How VFD Pro's Training Program and Webinars Fulfill ICAEW's Verifiable CPD Requirements
ICAEW – a new approach to CPD
As of November 1, 2023, the Institute of Chartered Accountants in England and Wales (ICAEW) implemented significant updates to its Continuing Professional Development (CPD) requirements. The key changes are as follows:
- Minimum Number of CPD Hours: All ICAEW members, except those who are retired or on a career break, must complete a minimum number of CPD hours annually. This requirement also applies to non-ICAEW members who are regulated by the ICAEW for audit, insolvency, or probate. The exact number of hours depends on the individual’s role and responsibilities, divided into three categories:
– Category 1 (most responsibility/complex work): 40 hours per year
– Category 2: 30 hours per year
– Category 3 (least responsibility/complex work): 20 hours per year - Verifiable CPD: A portion of these CPD hours must be verifiable. Verifiable CPD activities must be objective, capable of being corroborated, and documented in an observable format. This includes activities like courses, webinars, podcasts, coaching, and panel discussions.
- Ethics Training: All individuals subject to the CPD regulations must complete at least 1 hour of verifiable CPD on ethics each year. The ICAEW offers an online Ethics course to facilitate this requirement.
- Firm’s Responsibility: The updated regulations place a new responsibility on firms to monitor compliance with CPD requirements and ensure adequate record-keeping. This includes maintaining CPD records for inspection by the Quality Assurance Department (QAD) upon request.
- Planning and Reflecting on CPD: Members are encouraged to plan CPD activities relevant to their roles, considering technical developments and non-technical skills. The CPD should be a mix of activities that contribute to professional development.
- Record Keeping: Individuals and firms are required to keep records of CPD activities, especially for verifiable hours, for at least three years after the CPD year ends.
These updates mark a shift from an output-based CPD model to a hybrid model that includes a minimum number of hours, aligning ICAEW with other professional bodies’ standards. The changes aim to ensure members are continuously updating their skills and knowledge relevant to their roles, enhancing the quality of services provided to clients.
How VFD Pro’s Training Program and Webinars Fulfill ICAEW’s Verifiable CPD Requirements
Introduction:
The recent changes to the Continuing Professional Development (CPD) requirements by the Institute of Chartered Accountants in England and Wales (ICAEW) have introduced a new emphasis on verifiable CPD hours. This article explores how VFD Pro’s robust training program and educational webinars are not only aligned with these new standards but are also pivotal in supporting accountants in meeting their CPD obligations.
Understanding ICAEW’s New CPD Requirements:
As of November 1, 2023, ICAEW members are required to complete a minimum number of CPD hours annually, a significant portion of which must be verifiable. Verifiable CPD activities are those that can be objectively corroborated and documented. This includes courses, webinars, and other structured learning activities.
VFD Pro’s Training Program – A Path to Compliance:
VFD Pro, renowned for its expertise in financial data analysis and business advisory, offers a comprehensive training program that aligns perfectly with the ICAEW’s verifiable CPD requirements. Here’s how:
- Structured Learning Content: VFD Pro’s training modules are designed to provide structured learning, covering topics crucial for today’s financial professionals. This includes advanced financial analysis, strategic business planning, and the latest industry trends.
- Evidence of Learning: Participants in VFD Pro’s training program receive certificates of completion, serving as verifiable evidence of their learning. This documentation is key to meeting the ICAEW’s requirement for verifiable CPD hours.
- Relevance to Professional Roles: The program focuses on enhancing skills directly relevant to accountants’ and financial advisors’ roles, ensuring that the CPD hours are not only verifiable but also valuable in practical application.
Educational Webinars – Keeping Pace with Industry Changes:
VFD Pro’s regular webinars are another resource for verifiable CPD.
These webinars cover a range of topics, including:
- Client management and engagement
- Strategic Planning Model
- Forecasting & Business Valuation
Conclusion:
VFD Pro’s training program and educational webinars are not just about meeting the minimum CPD requirements; they offer a pathway for financial professionals to stay at the forefront of their field. By participating in these programs, ICAEW members can ensure they are not only compliant with the new CPD regulations but also equipped with the latest knowledge and skills to excel in their professional roles.
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