CPD Developing yourself and your staff. Craig Vickery Stefan Pegram 4 & 5 October 2016

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Hector Griffin
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1 CPD Developing yourself and your staff Craig Vickery Stefan Pegram 4 & 5 October 2016

2 Overview

3 Course outline What is CPD Recent changes IES 8 What you need to do Coffee Break Approved Employer and other initiatives Support

4 What is CPD?

5 Definition of CPD The learning and development you do throughout your career Video : How Important is CPD

6 What CPD can do Provide you with the skills you need to perform your day-to-day job in a rapidly changing world Enhance employability for the future Can be both verifiable and non-verifiable

7 CPD Plan, Do, Review Plan Consider business lines (existing and potential) to support clients (existing and potential), technical and business skills updates needed Do Consider if planned activities meet the above needs, what methods of obtaining CPD will be used Review Did activities meet your needs, can learning be applied in the workplace, what impact on your business, is further CPD required, what would you do differently next time, any other needs?

8 CPD What it is / What it is not What it is Planned Relevant to needs Direct benefit to the individual/workplace What it is not Seminar attendance?

9 CPD How to get it Wide range of types Webinars Learning at work Research Coaching and mentoring Networking Seminar attendance Committees/Panels/Discussion Groups

10 IES 8: Professional competence for engagement partners

11 IES 8: Professional competence for engagement partners When? 1 July 2016 Who does this apply to? The engagement partner (EP) responsible for audits of financial statements. During IES 8 this was identified as a common role for all audits. From a public interest perspective, the EP has overall responsibility for the audit.

12 IES 8: Professional competence for engagement partners What are the changes? Engagement partners should undertake relevant CPD activities, which includes practical experience, to develop and maintain professional competence by the achievement of learning outcomes. By focusing on the professional competence outlined in IES8, EPs will be able to deal with complex situations, which help to: Contribute to audit quality Promote the credibility of the audit profession Protect the public interest

13 IES 8: Professional competence for engagement partners What do I need to do? Engagement partners should do relevant CPD to ensure they develop and maintain the professional competence required for the role. a) technical competence b) professional skills c) professional values, ethics and attitudes.

14 Member Obligations

15 Evidence Why? To determine relevance to current or future role How? On line recording tool (e.g. ACCA) or hard copy Verifiable e.g. seminar attendance certificates Non-verifiable e.g. document noting technical reading

16 Reviews Who? ICPAC or other professional body (e.g. ACCA) Why? Ensure all members complying with CPD requirements Provide guidance on future CPD How? Random sample selected each year Detailed review of CPD undertaken in preceding year

17 Coffee Break

18 CPD Routes Unit Scheme Approved Employer

19 Unit Scheme 40 hrs Minimum 21 Hours Verifiable

20 CPD / Not CPD? Accounting Standards Update Taxation Course Russian Language Course Meeting EU delegation Health & Safety Course Interview Skills Course Reading Technical Journals AB Direct

21 CPD / Not CPD? Wine Tasting Course Barista Course Cookery Course Floral Artistry Learning to Play Piano Training to be a Ninja

22 CPD / Not CPD? It Depends.. How was the activity relevant to your role? Can you explain how you ll apply it in the workplace? Can you verify the learning took place?

23 Approved Professional Development Employer PDP Plan, Do, Review Meet employer process = Meet ICPAC / ACCA Requirements

24 Approved Employer Benefits Independent validation of your processes Advice on global best practice Demonstrates commitment to developing staff Face to face monitoring and ongoing support Use of ACCA logo

25 Why invest in developing your staff?

26 The value of developing staff Talent pipeline Value for money Growth Succession Support your clients New business opportunities

27 Helping you with your Training Free / low cost tuition for Foundations in Accountancy Four times a year 10 week programme No need to register with ACCA for tuition

28 Support Available

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34 Contacting ACCA Online support for members 24/7 Contact Centre

35 What is CPD? How was the activity relevant to your role? Can you explain how you ll apply it in the workplace? Can you verify the learning took place? IES8 Keep evidence Use support available

36 CPD The Future? Not just technical and ethical skills ACCA Research Professional accountants the future identifies six further qualities for success

37 Qualities for success

38 Qualities for success take the test Take the test at

39 Thank you Questions?

CPD Guidance. Meeting the requirements of IFAC. IFAC: the International Federation of Accountants

CPD Guidance. Meeting the requirements of IFAC. IFAC: the International Federation of Accountants CPD Guidance CPD Policy The result of mass global consultations Meeting the requirements of IFAC Helping you grow as a professional A clear reflection of what members want and aligns with what employers