THE INSTITUTE OF CHARTERED ACCOUNTANTS OF THE CARIBBEAN CONTINUING PROFESSIONAL EDUCATION GUIDELINES
1. OBJECTIVES
1.1 The basic objectives of the programme of CPE are as follows:
i) To maintain an adequate level of technical knowledge among members of the Institute;
ii) To assist members of the Institute to adapt to the evolution of new techniques, changing responsibilities and economic conditions;
iii) To demonstrate to society at large the concern of the profession for the public interest by encouraging members of the Institute to have adequate technical knowledge and skills to provide the services reasonably expected of them.
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF THE CARIBBEAN CONTINUING PROFESSIONAL EDUCATION GUIDELINES
1. OBJECTIVES
1.1 The basic objectives of the programme of CPE are as follows:
i) To maintain an adequate level of technical knowledge among members of the Institute;
ii) To assist members of the Institute to adapt to the evolution of new techniques, changing responsibilities and economic conditions;
iii) To demonstrate to society at large the concern of the profession for the public interest by encouraging members of the Institute to have adequate technical knowledge and skills to provide the services reasonably expected of them.
2. SCOPE
2.1 All members owe it to themselves and their fellow professionals to ensure that they are professionally up to date and that the reputation and value of their qualification is safeguarded.
2.2 In order to offer a proper service to employers and clients, particularly in areas affecting the public interest, it is important that members demonstrate their commitment to high standards of professional and technical competence. This is particularly relevant to those members holding practicing certificates and those supervising the training of registered students.
2.3 The Institute expects that all members will demonstrate such a commitment to CPE based on these guidelines. All members need to be aware that in case of an investigation, the CPE records may be required to be submitted to the Investigations Committee.
2.4 Members admitted on or after January 1, 2002, who are applying for practicing certificates, are required to submit, with their applications, detailed records of the CPE undertaken during their 36 months of Approved Practical Experience. Where an application is made more than 36 months after starting Approved Practical Experience, the member is required to confirm that he/she has satisfied these guidelines in the period to date.
3. SUBJECT AREAS
3.1 Because of the wide range of professional activities of its membership, the Institute relies on members and their firms to decide the relevance and usefulness of any CPE programme to their own circumstances.
3.2 Normally CPE is the assimilation of technical knowledge. It is recognised, however, that it may be appropriate to include as an element of the CPE programme, time spent on the development of interpersonal or management skills.
3.3 A distinction should be made between “unstructured” and “structured” CPE. Structured CPE can be achieved through interaction with other individuals (not necessarily other members). For example, attendance at technical meetings, seminars, lectures, courses (including pre-course/meeting preparation) could constitute structured CPE. It may also be achieved through distance learning where the course is assessed and/or leads to a further qualification.
3.4 Unstructured CPE will normally be achieved through private reading and study.
Detailed examples of structured and unstructured CPE activities and qualifying topics can be found in the appendices at the end of these guidelines. It is for individual members and their firms to decide what subject matter is useful and relevant to their needs. However, practicing members are required to maintain an appropriate level of competence in all of the following areas:
· Conduct of audit of companies and similar entities;
· Accountancy;
· Taxation;
· Business Advice;
· Practice Management.
4. EXTENT OF CONTINUING PROFESSIONAL EDUCATION
4.1 From January 1, 2002, at least 35 hours every year must be devoted to continuing study. A minimum of 14 hours in any one year (and at least 63 hours in a 3 year period) must be spent on structured courses.
Time-value of Structured Courses
4.2 The hours actually spent on participating in structured courses will count one for one towards the total requirements. However, time spent on course registration, lunches, dinners, coffee breaks and other social activities, and the completion of post-conference assessment forms should be excluded. Only the time spent on technical content, pre-reading and assignment completion should be recorded. The time allocation for pre-reading will be specified for each course.
4.3 Hours spent on course leadership or instruction are available for the first time only on a given topic. Further hours for the same topic will not be allowed where major upgrading or restructuring of the course or seminar material has not occurred. Five hours of preparation time is allowed for every hour of presentation.
4.4 A maximum of 14 hours per annum will be allowed for the following:
· Each major change in job environment.
· Each major involvement in effecting mergers, take-overs, public share issues, development and implementation of major financial or management information systems.
· Employment related experience involving the completion of a project or assignment which required the member to research and obtain knowledge in a qualifying field.
· Each article or brief published on a qualifying topic.
4.5 A maximum of 35 hours per annum will be allowed for study leading to a post graduate or another professional qualification.
4.6 Professional development of a repetitive nature will not normally qualify for CPE hours. Advance rulings as to the eligibility of professional development activities undertaken by members may be sought through the Institute’s Secretariat.
5. RECORDING AND REPORT CPE
5.1 The CPE Programme implementation date is January 1, 2002 and the reporting period coincides with the calendar year.
5.2 Members will be required to maintain records of their attendance at specific courses. A record sheet is available at the Secretariat which members may find useful for recording the appropriate details of each course which they attend.
5.3 The details on these forms can be summarised on the annual reporting form which will be sent to members in December of each year. The completed reporting forms are to be returned to the Institute by January 31 of the following year.
5.4 A sample of reports will be selected each year for review and members will be asked to submit supporting documentation such as course transcripts/syllabus, articles published, confirmation of seminar attendance, etc.
6. EXEMPTIONS
6.1 In recognition of special circumstances, the Council may grant exemptions from compliance with the CPE Programme.
6.2 Application for exemption must be made in writing to the Institute accompanied by such information as may be appropriate in the circumstances.
7. ORGANISATION AND MONITORING
7.1 The organisation of CPE will be undertaken by the CPE Committee which will have the responsibility for the overall coordination of CPE activities. With respect to the establishment of standards for CPE programmes, the CPE Committee will liaise closely with the Accounting and Auditing Standards Committee, the Tax Committee, and the Legislation Committee, or any other relevant Committee to ensure that appropriate standards are established for CPE programmes. Some of the approaches to be used for providing CPE programmes will include:
i) The use of suitably qualified members to present courses arranged by the CPE Committee.
ii) Collaboration with other tertiary level educational institutions, management associations, Government departments, private sector training institutions in the organisation of specific courses.
iii) Co-operation between other member bodies of ICAC.
iv) Many members will be able to undertake part of their CPE activities through “internal” courses organised by practicing firms or within the area of industry, commerce and the public service.
v) Use of research, documentation, audio and video cassettes and other material developed by member bodies of IFAC for their own CPE programmes.
Monitoring
7.2 The objective of the system of monitoring participation in CPE is two-fold:
i) To provide members with a motivating factor and an element of self discipline;
ii) To provide the Institute with information on which it may base any future decisions regarding policy in the area of CPE.
System of Monitoring
Non-Institute courses organised as part of the structured learning requirement should be approved by the Institute.
7.3 The data issued to members should include an indication as to its time value for CPE purposes. Members attending such courses should be given some evidence of attendance.
7.4 The accounting profession is a dynamic one, operating in an environment of change and, for this reason, the CPE arrangements will be reviewed periodically.
8. MEMBERS’ NON-COMPLIANCE
8.1 If a member fails to return the annual reporting form by the due date or fails to achieve the required minimum of 35 CPE hours in any one year, the following course of action will be taken.
(a) He member will be notified in writing of his/her non-compliance.
(b) A written response to the notice will be requested from the member within 30 days indicating the course of action the member intends to take to remedy the non-compliance.
(c) Based on the course of action outlined, the CPE Committee may allow a grace period for compliance. If subsequent to the grace period the member has still not complied, notification will be given in writing to the Investigations Committee for their consideration. A copy of this referral will be forwarded to the member.
(d) If the Investigations Committee is of the opinion that a prima facie case for non-compliance with the CPE guidelines has been made out against the member, the matter will be referred to the Disciplinary Committee for further action in accordance with the Institute’s By-laws.
9. IMPLEMENTATION
9.1 The guideline was approved by the Board of the Institute of Chartered Accountants of the Caribbean and issued in draft form to members for their comments on January 22, 2000.
9.2 The Revised guideline incorporating members’ comments was approved by the Board on June xx, 20XX and forms part of the regulations governing practice.
9.3 The CPE Programme implementation date is January 1, 2002.
APPENDIX I
EXAMPLES OF STRUCTURED AND
UNSTRUCTURED CPE ACTIVITIES
Examples of Structured CPE Activities
1. Courses run by or under the auspices of member bodies of IFAC within their continuing professional education programme.
2. Study undertaken for the purpose of preparing the student for a post-qualification, e.g. a specialist qualification in taxation.
3. Studies undertaken after qualification with a view to preparing the candidate for a post-graduate degree.
4. Suitable courses run by a university or other appropriate institution.
5. Relevant courses run by a member firm in public practice, by an industrial company or other business organisation.
6. Courses run by a private educational establishment of a standard comparable to that described in (i) above.
7. Correspondence courses, audiotape or videotape packages, courses of programmed texts or other individual study programmes which require participation by the member.
8. Writing of technical articles, papers or books.
9. Working as a lecturer, instructor or discussion leader on a structured course (repeat presentations of the course should not be considered for this purpose).
10. Participation in conferences, briefing sessions or discussion groups (where technical material is prepared by the member).
11. Service as a member of technical committee of a professional association, major companies, charities or non-profit organisations (to the extent that technical material is prepared or reviewed by the member).
12. Service as a member of the examining board of ICAC (to the extent that technical material is prepared or reviewed by the member).
13. Major changes in job environment, e.g. working in a different industry, different department or career advancement.
14. Responsibility for a major involvement in effecting mergers, major take-overs, public share issues, development and implementation of major financial or management information systems.
Examples Of Unstructured CPE Activities
1. Reading technical, professional, financial or business literature.
2. Use of audiotapes, videotapes, correspondence courses, etc. (where no participation is required).
3. Participation in meetings, briefing sessions or discussion groups (where no technical material is prepared by the member).
4. Service as a member of a technical committee of a professional accounting body or individual firm (where no technical material is prepared or reviewed by the member).
QUALIFYING TOPICS
The topic of study listed below provides a general guideline only and it is for the individual members and their firms to decide what subject matter is useful and relevant to their needs.
1. Accountancy
2. Auditing
3. Bankruptcy, receiverships and liquidations
4. Economics
5. Financial Management
6. Human Resource Management
7. Information Technology
8. Management Development
9. Organisational Behaviour
10. Regulation of Financial Institutions
11. Taxation
APPENDIX II
ACTIVITIES NOT CONSIDERED TO BE STRUCTURED
OR
UNSTRUCTURED CPE
Examples
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APPENDIX III
CHARACTERISTICS OF FORMAL PRESENTATIONS
To be acceptable, presentations must demonstrate all of the following attributes:
The presenter must have qualifications and in-depth knowledge and experience appropriate to the subject to be presented: this should be fully documented in any course publicity or hand-out;
There must be pre-prepared course notes and a course outline which participants can retain for future reference (and verification by the Institute);
The presentation must be conducted in an appropriately laid out room, which is quite separate from the participants’ normal working area and where no interruptions will occur.
In addition, the following attributes should normally apply:
The presentation should last for a minimum of one and half hours, which may include question/answer sessions, discussion sessions, use of videos or use of role play;
The presentation should be attended by a minimum of five participants;
The presentation should be interactive, allowing participants to ask questions and to discuss points of interest or concern.
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