The UK?s accountancy bodies face a major overhaul of their continuing professional development requirements to bring them in line with international guidelines.
The International Federation of Accountants last month issued new rules on CPD that required qualified accountants – including those in business – to undergo a minimum of 30 hours? CPD a year, or face the possibility of expulsion of their institute or losing their right to practise.
Professional institutes will need to satisfy IFAC that they have put adequate controls in place to monitor the CPD activities of their members in business. ACCA, for example, will have to find a way to check on more than 25,000 of its members.
CIMA and ACCA, which have large numbers of members in business, face practi-cal difficulties in establishing monitoring and tracking the CPD of members in business.
Joan Toon, CIMA?s continuing personal and professional development manager, said: ?We prefer the carrot approach to the stick approach IFAC is taking.? Survey results showed CIMA members were broadly in favour of CPD, she added, but the regime was currently self-certifying.
?Nobody can check in detail what people are doing,? said Toon. ?We will still have to look at the issues of compulsion and monitoring. We will look at the cost effects and ways to use IT.?
She added that CIPFA and ACCA had similar CPD policies, and would all have to confront the compliance issue.
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