KPMG’s accounting advisory team is currently seeing a growing interest in training focused on accounting and reporting topics. This is partly driven by Continual Professional Development (CPD) requirements, but training is increasingly recognised as essential for strengthening a company’s control environment, enhancing staff retention, and investing in teams to ensure they are fully equipped for their roles.
In today’s complex business landscape, with a continually evolving set of accounting and ESG reporting standards, training has become more than just CPD requirements – it is a critical business control. Well structured training programs will help deliver a high performing finance team, with better quality reporting, reduced risk and audit queries, and will improve staff performance and retention.
The Institute of Chartered Accountants in England and Wales (ICAEW) has updated its CPD requirements. As of 1 November 2023, some learning hours must be verifiable, with responsibilities for both employees and employers to support these requirements.
ICAEW CPD requirements
What are the requirements?
The ICAEW requires its members to complete a minimum number of CPD training hours annually. The specific number of hours are determined by which category you fall under. Read CPD categories | ICAEW for further guidance.
A proportion of these hours must be verifiable and include 1 hour of ethics training. A CPD record with evidence of training must be kept and retained for at least 3 years after the CPD year ends.
What counts as verifiable hours?
CPD training includes a wide range of activities provided there is clear evidence showing how the training is relevant to your learning needs. Examples include courses, webinars, podcasts, coaching, problem solving, reading articles and panel discussions.
For CPD hours to be considered verifiable, the activities must meet the following criteria:
- They should be objective, and fact based, rather than personal perspectives.
- They must be capable of being corroborated. It should be retained, documented and stored in an observable format.
KPMG provides verifiable training on a range of topics.
What is best practice?
Training is part of a strong control environment. Finance teams need to be upskilled for changes to accounting and reporting standards, evolution in business models, FAQs from the business, identified risks and audit findings.
Best practice is to integrate training as part of a suite of financial controls. Businesses should maintain detailed accounting policy manuals and ensure finance teams are regularly trained on updates to these manuals.
Key benefits include:
Reduced risk of accounting errors: Upskilled teams are better equipped to identify and address accounting issues and staying current on changes to accounting guidance.
Awareness of hot topics: Being well-versed in emerging issues helps prevent queries from auditors and regulators such as the FRC.
Employee development: Training boosts team confidence to contribute and improve staff retention.
Improved financial reporting: A well-trained team will product higher quality financial reports and document decisions more clearly.
Fewer audit queries: An upskilled team is better at resolving audit queries and achieve faster and better resolution of technical queries.
Building a high performing finance team: Ongoing development leads to stronger performance and better results.
Meeting CPD requirements: Demonstrating verifiable CPD hours ensures compliance with the requirements of your professional body.
How can KPMG help?
KPMG offers bespoke training and workshops focused on accounting and financial reporting. Training is part of a strong control environment and is essential to meet your verifiable CPD requirements.
Our teams are highly experienced in running training, from small group workshops to large scale learning programmes for global organisations.
Our content is tailored to meet your specific requirements, using worked examples for your business.
Common areas of focus include:
- Refresher courses on specific areas of IFRS, UK GAAP and US GAAP (e.g. revenue, provisions, leases, impairment, acquisition accounting).
- Annual updates on hot topics for reporting season (e.g. FRC priority areas, common sector issues, areas of auditor query).
- New accounting standards and forthcoming amendments, including IFRS 18 and amendments to UK GAAP (FRS 102), to support your impact assessment process.
- Workshops on new contracts/commercial arrangements in your business – to brainstorm and work together on technical challenges.
- Treasury training on financial instruments, hedging – both accounting, and best practice for policies and processes. We also offer workshops on the potential implications of the new global payments standard, ISO 20022.
- ESG reporting updates, tailored to geographical locations and your company’s size. We regularly offer workshops on various ESG requirements such as ISSB and CSRD.
We have a full range of sector experts and subject matter experts to support your specific training needs.
If you would like to explore your learning options to meet the CPD requirements, please do not hesitate to contact KPMG’s On Call Accounting team.
