ICAEW CPD Changes Put Onus On Accounting Firms

Changes to the Continuing Professional Development (CPD) regulations that come into force later this year will put responsibilities for compliance on accounting firms, the Institute of Chartered Accountants in England and Wales (ICAEW) has confirmed.

The new requirements will apply from 1 November 2023 and will mark a shift from an output-based model to a hybrid one. They will also place responsibilities for compliance and recordkeeping on firms.

The ICAEW says this will strengthen its ability to monitor and ensure that ICAEW Chartered Accountants and relevant persons are undertaking sufficient CPD.

In addition, it says the revisions will provide much stronger assurance that ICAEW Chartered Accountants are maintaining and enhancing their competence within increasingly complex professional and regulatory environments.

From November, ICAEW members will be required to carry out a mandatory minimum number of CPD hours each year.

The minimum hours required depend on the category the member falls into and members must also complete at least one hour of ethics training as part of those hours.

When the ICAEW first announced the new policy last November, it stated that the ‘overarching principles of the existing CPD policy will remain’. Members will still have to create an action plan; carry out their plan; evaluate its efficacy; and declare that they have complied with the new CPD policy, ensuring they have evidence if this is requested.

Mercia can help individuals and firms to complete and document their mandatory CPD, with records available in Mercia’s account area. Please contact us for further assistance.