CPD Audit Information
As a member of the Institute of Public Accountants (IPA) you are required to undertake Continuing Professional Development (CPD) in accordance with the requirements of Pronouncement 7 – Continuing Professional Development. Pronouncement 7 can be found on the IPA website under, IPA Rules and Standards.
The information below has been developed to help you understand the IPA’s CPD requirements. All members other than honorary, retired, life and student members, must comply with the requirements of Pronouncement 7.
IPA Members are at the forefront of the business and accounting community and are considered to be a client’s trusted advisor. With recognition comes responsibility. The Regulators, standard setters, government and the public all rely on the professional expertise, competence and ethics of IPA Members. Members must maintain the right skills and develop new skills to ensure they are able to deliver in their role as the trusted advisor.
Members are required to complete a minimum of 120 hours CPD over each three-year CPD period, with a minimum of 20 hours CPD completed in any single financial year. The current three-year CPD period commenced on 1 July 2018 and will finish on the 30 June 2021. As the CPD period is coming to an end, the IPA advise members to check their CPD balance and to attend CPD shortfall now to ensure they have completed the required 120 hours for the CPD period.
CPD activities are classified into structured and non-structured activities. Structured activities are those that have a defined outline of the content to be covered with learning outcomes to be achieved and usually a time period specified for the activity to be completed. Unstructured activities are informal learning tasks that are achieved through reading or self-study that does not have a defined learning outcome or time period for the activity to be completed.
Examples of structured CPD activities are:
- Conferences, congresses and seminars
- Formal in-house training
- Workshops, Discussion Groups, and Divisional Advisory Committee meetings
- Webinars, recorded webinars, podcasts and on-line live or recorded events
- Studies undertaken with an IPA recognised educational provider
- Participation as a Mentor for the IPA Mentor Experience Program (max 40 hours per three year period)
- Completing in a Professional Practice Quality Assurance (PPQA) review (max 10 hours per three-year period).
Examples of unstructured CPD activities are:
- Research, writing and presentation of technical papers (max 30 hours per three-year period)
- Serving on a technical committee or working group (max 15 hours per three-year period)
- Self-paced learning (max 30 hours per three-year period)
- Technical and professional reading (max 30 hours per three-year period).
Members may seek an exemption (in part or total) from the requirements of Pronouncement 7, however, there must be a good reason for seeking an exemption. Requests for an exemption must be in writing setting out the reasons for the exemption. It is at the sole discretion of the IPA to decide whether or not to grant an exemption and the degree of the exemption. Generally, exemptions are limited to serious physical illness, maternity leave or other exceptional circumstances.
New members are subject to the same three-year CPD period as existing members, however new members are permitted to meet the requirements on a pro-rata basis until the new three-year CPD period commences. Please refer to section 6 of Pronouncement 7 for more information on pro-rata CPD requirements.
Members subject to the IPA Quality Review Program (QRP) and are found to be non compliant with the requirements of Pronouncement 7, may be suspended or have their membership forfeited under Pronouncement 12 – Administration of Member Compliance.
If you require assistance in relation to your compliance requirements under Pronouncement 7, please contact your Divisional Office on 1800 625 625.