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ICAEW Consults on New CPD Requirements

ICAEW is currently consulting on an amendment to the CPD requirements which apply to its members.  It is proposed that these amendments apply from 1 November 2022 and the proposed enhancements to current CPD requirements are:

  1. An annual mandatory ethics CPD requirement for all members;
  2. The introduction of risk-based CPD requirements based on the risk profile of a member’s area of work (particularly the level of risk to the public if there were unforeseen adverse consequences resulting from a member’s actions, omissions or advice); and
  3. The requirement for a minimum number of verifiable CPD hours for each of the three Risk Categories ~ a summary of these Risk Categories is as follows:

 

Risk Category 1 ~ 40 hours of which 30 hours must be relevant and verifiable:

  1. CASS engagement leaders and ICAEW members involved in these audits;
  2. Responsible individuals undertaking PIE audits and ICAEW members involved in these audits;
  3. ICAEW members involved in audit regulation, monitoring, or enforcement within an oversight body or accountancy organisation; and
  4. Members providing tax mitigation advice permitted under the Professional Conduct Relating to Taxation (PCRT).

 

Risk Category 2 ~ 30 hours of which 20 hours must be relevant and verifiable:

  1. Responsible individuals undertaking large corporate audits (as defined in the Companies Act 2006); pension scheme audits; charity audits and ICAEW members involved in these audits;
  2. Members undertaking international corporate tax planning / personal tax planning for high net-worth individuals;
  3. Members acting as Forensic Accountants or Expert Witnesses;
  4. Members working in corporate finance;
  5. Members and non-members authorised for probate; and
  6. Members undertaking Designated Professional Body (Investment Business / Consumer Credit) licensed activities.

 

Risk Category 3 ~ 20 hours of which 10 hours must be relevant and verifiable:

  1. Responsible individuals auditing smaller / other entities and ICAEW members involved in these audits;
  2. All other ICAEW PC holders, including inactive responsible individuals holding audit registration but not conducting audits / members responsible for Solicitors Regulation Authority Accounts Rules reporting; and
  3. All other members working in practice.

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