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Changes to Skills Assessment for Accounting & Auditing for Australia Skilled Migration

Posted on August  12 , 2015

Requirements for skills assessment for accounting and auditing changed from 1 July 2015.

This particular affects those who have studied in Australia and 485 visa holders. Applicants now need to complete more subjects for a positive assessment.

It was previously thought that if an applicant had a positive Temporary Graduate subclass 485 assessment , then they would not need to complete additional subjects when applying for a permanent skills assessment and providing evidence of English language ability.

Chartered Accountants Australia has now made it clear that unless the 485 holder has completed all subjects required under the new rules, they may need to complete additional subjects. This may result in many 485 students needing to re-enrol to complete necessary accounting subjects prior to applying for PR.

The total number of core knowledge areas will be consolidated to nine (9) from the current twelve (12).

Pre-July core knowledge areas   Post-July competency areas
 Accounting Systems and Processes  Accounting Systems and Processes
 Financial Accounting  Financial Accounting and Reporting * including both Financial Accounting & Accounting Theory
 Accounting Theory
 Management Accounting  Management Accounting
 Finance  Finance
 Audit and Assurance  Audit and Assurance
 Commercial Law  Business Law * including both Commercial Law and Corporations Law
 Corporations Law
 Taxation Law  Taxation Law
 Accounting Information Systems  Removed – no longer required
 Economics  Economics
 Quantitative Methods  Quantitative Methods

Candidates must meet at least seven (7) core knowledge areas, with the exception of External Auditors and Taxation Accountants, who must meet at least eight (8) as outlined in the table below.

Core Knowledge Areas 

 

 

ACCOUNTANT GENERAL
221111

 

 

 

 

TAXATION ACCOUNTANT
221113

 

 

 

 

MANAGEMENT ACCOUNTANT
221112

 

 

 

 

EXTERNAL AUDITOR
221213

FINANCE MANAGER132211

 

 

 

 

CORPORATE TREASURER
221212

 

 

 

 

Accounting Systems and Processes compulsory compulsory compulsory compulsory compulsory compulsory
Financial Accounting & Reporting compulsory compulsory compulsory compulsory compulsory compulsory
Management Accounting compulsory compulsory compulsory compulsory compulsory compulsory
Finance compulsory compulsory compulsory compulsory compulsory compulsory
Audit & Assurance optional optional optional compulsory optional optional
Business Law compulsory compulsory compulsory compulsory compulsory compulsory
Taxation Law optional compulsory*Australian Taxation Law optional optional optional optional
Economics compulsory compulsory compulsory compulsory compulsory compulsory
Quantitative Methods compulsory compulsory compulsory compulsory compulsory compulsory

 

 The Degree and English language requirements will remain unchanged.
Sources: Acacia Immigration; Chartered Accountants Australia