Frequently Asked Questions on CPD

 
Practising Certificate holders are required to complete 120 hours CPD (75 structured and 45 hours unstructured) in a three year cycle. 40 hours of the Structured CPD must be completed from any combination of the following six areas over the three year CPD cycle:
 
 • Financial Accounting
• Auditing
• Law & Regulation
• Taxation
 • Professional Ethics
• Practice Management
 
In addition to this, a statutory auditor is required to complete 20 hours of their 40 hour core competency requirement specifically in the following areas (this 20 hour requirement commences with the new 3 year CPD cycle from 1^st January 2023) ;
 
• Financial Accounting
• Auditing
• Law & Regulation
 
On an annual basis 30 hours structured must be completed (15hrs structured and 15hrs unstructured).
 

Annually a statutory auditor must plan their CPD activities for the forthcoming year. In doing so, they should reflect on the knowledge and skills required to competently fulfil their professional responsibilities.
 
There are a range of factors that a statutory auditor may need to consider, including:
 
· the specific needs of their client base (for example, credit unions, SMEs, public interest entities, specialised industries, new clients)
· the time period since they last completed training in a particular area
· weaknesses identified during quality assurance reviews
· developments in Irish or EU legislation including in company law and tax
· changes to the Irish financial reporting or auditing frameworks
 
The development and maintenance of professional competence should be demonstrated by the achievement of the learning outcomes outlined in Table A of IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised).
 
The learning outcomes to be achieved include, but are not limited to, areas such as:
 

• technical competence - including audit, financial accounting and reporting, Governance and risk management , Business environment , taxation, Information technology, Business laws and regulations and Finance and financial management; 

• professional skills - including Interpersonal and communication, Personal and Organisational;

 

• professional values ethics and attitudes - including commitment to the public interest, Professional scepticism and professional judgement and Ethical principles

 
 

Please see our guidance and sample template to assist you with your individual CPD planning and evaluation.
 You can adjust the template as needed or you may also choose to use an alternate format that records all the required information.
Members should compare the outcome of their CPD activity against their plan and assess whether they have met their objectives.
Your CPD plan should include information about:

• The learning outcomes that you have identified, planned and the actions required to meet them;
• CPD activity that you have completed ; and
• Your evaluation of completed CPD and whether this achieves the learning outcomes set

This can be achieved as you progress through the year by keeping your learning outcomes under review. Your learning needs may change as the year progresses – for example economic conditions may change and impact a particular client sector, new legislation may commence that impacts on your audit engagements or there may be a revision made to a financial reporting standard or tax law that you need to upskill in. An annual stand back exercise should also be conducted to perform a high level look back to assess whether the learning outcomes set at the start of the year have been met. Any findings from this evaluation should be considered in the planning of the following year’s CPD activities.
 

A statutory auditor should retain written records of CPD planning, completion and evaluation. Such records should include supporting documentation which evidences that you have undertaken the CPD activity. The records should be kept for a period of six years.
 

On an annual basis you will be required to make an annual CPD return detailing the CPD activities completed by you during the year. This forms part of the renewal of your practising certificate, affiliated partner or Responsible Individual status. This requirement will apply to all statutory auditors approved by CPA Ireland.
CPD records will be reviewed as part of the quality assurance process.
 
 
 
 
 

A review of CPD conducted by all statutory auditors in the firm for the previous 24 months will be conducted.
 
Details provided for review should consist of the following;

• Record of CPD Planning – this should provide for a reflection on the knowledge, skills and values required to competently fulfil professional responsibilities, identifying the learning and development needs and deciding on the CPD activities necessary to address them.

• Details of CPD completed for the previous 24 months– this should demonstrate the completion of sufficient, relevant and appropriate CPD annually to meet the learning and development needs and the maintenance and enhancement of the statutory auditors’ knowledge, skills and values in all areas of work undertaken by the auditor.

• Details of evaluation process conducted to support the maintenance of professional knowledge, skills and values at a sufficiently high level.

A separate CPD report and grade will issue to each statutory auditor in the firm.


 

Affiliated partners and Responsible Individuals who are authorised by CPA Ireland as statutory auditors, but who hold membership and their practising certificate from another Recognised Accountancy Body, are also now bound by these CPD requirements for statutory auditors. This includes the requirement to meet the CPD requirements of CPA Ireland’s Bye Laws. An annual CPD return must also be made to CPA Ireland using the CPA online-portal.
 

The following sources set out the requirements for you as a statutory auditor;

• CPA Ireland’s Bye Law 8, CPD and Bye Law 13, Practice and Audit Regulations
• IAASA CPD Guidelines

CPA Ireland has an extensive CPD offering, covering a wide range of topics. For details please click here.
 

Your CPD activities should be relevant to your audit engagements. Think about your learning needs and what you want to achieve during the year, and plan your CPD around those goals. CPD supports your career by providing you with the knowledge and skills that you need to excel in your role and succeed in the future.

PLAN	What are the areas you could develop to help you support your clients more effectively, or make a positive impact on your business?
	What CPD can I complete to maintain competence in IES 8 Competency Areas
	What knowledge and skills will you need to maintain or develop in the next 6–12 months?
DO	Will the CPD activities I have planned meet the requirements of IES 8
	Will the CPD activities you have identified meet your and your clients’ needs? Have you thought about a range of different learning activities (e-learning, coaching, networking?) Can you make an impact by developing skills to support others?
REVIEW	Is the learning activity relevant to your current role? Did your activity meet the competency areas required ?  Can you apply your learning in the workplace, for example by satisfying your clients’ needs? Has there been a positive impact on your business?  Do you need to undertake additional activity or was the CPD you undertook sufficient and effective? Are there additional needs you’ve identified which you should act upon?