If you are a member in a statutory director role you have obligations under the revised CPD Regulations, even if that role is not in accountancy and finance. Read this case study to find out more.
Meet Tristan
Tristan Engels has been a member for 17 years. He left the accountancy profession a few years ago to set up a music academy. He now runs the business as a VAT registered company in which he is a director. He employs 15 teaching staff and his company has an annual turnover of £2m.
Tristan's CPD requirements
Tristan is unsure whether he is exempt from the CPD Regulations and works through the CPD self-assessment tool to clarify his understanding.
Although Tristan is no longer in an accountancy and finance related role, he has legal and financial responsibilities as a statutory director of a company which is not a micro entity, which means he is required to complete a minimum number of CPD hours by the CPD Regulations.
Tristan falls into not-in-practice CPD category 3 and is required to undertake 20 hours of CPD annually, of which five hours must be verifiable .
Tristan is also required to keep records and make them available to ICAEW on request.
Statutory director of a micro entity?
A micro entity is a company that meets two out of the following three criteria: turnover less than £632,000; gross assets less than £316,000; and fewer than 10 employees.
If being a statutory director of a micro entity is the only role that brings you within scope of the regulations, you should reflect on the nature of this work and ensure your CPD addresses your professional development needs.
Tristan's CPD activities
Tristan is signed up to HMRC’s help and support service and regulatory uses the free resources.
During the year, he attends five of HMRC's webinars covering homeworking, employee benefits, company director tax and minimum wages (totalling five hours of verifiable CPD) and reads regular HMRC employer bulletins (totalling five hours of non-verifiable CPD).
Tristan is also a member of the ICAEW Small and Micro Business Community, a free community for ICAEW members.
During the year he engages in relevant learning opportunities from the community including six webinars covering: employment law, hot topics, budget update, financial reporting for smaller entities, financing options, navigating business in an inflationary world (totalling five hours of verifiable CPD).
Tristan also accesses other online resources covering small business law and regulation, as well as several practical support guides (totalling four hours of non-verifiable CPD).
Finally, Tristan completes one hour of ICAEW’s free Ethics CPD course (totalling one hour of verifiable CPD).
| CPD required | Undertaken CPD | ||
| Minimum total CPD | 20 hours | Total CPD | 21 hours |
| Minimum verifiable CPD | 5 hours | Verifiable CPD | 11 hours |
More support
Find out more about the new CPD categories and identify which is most applicable to you.
Find your categorySee all the categoriesOnline CPD record
As an ICAEW member, it's easy to manage your professional development activities and record your progress against CPD requirements in the new online CPD Record.
