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It consisted of four subject areas (sections) which were tested in five sittings: Auditing (3.5 hours); Business Law (3.5 hours); Accounting Theory (3.5 hours); and Accounting Practice (Part I & Part II; 4.5 hours each). Although Accounting Practice Parts I and II were given in separate sittings, the two scores were combined for grading purposes.

It established four sections: Auditing, Commercial Law, Accounting Theory and Practice Part 1, and Accounting Theory and Practice Part 2. The Commercial Law and Accounting Theory and Practices sections were precursors to the REG (Business Law and Tax) and FAR (Financial Accounting) sections.

Whether providing services as an accountant or auditor, a certified public accountant (CPA) owes a duty of care to the client and third parties who foreseeably rely on the accountant's work. [1] Accountants can be sued for negligence or malpractice in the performance of their duties, and for fraud . Sources of CPAs' liability [ edit]

The Institute of Public Accountants ( IPA) is one of the three legally recognised professional bodies for accountants in Australia. [1] The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and professional practice. The organisation rebranded from its previous title, the National Institute ...