ACA webinar: QPRT and Counsellors

Transcription

1 ACA webinar: QPRT and Counsellors August 2011

2 Introductions Chris Priestley Employer Training Maddie Barbarino Client Relationship and Support Debbi Francis Regulation and Audit Suzanne Heath Marketing

3 Agenda Quick look at the ACA, student registration QPRT What is it, who can be one, what can delegated to others Counsellors Who can be one, what can they do, registration Sign off procedures What students /employers need to do Recording audit and the Audit Qualification Six-monthly reviews Applying for ICAEW membership Support and services from ICAEW

4 The ACA what s involved

5 Exams

6 Technical work experience (TWE) 450 days* of approved work experience: Accounting Audit / Assurance Taxation Financial Management Insolvency Information Technology Students complete log every six months Technical work experience must be complete before application for membership * or 300 days if on an approved two-year training agreement

7 Initial professional development (IPD) Set up to ensure continuous development in the following key areas that define an ICAEW chartered accountant Business Awareness Personal Effectiveness Technical & Functional Expertise Two ways to deliver IPD a) ICAEW IPD scheme b) Your own professional development scheme Ethics & Professionalism Professional Judgement

8 Initial professional development (IPD) Development of IPD skills through on-the-job learning eg, In-house training and seminars Discussions with seniors Meetings Mentoring, coaching Shadowing etc... /ipd

9 Structured training in ethics (STE) Web-based interactive programme at /ste Three compulsory stages to complete in order No pass mark, but must be completed to gain ACA Contains scenarios, case studies and self-test questions Updated ethics guidance and activities Three stages to be spread across length of training Sign off by employer at each stage About two-three hours per stage

10 Structured training in ethics (STE) Complete all three stages before attempting Case Study

11 Registering a student with ICAEW To study ACA, student must be registered with ICAEW Student s responsibility but you should only tell them to register once you have conducted employee checks To register they need your ATE employer number Registration serves to: Register as a student Register the start of their training agreement Period of approved training has begun Register online (recommended) OR paper-based form AAT-ACA Fast Track separate registration form

12 QPRT and counsellors

13 What is a QPRT (1) Qualified person responsible for training Decision-making power for training and development Overall responsibility for delivery of ACA training at organisation even where certain tasks are delegated Takes an active responsibility in development of students Responsible for meeting/maintaining ICAEW training standards Usually main point of contact with ICAEW for student training Only ever one QPRT irrespective of size of organisation

14 Who can be a QPRT (2) ICAEW member (CPD compliant) or CCAB member* (CPD compliant) or equivalent intl body If CCAB member then must appoint ICAEW member as an adviser to ensure the organisation has full support from ICAEW services and information which could benefit student The adviser exists to support the QPRT with link to ICAEW only does not have active role in student training etc *CCAB = ICAEW, ACCA, CIPFA, ICAS, CAI Equivalent intl body = IFAC recognised eg, CICPA, ICAP, CIMA

15 QPRT and counsellors QPRT: overall responsibility for delivery of ACA training at organisation even where certain tasks are delegated Why delegate? If there are too many students to review by QPRT alone Where the QPRT feels it would be more beneficial for STUDENT(S) to have someone else involved QPRT can delegate some tasks to a trusted colleague = COUNSELLOR

16 The counsellor = trusted colleague Has to be a qualified accountant MUST have experience: giving feedback and impartial advice encouraging constructive discussion and coaching MUST have interest in developing students and discussing issues

17 What can be delegated to counsellor? QPRT who must still take active responsibility. Some tasks MUST be done by QPRT, but some can be delegated to counsellor(s) View of student records online Conduct six-monthly reviews Review of TWE, IPD and STE Exam / resit discussions QPRT can delegate six-monthly reviews, but then complete the sign offs themselves = way to keep hands-on approach

18 Viewing of online student record Counsellor Registration + exam history Education history Exam application, CPL Status of IPD/STE sign offs Conduct six-monthly reviews Sign off IPD level 1 and 2 Sign off STE stage 1 and 2 Sign off ETWE six-month sections Cancel student registration with ICAEW QPRT All of these + Complete the final stage sign off for IPD and STE Sign the final fit and proper certification on ETWE form at end of student training

19 /employersonlineaccess

20 Student data

21 Student data

22 Registering a counsellor or QPRT

23 Registering a QPRT Done as part of the authorised training employer (ATE) process MUST tell ICAEW if: QPRT leaves the organisation, retires etc QPRT changes part of their role, shift in job responsibility QPRT incurs any disciplinary proceedings Change of QPRT application form in the Roles and responsibilities section at /employers

24 Registering a counsellor QPRTs need to register a counsellor(s) with ICAEW only if: The QPRT wants that person(s) to access to the online sign off procedures and to be able to see the online student records Application form = in the Roles and responsibilities section of employer website or +44 (0) If a counsellor leaves/moves job, QPRT must tell ICAEW if: the counsellor has access to the online student records and sign off ICAEW will need to stop their online access

25 Sign off who does what

26 TWE - recording experience (students) Recording TWE - four steps for students Accurate records are essential backed up by evidence of work ICAEW/your employer can request to see them at any point Update ETWE form on a six-monthly basis during training Hard copy form only (no online ETWE sign-off) Discuss and review TWE progress at every six-monthly review Employer needs to sign-off ETWE form at each review At end of the ACA training agreement: QPRT signs final sign off and declares student is fit and proper to join ICAEW membership Details on who can do this final sign off is on the ETWE form ETWE form at /twe Also in the ACA student training guide at /acatrainingguide

27 TWE - recording experience (employers) Employers - two steps Discuss student progress and sign off at each six-monthly review Check student is on track for the minimum number of TWE days At final certification, QPRT required to sign off student records Final certification is at end of training agreement QPRT has to declare student as fit and proper prior to membership

28 ETWE form - recording work experience

29 ETWE - recording work experience

30 Initial professional development (IPD) There are two ways to deliver IPD: 1. Through ICAEW s IPD scheme OR 2. Through your organisation s own accredited development scheme Unsure which you follow: call us on +44 (0)

31 1. IPD ICAEW scheme What is it? Documented reflection on skills development Using the IPD log Download the IPD log from /ipd Three levels of skills development, divided over student training Students need to update the IPD log regularly and in advance of sixmonthly reviews Employer to complete and sign off the IPD log at review meetings Completing levels and recording progress online Students - once completed a level, access online declaration Employers - on agreement of completion, access online declaration

32 Example IPD log for the ICAEW IPD scheme At the end of each level

33 IPD sign off (students) at /ipd

34 IPD sign off (employers) at /employersonlineaccess

35 2. Employer accredited scheme Two steps 1. Regularly complete the development records that your organisation requires from you 2. You will only need to complete a final online sign off/declaration at the end of your training agreement Student to sign off at final stage Employer to sign off at final stage Students access the IPD sign off/declaration at /ipd Employers access the IPD sign off/declaration at /employersonlineaccess

36 STE sign off (students) Access at /ste Use your professional judgement to decide if you have fully completed a stage If yes, then sign off online

37 STE sign off (employer) Discuss your students STE progress at the six-monthly reviews Agree any action points that may require further development (these must be done before you can sign off the records) Employer access at /employersonlineaccess Sign off online declaration to confirm completion of relevant stage

38 Recording audit experience Audit is a regulated area in the UK Special rules apply for recording experience Who does this apply to? Any student working for a firm of registered auditors Any student who may want to open their own practice Any student working towards partnership within a UK firm of registered auditors Any student wanting to sign off audit reports in their future career If this applies to your student Student should record their audit days as normal on the ETWE form - it contributes to TWE AND record audit experience on the Audit Qualification application form Where appropriate, you should see both forms at each review Why should your students do this now? Easier to record their audit time while they are training They re likely to meet more of audit conditions eg,working within an ATE

39 Audit Qualification (AQ) There are two elements Examination Don t worry, no extra exams to do Examination part is fully covered by the ACA exam syllabus Practical experience Experience can be gained by some students while they are training

40 Practical audit requirements - what is needed? Three years in an ICAEW ATE 240 days of audit experience DAYS DAYS 2 YEARS 3 YEARS 120 days of UK statutory audit Two years in a firm of UK registered auditors

41 AQ application - recording audit experience

42 AQ application - recording audit experience

43 Recording audit experience Student Prepare for your six-monthly review Fill in your ETWE form Update your Audit Qualification application form - narrative and time sections Gain sign off from the relevant individual (please check with your employer) when you have completed the requirements If you do not complete the requirements by the end of training - keep hold of your form - you can continue to record your experience post qualification Employer Discuss and reflect on students audit work Complete the employer sections of the audit qualification form Sign off the six-month section and add any comments On completion of required audit days, ensure the final sign off is completed To do this, you must be the QPRT or PRT and hold the audit qualification yourself

44 Six-monthly reviews

45 Six-monthly reviews Formal review required at least every six months (but not less) Requirement of the ACA training agreement Requirement of maintaining ATE status Ensures student is on track to qualify as an ACA Students to maintain training records these will be used as the basis for discussion in the six-monthly reviews Top tip: If your student hasn t had a six-monthly review since joining, make sure it s done as soon as possible

46 Six-monthly reviews Student responsibility to organise Employer must do everything to facilitate these reviews Be prepared to talk about Review study and exam progress Review/discuss recent TWE and audit experience if relevant Review/discuss IPD developments Review/discuss STE progress since last review Top tips Timing - suggest at least an hour Your student needs to update their ETWE paper-based form and complete the online declarations for IPD and STE (when required) before each meeting

47 Applying for ICAEW membership

48 Applying for ICAEW membership ICAEW will invite to apply for membership once: Passed all the exams Completed their TWE, IPD and STE Completed their ACA training agreement Achieved the minimum number of TWE days Submitted all their records (accurate, fully complete and signed) Incomplete documents = main reason for delay into membership Send in ETWE form as soon as finished training agreement Students have 12 months to apply for membership after qualification This is the later of date they were notified they have passed last exam OR Date training agreement ended (including any extension) If late, extra evidence needed + application is independently assessed Can t use ACA letters/icaew Chartered Accountant until a member

49 ICAEW support

50 Useful resources: employers Your local business development /client relationship team Getting started Student inductions Training agreements Enquiries and day-to-day contact Employer handbook Essential elements of the ACA Key ACA regulations FAQs on ACA training Posted or download from /employers

51 Useful resources: employers Website /employers - employers website +44 (0) employer enquiries or acaemployer@ Training Vacancies (TV) Online and printed guide for school, college or university students looking for a career as a chartered accountant Online profile, logo and you can upload your vacancies Access to Recruitment Register Monthly Available Student Register Targeted job alerts

52 Useful resources: employers Other qualifications and learning programmes International Financial Reporting Standards Business Sustainability Programme Corporate Finance qualification (CF Examination of Experience) Diploma in Charity Accounting (DChA) Forensic Accreditation and Expert Witness scheme And more at /learning Leadership development Programmes and initiatives to support the whole finance function from aspiring manager and partners to those aiming for FD, CFO or CEO roles /leadership

53 Useful resources: students

54 Useful resources: students /acastudents - student homepage /exams - exam dates, application, ACA exam regulations /examresources - syllabus, examiners reports, past papers /twe - TWE information + sign off form (ETWE) /ipd - IPD information + access online IPD sign off /ste - STE programme + online STE sign off /aq - more on recording audit and the Audit Qualification /cpl - credit for prior learning/exemption Student support +44 (0) or studentsupport@

55 Useful resources: students /acafaq

56 Questions

57 ICAEW: A world leader of the accountancy and finance profession