and commercial credit services (ACL) and services performed as an Authorised Representative or Responsible Manager.