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Continued Professional DevelopmentFAQs
| Following are the Frequently Asked Questions (FAQs) regarding the CPD.
Q.1 What is Continuing Professional Development (CPD)? Q.3 What are the benefits of CPD? Q.4 What is the consequence for not complying with the CPD requirement? Q.6 Are there any changes to the minimum CPD hours under the new CPD Directive (July 2007)? Q.8 What does a rolling three-year period mean? Q.10 What is the criteria for CPD exemption? Q.11 If I am qualified to be exempted from CPD requirement, do I need to submit CPD Reporting Form? Q.13 What activities are considered as CPD programmes? Q.16 Will we have access to the details to see if our staff (ICAP members) stays up to date? Q.19 How my CPD record will be maintained? Q.22 How can the Institute tell me which CPD activities are relevant to me? Q.23 Where can I find CPD courses? Q.24 What if I identify a learning need but can't find a suitable course/materials to learn from? Q.26 How am I expected to record my CPD? Q.27 I can't access the CPD record form online. What to do? Q.28 Can you send me a hard copy version of the CPD record sheet?
Ans. Continuing Professional Development (CPD) is the means by which members of professional associations maintain, improve and broaden their knowledge and skills and develop the personal qualities required in their professional lives. The principle of considering what relevant CPD activities are is whether such activities are relevant to individual's work as a Professional Accountant. These learning activities should enhance and broaden the relevant knowledge and skills to enable a member to competently carry out his or her professional duties and responsibilities. Individual training needs vary and the CPD scheme has been designed to reflect this by offering a wide spectrum of training activities which qualify for CPD hours. To meet the CPD requirements members are free to choose activities relevant to their individual needs. Members may choose programmes offered by the Institute or other outside providers, so long as they consider such programmes are suitable and relevant to their individual needs. CPD requirements can be achieved by various methods of learning like; attending seminars; conferences/training workshops; e-courses and writing articles in professional journals and books/study packs.
Ans. A professional can be defined as: "A person who practices an occupation involving high standards of intellectual knowledge after successfully completing the required education and training" and a profession as "An occupation requiring special education". This reflects the general expectations of the public about professionals. The knowledge needed to function effectively as a Chartered Accountant in public practice, commerce, education, the public sector or any other environment continues to expand and change at a rapid rate. Professional Accountants all over the world face increased knowledge and skills expectations. They and their professional associations also face unprecedented scrutiny about the quality of internal control, governance, financial statements and independent audits. All these issues are dealt amicably by CPD.
Q.3 What are the benefits of CPD? Ans. Continued development of professional knowledge and skills has the following distinct benefits for the individual professional accountant: In other words, it keeps the holder of the ACA/FCA designation relevant in business, which results in sustainable employment and leads to high income earning potential. It is, however, just as important for any professional associations of accountants, like ICAP that their members are competent and are seen by all the various stakeholders to be competent. In this regard a programme of lifelong learning or CPD achieves the following benefits:
Q.4 What is the consequence for not complying with the CPD requirement? Ans. The IFAC standard on CPD is very specific in terms of the implementation and enforcement of the requirements "as an integral component of a professional accountant's continued membership". In light of this standard, our own CPD Directive stipulates that for all members, non-compliance of this Directive will be reviewed by the CPD Committee and if deemed appropriate the matter may be referred to the Executive Committee.
Q.5 I have not submitted my CPD Reporting Form to the Institute at the specified deadline; will I be regarded as a case of non-compliance? Ans. Yes, if you do not file your CPD Reporting Form to the Institute by the specified due date, you will be regarded as non-compliance with the CPD requirement.
Q.6 Are there any changes to the minimum CPD hours under the new CPD Directive (July 2007)? Ans. The new Directive like the old one, requires all members, except those who have been granted CPD exemption or those who are qualified for such exemption, to complete 40 hours in one year or 120 hours in every 3 years period. However, the new Directive also stipulates that a minimum of 20 CPD hours has to be completed each year or pro rata thereof for those who join the Institute part way through a CPD reporting year.
Q.7 Under the new Directive, is there any difference between Practicing Members and non-Practicing Members in terms of CPD requirement? Ans. No. Same requirement is applicable across-the-board to all members, irrespective of whether they are Practicing or non-Practicing members.
Q.8 What does a rolling three-year period mean? Ans. The rolling three-year cycle allows more flexibility for members to earn their CPD hours. It prescribes a fixed CPD hours to be completed every three-year as opposed to every year. However a minimum of 20 CPD hours has to be achieved each year.
Q.9 If I join the Institute as a member in the middle of a CPD year, how many CPD hours do I have to complete during that year? Ans. Where a member joins the Institute during a CPD year, the CPD requirement will be measured on a pro-rata basis. For example, if you joined the Institute in April 2007, you will be required to complete 10 hours for the CPD year ended June 30 2007. (40 hours x 3/12)
Q.10 What are the criteria for CPD exemption? Ans. To be qualified for exemption from CPD requirement, the following criteria have to be met: a) ill or incapacitated so that he/she cannot perform normal work. b) retired from whole time business. c) career breaks. d) members holding public offices such as Federal Ministers, Provincial Ministers, Advisors to Ministers, Senators, MNAs, MPAs etc, during the currency of their offices.
Q.11 If I am qualified to be exempted from CPD requirement, do I need to submit CPD Reporting Form? Ans. Yes, you are still required to file a CPD Reporting Form, declaring that you have met the criteria for exemption from CPD requirement.
Q.12 I am over 70 years of age and still engaged in public practice/ I am over 60 years of age and still working in a commercial organization, can I be exempted from the CPD requirement?
Q.13 What activities are considered as CPD programmes? Ans. It is entirely up to the individual member to judge the suitability of a particular programme for himself/herself. Members have to bear in mind that the purpose of CPD is to maintain, deepen and extend members' professional competence and technical knowledge relating to their work. As such, the cardinal principle of CPD is that it must be relevant to the professional development as a Professional Accountant. Examples of CPD activities can be found in para 13 (Measurement of CPD Credit Hours) of CPD Directive (July 2007).
Q.14 I have attended a number of courses run by organizations other than the ICAP. These courses are not endorsed by the Institute, can I claim CPD hours for these courses? Ans. There is no policy requiring outside course providers to obtain endorsement from the Institute for CPD recognition. You should exercise your own judgment whether such courses constituting formal continuing professional development. The main consideration is whether these courses contribute towards your professional development. In other words, they should be relevant to your immediate or long term needs as a Professional Accountant.
Q.15 My job requires me to coach my staff on a daily basis. Can I claim CPD hours from coaching my staff? Ans. No. Normal work activities carried out as part of your daily work do not constitute formal continuing professional development. However, occasional technical training sessions, whether conducted in-house or outside your organization are recognized as CPD activity.
Q.16 Will we have access to the details to see if our staff stays up to date? Ans. No. Members will only have access to their own records. We have to respect the individual in this regard. However, members will be able to print documentation from the system and we suggest employers call for such records should they wish to collect CPD information for their employees.
Q.17 I am currently working overseas and will not be in Pakistan for the next few years. As such I shall not be able to attend any CPD activities in Pakistan. Can I get any exemption from CPD requirement? Ans. Residing or working overseas does not make you qualify for exemption from CPD requirement. CPD learning activities are not restricted to location or classroom lecture-based method. For members who reside overseas, e-Learning is an alternative CPD activity. Any suitable CPD activities taken outside Pakistan are also recognized as constituting formal continuing professional development, provided that the knowledge and/or skills acquired through these activities are relevant to your professional development.
Q.18 I participate in my company's in-house training sessions and occasionally I am involved as a speaker. Can this type of activity be counted as a CPD activity? Ans. The general principle is that time spent by a member in assimilating knowledge on professional, technical and managerial subjects relevant to his/her own work is recognized as constituting CPD. Similar consideration applies to you being a course speaker or presenter of topics relevant to your professional responsibilities. The amount of CPD hours includes preparatory as well as presentation time.However, repeated presentations of the same material (especially within a short period of time) will not be counted as CPD activity unless the repeated work entails updating of the presentation material. In this case only the time spent on research and updating the material should be counted as CPD hours.All verifiable CPD hours are subject to verification by a competent source, which in the present case is your employer.
Q.19 How my CPD record will be maintained? Ans. CPD records are to be maintained as follows: a. The Institute will maintain upto date record in respect of members participating in CPD activities organized by the Institute. b. Members attending CPD credit programmes other than those conducted by the Institute shall inform for availing credit hours as per measurement prescribed in Point 13 (Measurement of CPD Credit Hours) of CPD Directive (July 2007). c. The CPD Regional -Committees shall forward records of attendance at CPD activities to the Continuing Professional Development Committee within one week of holding of such activities. d. The Institute will on annual basis send the details of CPD credit hours achieved by each member and will post the details on its website.
Q.20 I don't work in accountancy/describe myself as a Chartered Accountant/ use the letters ACA or FCA. Are CPD requirements still applicable to me? Ans. CPD requirements apply to all members irrespective of sector. The exception is only for those who are fully retired and who undertake no work. CPD is principles-based and is designed to suit all members, irrespective of their area(s) of work. Whatever your area of work, you are required to keep up-to-date and to maintain competence so that you can fulfill your role, assume your responsibilities effectively and meet the expectations placed upon you. CPD is about development and is not subject specific. We expect you to keep up-to-date in those areas which directly affect your role and which are relevant to you.
Q.21 My firm has its own CPD programme in place/ I already complete CPD for another professional body. Will this meet the new requirements or will I have to undertake additional learning for the ICAP? Ans. You don't need to, provided that, development activities are relevant to the requirements of your role in your organization. There is no need to re-format anything which you have already done.
Q.22 How can the Institute tell me which CPD activities are relevant to me? Ans. We do not presume to tell you what you should do. CPD is a principles-based system which allows you to determine the most relevant activities for you and to decide how much CPD you need to undertake. You may conclude that you are competent and up-to-date and that there are no CPD activities that you need to undertake in a particular period. We leave it to you to exercise professional judgment to determine the CPD you undertake. CPD needs to be proportionate to your role and responsibilities.
Q.23 Where can I find CPD courses? Ans. The ICAP website has links to an events schedule. In addition, you are also updated about CPD events through the CPD update, our monthly e-newsletter. The Institute does not accredit training providers. You are free to choose the learning activities and providers which will best meet your individual needs.
Q.24 What if I identify a learning need but can't find a suitable course/materials to learn from? Ans. Talk to others in your organization, your HR or training departments. If you work outside Pakistan, contact local professional and regulatory bodies. Visit the ICAP website. Read the CPD update, our monthly CPD e- newsletter.
Q. 25 As a professional accountant /manager, I need to read a lot to keep my self abreast with the recent happenings in the profession and the corporate sector. Do these readings count towards my required number of CPD hours? Ans. Yes, they do. As a result of comments received from various stakeholders, ICAP has instituted an interim arrangement with regards to the submission of self-certified readings which will count towards the required number of CPD hours. For the first three year reporting cycle, members are permitted to submit a maximum of 30 hours of self-certified readings over the three years, with a maximum of 10 hours in any one year. Self certified readings include, inter alia, relevant journal articles, newspaper reports and subscriptions. In order to self-certify, a member must maintain a schedule of all such reading material, specifying the following: The schedule must be self-certified on an annual basis and retained as part of their CPD records. It is also recommended that the member make a copy of the relevant reading and certify that they have read it by signing it off and retaining it with the annual reading schedule. This interim arrangement will be reviewed at the end of the first three year cycle (2010).
Q.26 How am I expected to record my CPD? Ans. You are required to send your CPD record on the CPD Reporting Form, which you can download from the website.
Q.27 I can't access the CPD record form online. What to do? Ans. Send an e-mail at syed.asim@icap.org.pk with a c.c to junaid.ahmed@icap.org.pk . The ICAP staff will provide the the required support to you in this regard.
Q.28 Can you send me a hard copy version of the CPD record sheet? Ans. Yes, we can print and send you a copy. Send an e-mail at cpd@icap.org.pk with a c.c to junaid.ahmed@icap.org.pk .
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