The Institute of Chartered Accountants in England and Wales (ICAEW) is changing its Continuing Professional Development (CPD) requirements from November 2023. The new rules will introduce a minimum number of hours that members must complete each year, as well as a mandatory ethics requirement.
The following are the key changes to the ICAEW CPD requirements:
- Minimum number of hours: From November 2023, all members will be required to complete a minimum of 20 hours of CPD per year.
- Verifiable hours: A minimum of 10 of the 20 hours must be verifiable, meaning that members must be able to provide evidence of the CPD activity they have undertaken.
- Ethics requirement: Members will be required to complete a minimum of one hour of ethics training each year.
The new CPD requirements are designed to ensure that ICAEW members remain up-to-date with the latest developments in their profession and that they are able to demonstrate high standards of ethical conduct.
The following are some of the benefits of the new CPD requirements:
- Members will be better equipped to deal with the challenges of the modern workplace.
- Members will be able to demonstrate their commitment to continuous learning and professional development.
- Members will be able to uphold high standards of ethical conduct.
ICAEW members can find more information about the new CPD requirements on the ICAEW website.
Here are some additional details about the new CPD requirements:
- CPD categories: Members will be placed in one of four CPD categories, based on the type of work they do. The categories are:
- Category 1: Accounting and finance professionals
- Category 2: Business professionals
- Category 3: Other professionals
- Category 4: Retired members
- Ethics training: The ethics training that members are required to complete must be aligned to the ICAEW Code of Ethics. The training can be delivered in a variety of formats, including online courses, webinars, and workshops.
- CPD record keeping: Members are required to keep a record of their CPD activities. The record should include the following information:
- The title of the CPD activity
- The date of the CPD activity
- The provider of the CPD activity
- The number of hours of CPD
- CPD audit: ICAEW may audit members' CPD records. Members who fail to comply with the CPD requirements may be subject to disciplinary action.
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