CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors are advised that new IAASA CPD Guidelines commence from 1st January 2022. The requirements do not allow for exemptions or waivers of CPD for statutory auditors. Statutory auditors will be required to retain CPD records for a period of 6 years, sufficient to demonstrate CPD planning, completion and evaluation. The CPD records maintained 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 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 details can be found here.