The value of CPD and tailored accounting training

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.

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.