CPD is a necessary component of any professional practising accountant’s life, as it ensures they are able to provide a competent and high quality service to their clients in the public interest.
Accountancy as a discipline is ever changing, thus knowledge and skills a professional accountant gained during their IPD need to be expanded upon and changed as new realities come to light. The professional accountant must also be able to effectively comply with regulatory and compliance changes/developments which their IPD could not have fully prepared them for. CPD is necessary to ensure that the practising accountant is able to continue to provide a high quality, effective and regulatory compliant service to their clients.
All members of the Association are encourage to complete CPD and the Association actively monitors the CPD activities of all practising members who hold the Association practising certificate.
The Association has adopted an output-based approach to measuring and monitoring its memberships’ CPD activities, as defined in International Education Standard (IES) 7 A16-A20.
Members are encouraged to carefully consider the learning outcomes and competencies developed when they complete CPD. These learning outcomes and competencies must be wholly relevant to a member’s professional activities.
The Association’s CPD cycles run from the 1st of January to the 31st of December each year.
All practising members who wish to possess the Association’s practising certificate must complete at least 40 hours of CPD each cycle. This 40 hours must be made up from 20 hours verifiable (structured) CPD and 20 hours non-verifiable (non-structured) CPD. In some circumstances members may complete few hours, though this must be reasonably justified (for example, if the member is looking to enter retirement and has significantly reduced the size of their practice).