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Areas of competency
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What is competency? 
As defined by the International Federation of Accountants, a competency is the ability to perform a work role or task to a demonstrated defined standard. To meet a competency standard, the activity is performed under specified conditions to the specified standard of performance. 
 
The Institute has developed a Competency Framework to map the full range of competencies expected of a Chartered Accountant at the point of admission to membership. 
 
Choosing your areas of competency 
During the Practical Experience Program you are expected to develop competence in the following five areas:

     
  1. Accounting and finance-related areas 
  2. Organisational and business areas 
  3. Information technology 
  4. Professional skill 
  5. Professional values, ethics and attitudes.
 
 
Because the accounting and finance-related areas are the most significant in the overall development of competence, they are sub-divided into the following six technical areas.  
     
    1.1 Financial accounting and reporting 
    1.2 Management accounting and control 
    1.3 Taxation 
    1.4 Business and commercial law 
    1.5 Audit and assurance 
    1.6 Finance and financial management
 
 
Candidates are required to develop competence in all of the non-technical areas and 100% competence across one or more of the above technical areas. As you may not be exposed to all areas of accounting in your position, you may complete the technical competencies over several areas. For example, 100% in Financial Accounting and Reporting or; 50% in Taxation and 50% in Audit and Assurance or; 30% in Business and Commercial Law and 70% in Finance and Financial Management. 
 
When you register your completed Letter of Agreement with the Institute (see Candidate Guidelines) you will receive access to the Activity Log. The Activity Log will provide more detailed information on each of the required competency areas. Its purpose is to enable you to track your progress in developing the required competencies.