As a Big 4 employee am I exempt from Training and Development requirements
No. All Institute members are obliged by Regulation 7 to complete training activity and to maintain a record of any activity. This is an individual membership responsibility that is not abrogated if you work for an employer that maintains training records. If a request for activity records is received from the Institute, you as the member are responsible for submission of those activity records.
Do I need to attend Institute courses?
No. While Training and Development activities are provided by the Institute, we realise they may not be relevant for all members. Internal training and external courses that fall within the guidelines are acceptable.
I am retired and undertake one honorary audit for a charity for which I have a nil rate CPP. Must I complete training?
Yes. The obligation for Training and Development remains and you must also have the necessary PII cover.
I attended a conference about Human Resources. Does it qualify for Training and Development hours?
The choice of subject matter is at the professional discretion of each member and includes, inter alia, the functional fields of business such as personnel relations, business management, etc. A member is required to keep up to date in his/her area of practice or occupation.
I have completed the Financial Planning subject of the SIA diploma course. How many hours can I claim?
Studies leading to a diploma course qualify for Training and Development but there are no specific guidelines as to the number of hours that can be claimed for each subject. You should maintain a record of the actual time spent on lectures, assignments and studying for examination, all of which may be claimed as formal Training and Development.
I have done a Chinese language course as part of my role in China. Is this acceptable?
Yes. Since you will be going to a foreign country and the language course has been undertaken to improve your skills for servicing your clients, the actual number of hours spent in studying the language may be counted for Training and Development.
I hold a statutory registration but am not using it. Do I need to meet the specialist requirement?
Yes. All holders of statutory registrations must undertake a minimum of 40% of their Training and Development activity in their specialist field.
I live in a regional area and cannot travel to courses. What are my options?
Self-study using learning media or distance learning aids may be claimed as Training and Development activity.
Audio and CD-rom packages are acceptable as formal activity and details of Institute products are available on the website.
The Institute has developed online activity such as LiveOne, with products such as cpe.tv also available. Check the website under Training and Development for other products.
You may also like to consider forming a discussion group in your area. For assistance with discussion groups, you can contact your local branch office – Contact Regional Offices.
I no longer work in accounting or finance. Am I still bound by Training and Development requirements?
Yes. All members of the Institute are bound by the Training and Development obligations, and are expected to maintain a level of professional competence. If you are no longer in an accounting related field, your Training and Development activity should be relevant to your current role.
I retired from public practice with Directorships in a few public companies and do not hold a CPP. Do I need to complete training?
If you are at least 60 years of age but do not hold a CPP you are not obliged to meet the Training and Development requirements . However, you are still expected to maintain a level of competence appropriate to the position held.
I sign SMSF audit reports. Do I have to undertake audit related courses?
Yes. From 1 July 2008, individual and affiliate members who sign SMSF audit reports must complete 30 hours in related training every triennium. This should include at least: 8 formal hours of superannuation training; 8 formal hours of financial statement or compliance audit training; and 4 formal hours of financial accounting training.
Also, before accepting a SMSF audit engagement you should complete a course in the audit of SMSFs.
I study financial statements and annual reports in my work. Can I claim Qualifying hours?
No. Training and Development activity should expand your professional competence and capacity, as well as have a structure for promoting knowledge of an educational or technical nature.
Studying documents without an educational value would not be deemed Training and Development, but a task associated with your role.
I will be auditing SMSFs. What course will meet the prerequisite training requirements?
The Institute offers a one day course, entitled “Audit of SMSF – Competency Workshop” which meets our prerequisite training requirements. It is also offered as a series of Live One sessions, our online learning portal.
Details are available on our Events page
A similar course offered by another provider would be sufficient, so long as it covered the same time and content: A working knowledge of the Clarity Australian Auditing Standards for their SMSF audits; A clear understanding of the auditor obligations and reporting requirements; The skills to conduct an audit under the current regulatory requirements; A detailed understanding of the procedures needed to address auditing standards for a financial report and compliance audit; An understanding of the impact of new compliance audit requirements and legislative changes; The ability to competently design an audit program that complies with competency requirements.
What are my Training and Development obligations as a Financial Planning Specialist?
You are required to undertake a minimum of 40% of your Training and Development annually in the Financial Planning field. (Regulation R10, paragraph 1307.2).