There are three main professional accountancy bodies in Australia and each issues their own accounting designations. Although each is quite different they all have education requirements which meet the standards set by the International Federation of Accountants and members of all three professional bodies are recognised in Australian legislation as qualified accountants. In addition all three accountancy bodies are members of the Accounting Professional and Ethical Standards Board which is an independent body that sets standards for the accounting profession.
Certified Practicing Accountants (CPAs) in Australia
The CPA designation in Australia is regulated by CPA Australia. Certified Practicing Accountants require a combination of education and experience. The CPA Program consists of 14 education segments made up of a foundation level of 8 segments, equivalent to a degree, and a professional level of 6 post-graduate segments, plus a practical experience requirement of at least three years supervised, relevant work experience.
Certified Practicing Accountants in Australia work in corporations, small to medium enterprises, the public sector and in public practice. Their jobs may include auditing, budget analysis , financial or management reporting, taxation, business risk and environmental accounting.
Chartered Accountants (CA) in Australia
The CPA designation in Australia is regulated by the Institute of Chartered Accountants in Australia. To become a CPA students need a university degree and then undertake the Chartered Accountants Program which consists of postgraduate education through the Graduate Diploma of Chartered Accounting (GradDipCA) plus practical experience of three years. These can be undertaken concurrently.
Chartered Accountants in Australia work in commerce (40%), public practice (40%), government and academic institutions and include the Chief Financial Officers of around 30% of Australia’s Top 500 companies. In addition Chartered Accountants audit all of the top 100 ASX-listed companies in Australia.
National Institute of Accountants (NIA) Designations in Australia
The NIA Program results in the award of a university postgraduate qualification, a Masters of Commerce (Professional Accounting). The National Institute of Accountants is not as well regarded as CPA Australia and the Institute of Chartered Accountants in Australia because prior to 2005 its qualification requirement was based on an Advanced Diploma, rather than a university degree plus a graduate diploma.
Designations awarded by the NIA are Member of National Institute of Accountants (MNIA) and Professional National Accountants (PNA). NIA members work in business or industry throughout Australia with many working in leading Australian accounting firms, in commerce and industry and in public practice. They have job titles including CFO, Financial Controller, Finance Manager and Commercial Manager.
Jo Jackson - Jo is an Australian writer with an MBA and a B.Sc.(Hons) in botany. She has wanted to write since she first discovered books and currently ...
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