BusinessCompany NewsFDs to face annual accounting test

FDs to face annual accounting test

The pressure on finance directors of the country's biggest companies to perform is set to be intensify as the ICAEW plans to make them demonstrate each year that they understand basic accounting principles.

Link: FDs: Euro entry ‘inevitable’

ICAEW council members were yesterday expected to decide on the principles for a new mandatory continuous professional development scheme. While previous CPD schemes only monitored specific members, the new scheme to extend its regular reviews to finance directors.

FDs will need to provide an annual declaration to the institute, specifying what they did to ensure they are up-to-date with developments. ‘Everybody is subject to monitoring. You have to be confident you can pull out the evidence,’ said Anna Coen, ICAEW director of education and training.

Instead of being judged on a minimum number of hours spent on training, financial directors will be evaluated on training activity in their relevant areas of expertise. The institute will keep a record of training declarations, but has yet to decide whether these records may be consulted, for instance, for vetting procedures.

CIPFA has proposed a mandatory CPD scheme to its members and hopes to decide on it at its agm next week. CIMA is also considering ‘auditing’ the CPD of its members and intends to discuss plans in July.

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