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|
|Management Accounting||Management Accounting|
|Audit and Assurance||Audit and Assurance|
|Commercial Law||Business Law * including both Commercial Law and Corporations Law|
|Taxation Law||Taxation Law|
|Accounting Information Systems||Removed – no longer required|
|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
|Accounting Systems and Processes||compulsory||compulsory||compulsory||compulsory||compulsory||compulsory|
|Financial Accounting & Reporting||compulsory||compulsory||compulsory||compulsory||compulsory||compulsory|
|Audit & Assurance||optional||optional||optional||compulsory||optional||optional|
|Taxation Law||optional||compulsory*Australian Taxation Law||optional||optional||optional||optional|