CPD requirements for an RI - Ireland
What is CPD?
CPD is the means by which a RI maintains and enhances their professional knowledge, skills and values. An effective programme of continuing education achieves the following regulatory outcomes:
- The RI 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.
Requirements:
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From 1st January 2022 a RI is required to: |
| Plan |
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Plan CPD activities by reflecting on the knowledge, skills and values required to competently fulfil his/her professional responsibilities, identifying his/her learning and development needs and deciding on the CPD activities necessary to address them.
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| Complete |
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Complete sufficient, relevant, and appropriate CPD each year to meet his/her learning and development needs and thereby maintain and enhance his/her professional knowledge, skills and values in all of the areas of work that they undertake.
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| Evaluate |
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Evaluate the effectiveness of his/her CPD activities regularly and revises the approach as necessary to ensure it remains effective in achieving its objectives of maintaining their professional knowledge, skills and values at a sufficiently high level.
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| Record |
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Be able to demonstrate compliance through the retention of appropriate written records of CPD planning, completion, and evaluation. Such records should include supporting documentation which evidences that the RI undertook the CPD activity.
Retain his/her CPD records for a period of 6 years to enable the Institute to monitor compliance.
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| Compliance |
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Submit a declaration confirming his/her compliance with their CPD obligations in January each year (commencing January 2023).
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The IAASA CPD guidelines require a RI to be able to demonstrate through completion of CPD they have achieved the learning outcomes in Table A of IES 8 (International Education Standard 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements) addressing each of professional knowledge, skills and values set out in Table A.
Furthermore, a RI is required to undertake CPD to keep his/her professional knowledge up to date in:
- The Irish auditing framework
- Financial reporting standards in use in Ireland
- Irish and EU legislation relevant to the preparation of financial statements and to statutory auditors and audits.
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