The changes, which come into effect in November, follow a series of consultations. They will give greater clarity on the amount of CPD members should be doing, to ensure they have up-to-date professional, technical and business skills.
The revisions have been designed to assure the public and regulators that ICAEW Chartered Accountants maintain and enhance their competence within increasingly complex professional and regulatory environments.
Members and other professionals regulated by ICAEW for certain activities, such as audit, probate and insolvency, will be required to:
- complete at least 20 CPD hours annually, of which a proportion must be verifiable;
- undertake at least one hour of ethics training each year;
- keep a record of their CPD hours so they can be inspected on request by ICAEW’s Quality Assurance Department.
Firms will be required to ensure ICAEW Chartered Accountants and individuals regulated by ICAEW for certain activities are compliant with the new requirements. Firms working in regulated areas such as audit are already required to ensure their staff comply with CPD requirements, which also reflects the existing obligations on member firms in the ICAEW Code of Ethics.
ICAEW has developed resources for members and firms to support with these changes. Additionally, as part of a wider initiative to support ICAEW members with their lifelong learning, faculty subscriptions to the Audit and Assurance Faculty, Financial Reporting Faculty and Tax Faculty are now included as a benefit of ICAEW membership.
Further information can be found here.