Continuing professional development (CPD) is the means by which a statutory auditor maintains and enhances their professional knowledge, skills and values. An effective programme of continuing education achieves the outcomes listed below;
- The statutory auditor actively maintains and enhances the knowledge, skills and values they need to perform high quality audits and deliver a professional service to their clients.
- It contributes to the performance of high quality audits, and thereby safeguards the public interest.
- It enhances public confidence in the auditing profession
A review of CPD conducted by all statutory auditors in the firm will be conducted. The period for review may cover the two previous years in the CPA CPD cycle but at a minimum one year and any CPD conducted up to the date in the year of the review;
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 - 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.
- The reviewer may request additional information but will advise during the course of the review.
There are three possible outcomes from this review;
| Grade |
Action |
| Compliant |
No follow up action necessary. |
| Generally compliant |
Some follow-up action will be required within a specified period (1 to 3 months) to address areas of weakness identified. |
| Non compliant |
Where a significant number of areas of weakness or more serious problems are identified a detailed plan to address will be required to be implemented. This will also result in a referral to the Registration Committee. |
Records should be maintained for a period of 6 years to demonstrate CPD planning, completion and evaluation. The auditor should be able to demonstrate that through completion of CPD that they have achieved the learning outcomes in Table A of
IES 8.
Further guidance and templates for the completion of CPD by statutory auditors is available
here.