CPA Australia
Encyclopedia
CPA Australia is one of three professional accounting
bodies in Australia
, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia
.
CPA Australia is one of the largest global accounting bodies, having members through Asia Pacific as well as its home base.
In 1952, the Commonwealth Institute and Federal Institute merged to form the Society. The Association of Accountants of Australia was merged into the Society some years later, with the Australian Institute of Cost Accountants following in 1966.
To be a CPA, candidates must hold a degree or a postgraduate award recognised by CPA Australia, have demonstrated competence in CPA Australia’s prescribed foundation level knowledge and with in a six-year period have successfully completed CPA Australia’s professional level examinations and the Practical Experience Requirement.
The foundation level represents the first eight exams (segments) of CPA Program, and each designed to assess technical knowledge gained through work experience or study to ensure candidates are ready to undertake the professional level of CPA Program. The completion of an accredited or recognised degree, such as an accounting degree, will often meet all the requirements of the Foundation level and allow candidates to commence at the professional level.
The professional level is made up of six post-graduate education segments and builds on this strong foundation with higher level analysis, judgment, decision making and reporting and focuses on areas that ensure a CPA is valued by any employer - ethics, governance, leadership and strategy.
The three year practical experience requirement, part of the professional level of CPA Program, has been designed in response to the needs of different stakeholders including employers, industry and graduates. The practical experience requirement develops candidates technical, business, personal effectiveness and leadership skills.
Candidates entry point into CPA Program will be determined by an individual assessment of prior education and experience. The completion of an accredited or recognised degree, such as an accounting degree, will often meet all the requirements of the foundation level and allow you to commence at the professional level.
Compulsory CPD applies to all ASA, CPA and FCPA members, including retired members who provide public accounting services, in any year (whether or not this is for reward). Upon renewing membership each year members are required to declare their ongoing compliance with the CPA Australia constitution, by-laws and minimum continuing professional development (CPD) requirements. Fulfilment of 120 Continuing Professional Development (CPD) hours per triennium (3-year period) with a minimum of 20 CPD hours in each year is required for continued membership. Members must monitor their own CPD hours and CPA Australia also conducts random audits of members to confirm that they are meeting the CPD requirements.
Full members of CPA Australia use the designatory letters CPA, (CPA (Aust.) in Hong Kong). Senior members may become Fellows and use the letters FCPA, (FCPA (Aust.) in Hong Kong).
CPA Australia has approximately 132,000 members (CPA/FCPA/ASA). An increasing proportion of these members are from other countries or Australians located overseas.
and the Institute of Public Accountants co-operate in an advisory role in formulating and interpreting accounting standards. All three bodies co-operate closely on professional matters, and issue joint handbooks. There was some discussion about merging the membership of both bodies, but there are no concrete plans for this move. Such a move would likely be considered controversial given the different entry requirements of each organisation.
The three bodies collaborate in supporting the Accounting Professional & Ethical Standards Board
, founded in 2006, which publishes ethics-related standards for accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants
(IESBA).
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
bodies in Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia
Institute of Chartered Accountants of Australia
The Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
.
CPA Australia is one of the largest global accounting bodies, having members through Asia Pacific as well as its home base.
History
The name CPA Australia dates from April 2000. Prior to that, the society had been known as the Australian Society of Certified Practising Accountants since July 1990. In its current form the society dates from 1952 when it was incorporated as the Australian Society of Accountants. The main predecessor bodies of the Society, with year of formation, are:- Incorporated Institute of AccountantAccountantAn accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
s, 1886 (changed name in 1921 to the Commonwealth Institute of Accountants) - Federal Institute of Accountants, 1894
- Association of Accountants of Australia, 1910
- Australian Institute of Cost Accountants, circa 1925
In 1952, the Commonwealth Institute and Federal Institute merged to form the Society. The Association of Accountants of Australia was merged into the Society some years later, with the Australian Institute of Cost Accountants following in 1966.
Membership
CPA Program consists of 14 education segments and a fully integrated practical experience requirement. The educational component of CPA Program has two parts: the foundation level and the professional level.To be a CPA, candidates must hold a degree or a postgraduate award recognised by CPA Australia, have demonstrated competence in CPA Australia’s prescribed foundation level knowledge and with in a six-year period have successfully completed CPA Australia’s professional level examinations and the Practical Experience Requirement.
The foundation level represents the first eight exams (segments) of CPA Program, and each designed to assess technical knowledge gained through work experience or study to ensure candidates are ready to undertake the professional level of CPA Program. The completion of an accredited or recognised degree, such as an accounting degree, will often meet all the requirements of the Foundation level and allow candidates to commence at the professional level.
The professional level is made up of six post-graduate education segments and builds on this strong foundation with higher level analysis, judgment, decision making and reporting and focuses on areas that ensure a CPA is valued by any employer - ethics, governance, leadership and strategy.
The three year practical experience requirement, part of the professional level of CPA Program, has been designed in response to the needs of different stakeholders including employers, industry and graduates. The practical experience requirement develops candidates technical, business, personal effectiveness and leadership skills.
Candidates entry point into CPA Program will be determined by an individual assessment of prior education and experience. The completion of an accredited or recognised degree, such as an accounting degree, will often meet all the requirements of the foundation level and allow you to commence at the professional level.
Compulsory CPD applies to all ASA, CPA and FCPA members, including retired members who provide public accounting services, in any year (whether or not this is for reward). Upon renewing membership each year members are required to declare their ongoing compliance with the CPA Australia constitution, by-laws and minimum continuing professional development (CPD) requirements. Fulfilment of 120 Continuing Professional Development (CPD) hours per triennium (3-year period) with a minimum of 20 CPD hours in each year is required for continued membership. Members must monitor their own CPD hours and CPA Australia also conducts random audits of members to confirm that they are meeting the CPD requirements.
Full members of CPA Australia use the designatory letters CPA, (CPA (Aust.) in Hong Kong). Senior members may become Fellows and use the letters FCPA, (FCPA (Aust.) in Hong Kong).
CPA Australia has approximately 132,000 members (CPA/FCPA/ASA). An increasing proportion of these members are from other countries or Australians located overseas.
Skill assessment
CPA Australia is gazetted by the Department of Immigration and Citizenship (DIAC) to assess qualification for overseas qualified accountants seeking immigration to Australia under the following Australian standard classification of occupations (ASCO) codes:- accountants (ASCO code 2211-11)
- accountant, corporate treasurers (ASCO code 2213-11)
- accountant, external auditors (ASCO code 2212-11)
- finance managers (ASCO code 1211-11)
Related organisations
In the Australian regulatory framework, CPA Australia, the Institute of Chartered Accountants of AustraliaInstitute of Chartered Accountants of Australia
The Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
and the Institute of Public Accountants co-operate in an advisory role in formulating and interpreting accounting standards. All three bodies co-operate closely on professional matters, and issue joint handbooks. There was some discussion about merging the membership of both bodies, but there are no concrete plans for this move. Such a move would likely be considered controversial given the different entry requirements of each organisation.
The three bodies collaborate in supporting the Accounting Professional & Ethical Standards Board
Accounting Professional & Ethical Standards Board
The Accounting Professional & Ethical Standards Board is an Australian organization that defines a code of professional conduct which members of the three professional accounting bodies in Australia are required to follow.-Organization and mandate:...
, founded in 2006, which publishes ethics-related standards for accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants
International Ethics Standards Board for Accountants
The International Ethics Standards Board for Accountants develops and promotes ethical standards and guidance for professional accountants...
(IESBA).
Mutual recognition
CPA Australia has mutual recognition agreements with the:- Society of Management Accountants of CanadaSociety of Management Accountants of CanadaThe Society of Management Accountants of Canada, also known as Certified Management Accountants of Canada and CMA Canada, awards the Certified Management Accountant designation in Canada.-Activities:...
(CMA Canada) - Certified General Accountants Association of CanadaCertified General Accountants Association of CanadaThe Certified General Accountants Association of Canada is the umbrella organization for Certified General Accountants. CGA-Canada represents 73,000 members and students living and working in Canada, and more than 80 countries around the world...
(CGA-Canada) - Hong Kong Institute of Certified Public AccountantsHong Kong Institute of Certified Public AccountantsThe Hong Kong Institute of Certified Public Accountants is the professional accounting body of Hong Kong.Its main responsibilities are:*Registration and regulation of profession accountants in Hong Kong....
(HKICPA) - Malaysian Institute of AccountantsMalaysian Institute of AccountantsThe Malaysian Institute of Accountants is a statutory body responsible to regulate the accountancy profession in Malaysia. It is the sole organisation in Malaysia with the right to determine whether or not a person is qualified to be recognised as an accountant by virtue of the power provided by...
(MIA) - Institute of Certified Public Accountants of Singapore (ICPAS)
- Chartered Institute of Public Finance and AccountancyChartered Institute of Public Finance and AccountancyThe Chartered Institute of Public Finance and Accountancy is a professional institute for accountants working in the public services.CIPFA has 14,000 members who work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money...
(CIPFA) - Chartered Institute of Management AccountantsChartered Institute of Management AccountantsThe Chartered Institute of Management Accountants is a United Kingdom-based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.CIMA is one of a number of professional...
(CIMA) - The Institute of Certified Public Accountants in Ireland (CPA Ireland)
- Institute of Chartered Accountants of IndiaInstitute of Chartered Accountants of IndiaThe Institute of Chartered Accountants of India is a national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Constituent Assembly of India to regulate the profession of Chartered Accountancy in...
(ICAI)
University affiliation
CPA Australia works closely with Australian universities and is a sponsor of the following student accounting organisations:- The Business Students Association (Bond University)
- University of Queensland Management AssociationUniversity of Queensland Management AssociationThe University of Queensland Management Association is an organisation established to facilitate the professional development of the students of the University of Queensland...
(University of Queensland) - Financial Management Association (University of Melbourne)
- The Accountancy Students Association (Queensland University of Technology)
- Student Accounting Association (Griffith University)