APEC Economy: Australia

Accountancy Services – General background

In Australia, provision of the following accountancy services require a license from a regulatory body:

Licensing Requirements (Regulatory):

The name of and contact details (including website if available) of the organisation(s) that control the licensing of accountants, the regulations applicable to licensing of accounting services in this economy are as follows:

Australian Securities and Investment Commission
Website:                      www.asic.gov.au
Regulations:                Corporations Act 2001 and Regulations
Web access:http://www.weblaw.edu.au/display_page.phtml?WebLaw_Page=Corporations+Law

Australian Taxation Office
Website:                   www.ato.gov.au
Regulations:             Tax Agent Services Act 2009 and regulations
Web access:             http://www.comlaw.gov.au/Details/C2009A00013

A foreign accountant can obtain a license to provide limited accountancy services in this economy. These limited services are Taxation and Investment Advice. Local residency is required for the provision of auditing and insolvency services.

There are specific restrictions or requirements relating to education and experience (other than nationality or residency) that limit the ability of foreign nationals or residents to become fully licensed local accountants in this economy. The minimum level of education is a university degree in accounting which includes related subjects such as auditing, commercial law, company law and taxation.

There following rules apply to all accountants (local and foreign) for the purpose of fulfilling some or all local licensing requirements:

Rules provide for consideration of equivalent qualification in certain economies.

Limited Licence

A foreign accountant cannot obtain a limited licence to provide accountancy services in this economy.

Professional Accounting Bodies

A separate license is not required from the local professional body in order to provide professional accountancy services in this economy.

There are three recognised professional accounting bodies in this economy:

Organisation 1:

CPA Australia

Contact Name:

Peter Doherty

Address:

Level 20, 28 Freshwater Place

City/Town:

Southbank

State:

Victoria

ZIP/ Postcode:

3006

Economy:

Australia

Phone number:
& Fax number:

Within Australia 1300 73 73 7
Outside Australia +61 3 9606 9677

Website:

http://www.cpaaustralia.com.au/

Levels of membership

  • Full member
  • Fellow member
  • Associate member

See: http://www.cpaaustralia.com.au/cps/rde/xchg/cpa- site/hs.xsl/become-started-membership.html

Eligibility to other bodies in the APEC economies

CPAA Mutual Recognition Agreements (MRAs) with the following APEC economies:
Canada
Certified General Accountants Canada
Certified Management Accountants Canada

Hong Kong 
Hong Kong Institute of Certified Public Accountants

Malaysia 
Malaysian Institute of Accountants

Singapore
Institute of Certified Public Accountants of Singapore

Alliances & MOUs

In addition to the above APEC economies, CPAA has MRAs with:

Europe
Chartered Institute of Public Finance and Accountancy
Chartered Institute of Management Accountants
CPA Ireland: Institute of Certified Public Accountants in Ireland

India
Institute of Chartered Accountants India

Memorandum of Cooperation (MoC)
CPAA has Memorandum of Cooperation’s (MoCs) with the

  • Chinese Institute of Certified Public Accountants;
  • Macau Society of Registered Accountants;
  • Vietnam Association of Certified Public Accountants;
  • Auditors, the National Accounting Council of Cambodia;
  • Kampuchea Institute of Certified Public Accountants and Auditors;
  • Vietnam Association of Accountants and Auditors.

Organisation 2:

The Institute of Chartered Accountants in Australia (ICAA)

Contact Name:

Bill Palmer, Director Asia

Address:

33 Erskine Street

Address 2:

GPO Box 9985

City/Town:

Sydney

State:

NSW

ZIP/ Postcode:

2000

Economy:

Australia

Email address:

service@charteredaccountants.com.au

Phone number:
& Fax number:

Within Australia: +612 9290 1344 or 1300 137322.
If overseas: +61 2 9290 5660

Fax: +61 2 9262 4841

Website:

www.charteredaccountants.com.au

Levels of membership

  • Full member
  • Fellow member
  • Affiliate member

http://www.charteredaccountants.com.au/Members/Membership.aspx

Eligibility to other bodies in the APEC economies

  • Canada – The Canadian Institute of Chartered Accountants.
  • Hong Kong, China – The Hong Kong Institute of Certified Public Accountants
  • Malaysia – The Malaysian Institute of Certified Public Accountants
  • New Zealand – The New Zealand Institute of Chartered Accountants
  • United States – The American Institute of Certified Public Accountants

Alliance & MOUs

The ICAA is a member of the Global Accounting Alliance (GAA) which provides for reciprocal membership - refer http://www.charteredaccountants.com.au/The-Institute/Migration-assessment/Global-Accounting-Alliance.aspx
MOUs are found at http://www.charteredaccountants.com.au/The-Institute/The-Institute-worldwide/The-Institute-in-Asia/Memorandums-of-understanding-and-reciprocal-membership.aspx

Organisation 3:

Institute of Public Accountants

Contact Name:

Andrew Conway

Address:

6/555 Lonsdale Street

City/Town:

Melbourne

State:

Victoria

ZIP/ Postcode:

3000

Economy:

Australia

Email address:

natoffice@publicaccountants.org.au

Phone number:
& Fax number:

+613 8665 3100

Website:

http://www.publicaccountants.org.au/

Levels of membership

  • Full member
  • Fellow member
  • Associate member

http://www.publicaccountants.org.au/ipa-membership

Eligibility to other bodies in the APEC economies

No

Alliances & MOUs

IPA has mutual recognition agreements (MRAs) with the following professional accounting bodies in the APEC region

  • The China Enterprise Confederation & China Enterprise Directors Association (CECDA)
  • The South African Institute of Professional Accountants (SAIPA)
  • The Institute of Cost and Works Accountants of India (ICWA)
  • Member of Confederation of Asia Pacific Accountants (CAPA)
  • Member of International Federation of Accountants

Temporary practice arrangements

A foreign accountant is not permitted to provide professional accountancy services on a temporary basis without a local license in this economy.

Rules on firms and commercial association

In this economy:

Other regulatory issues

In this economy there are:

Additional information relevant to the Accounting profession

Foreign accountants can become members of local accounting bodies through MRAs. However, in order to offer accountancy services as a principal it is necessary to also hold statutory licences. Therefore it is much easier for a foreign accountant to be an employee rather than to operate on their own account.

Contact Details

Additional information is available at:
The Australian Government Treasury
Website: www.treasury.gov.au