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Councils approve CPA Australia Ltd Professional Standards (Accountants) Scheme

21 December 2017

On 29 November 2017, the Professional Standards Councils approved the CPA Australia Ltd Professional Standards (Accountants) Scheme, for a 2-year period. The Councils are satisfied that the new scheme will protect consumers and encourage the continuous improvement in professional standards. 

The new scheme will cover all CPA Australia members who hold a current Public Practice Certificate issued by CPA Australia and extends to members in all states and territories including Tasmania, for the first time. The Scheme is not intended to include financial services activities and excludes any person who is a Representative of an Australian Financial Services Licensee (except a Limited Licensee).

As part of their considerations, the Councils met with and received in-person submissions from the CPA Chair, Peter Wilson AM, CPA interim CEO Adam Awty, and CPA General Manager Public Practice, Peter Docherty. The 2-year Scheme, proposed by CPA Australia, allows the association to work through, and advise Councils, of improvements to association governance, including an all-new board, Chair and CEO; acting on recommendations of the CPA Independent Review Panel; and, improving scheme oversight and data collection.

The Hon Matthew Kean, Minister for Better Regulation and Innovation, has authorised publication of a notice in the NSW Government Gazette, which will occur on Friday 22 December 2017. The CPA Australia Ltd Professional Standards (Accountants) Scheme will commence in NSW on 23 December 2017. The Scheme has been sent to the relevant Ministers in the remaining states and territories for publication in their respective government Gazettes.

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