Latest news on the Professional Standards Scheme (Scheme)
A new 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.
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 legislative impediment. 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.
Conduct an eligibility self-assessment using our guidance tool (PDF).