Continuing Professional Development

A: In the accounting and legal professions, both Continuing Professional Development (CPD) and Continuing Professional Education (CPE) are crucial for maintaining and enhancing professional skills.

• CPD in accounting and legal fields involves a wide range of activities, including workshops, seminars, and self-directed learning, aimed at keeping professionals updated with the latest industry trends and best practices. It focuses on overall professional growth, including technical skills, management abilities, and personal development.
• CPE, on the other hand, is more structured and often mandatory for maintaining professional licenses. For accountants, CPE includes formal courses, webinars, and conferences that cover specific topics like tax updates, auditing standards, and financial regulations. Legal professionals also engage in CPE to stay current with new laws, legal precedents, and ethical standards.

A: In the accounting profession, Continuing Professional Development (CPD) can include a variety of activities such as:

• Technical Training: Courses on financial analysis, taxation, and auditing.
• Soft Skills Training: Workshops on communication, leadership, and time management.
• Industry-Specific Training: Sessions focused on the latest industry trends and regulations.
• Regulatory Training: Keeping up with changes in financial regulations and standards.
• Self-Directed Learning: Reading professional literature, journals, and research.

For legal professionals, CPD activities might include:

• Continuing Legal Education (CLE): Formal courses on new laws, legal precedents, and ethical standards.
• Diversity, Equity, and Inclusion (DEI) Training: Programs aimed at fostering inclusive practices within the legal field.
• Trial Advocacy Skills: Workshops and boot camps to enhance courtroom skills.
• Leadership Training: Courses designed to develop management and leadership abilities.
• Emerging Legal Trends: Training on topics like cybersecurity, data privacy, and environmental law.

A: In New Zealand, Continuing Professional Development (CPD) is essential for accountants, especially those who are members of Chartered Accountants Australia and New Zealand (CA ANZ). To find out more information on your requirements – Click Here.

For lawyers in New Zealand, the New Zealand Law Society (NZLS) mandates CPD under the Lawyers and Conveyancers Act (Lawyers: Ongoing Legal Education—Continuing Professional Development) Rules 2013. The requirements are clearly stipulated on the website for all lawyers to peruse. Click here to see the requirements from the New Zealand Law Society.

A: Continuing Professional Development (CPD) is crucial for both accountants and lawyers to maintain their professional competence, stay updated with industry changes, and enhance their skills.

• For accountants, CPD ensures they remain knowledgeable about the latest financial regulations, tax laws, and industry standards. This ongoing education helps them provide accurate and effective advice to clients, maintain their professional certifications, and uphold the integrity of the accounting profession. CPD activities, such as technical training and regulatory updates, enable accountants to adapt to new technologies and methodologies, ensuring they remain competitive and proficient in their roles.
• For lawyers, CPD is essential for staying current with new laws, legal precedents, and ethical standards. It helps legal professionals enhance their skills in areas such as trial advocacy, legal writing, and client management. By engaging in CPD, lawyers can provide high-quality legal services, maintain their licenses, and uphold the ethical standards of the legal profession. CPD also fosters professional growth, allowing lawyers to specialize in new areas of law and stay informed about emerging legal trends.

A: Continuing Professional Development (CPD) for accountants includes a variety of activities designed to enhance their professional skills and knowledge. Examples include:

• Formal Education: Attending courses, seminars, and workshops on topics like financial reporting, auditing standards, and tax regulations.
• Online Learning: Participating in webinars, e-learning courses, and virtual conferences.
• Work-Based Learning: Gaining new skills through on-the-job training, secondments, or project work.
• Self-Directed Learning: Reading professional journals, articles, and books relevant to accounting.
• Professional Activities: Engaging in activities such as mentoring, coaching, or delivering training sessions.
• Technical Updates: Keeping up with changes in accounting standards, financial regulations, and industry best practices.

Activities like these help accountants stay current, improve their competencies, and meet the requirements set by professional bodies like CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ), Malaysian Institute of Accountants (MIA) and Singapore Chartered Accountants (ISCA).

A: In New Zealand, legal professionals must complete a minimum of 10 hours of Continuing Professional Development (CPD) activities each year. These activities can include (may change from time to time based on local requirements):

• Attending courses, seminars, workshops, or conferences
• Participating in structured and planned one-to-one coaching, instruction, training, or mentoring
• Engaging in distance learning programs

Lawyers must also develop and maintain a written CPD plan and record (CPDPR), which involves identifying learning needs, preparing an action plan, documenting attendance, and reflecting on outcomes.

A: For HR professionals, Continuing Professional Development (CPD) encompasses a variety of activities aimed at enhancing their skills and knowledge. Examples include:

• Formal Education: This includes accredited courses such as a Certificate IV in Human Resource Management or the AHRI Practising Certification Program.
• Learning Activities: Non-assessed courses, professional training, and attendance at HR events like AHRI network forums and webinars.
• Conferences: Participation in HR-related conferences, such as the AHRI National Convention & Exhibition, where CPD points are calculated based on the hours spent in formal presentations.
• Presentation of Papers: Preparing and presenting at conferences, seminars, or writing articles and blogs that extend HR knowledge.
• Industry Involvement: Engaging in consulting services, industry partnerships, or participating in industry committees.
• Service to the Profession: Activities like serving as an AHRI council member, mentoring, or contributing to AHRI committees and panels.
• Informal Learning: Reading HR-related magazines, journals, and participating in discussion groups or webinars.

A: For finance professionals, Continuing Professional Development (CPD) is essential for maintaining their skills and staying current with industry standards. Examples include:

• Formal Education: Attending accredited courses, seminars, and workshops on financial planning, investment strategies, and regulatory updates.
• Online Learning: Participating in webinars, e-learning modules, and virtual conferences.
• Work-Based Learning: Engaging in on-the-job training, mentoring, and project work.
• Self-Directed Learning: Reading financial journals, articles, and books relevant to their field.
• Professional Activities: Involvement in activities such as delivering training sessions, participating in industry forums, and contributing to professional bodies.
• Technical Updates: Keeping up with changes in financial regulations, compliance requirements, and industry best practices.

Finance professionals are typically required to complete 40 hours of CPD each year, with specific hours allocated to areas like technical competence, client care, regulatory compliance, and ethics.

A: Continuing Professional Development (CPD) offers numerous benefits for both accountants and lawyers, ensuring they remain competent, competitive, and up-to-date with industry changes.

For accountants, CPD helps to:

• Stay Current: Keeping up with the latest financial regulations, tax laws, and industry standards.
• Enhance Skills: Improving technical skills, management abilities, and personal development.
• Career Progression: Increasing employability and career advancement opportunities by demonstrating a commitment to lifelong learning.
• Maintain Certification: Meeting the requirements set by professional bodies to maintain their qualifications and certifications.

For lawyers, CPD is crucial for:

• Legal Knowledge: Staying informed about new laws, legal precedents, and ethical standards.
• Professional Competence: Ensuring they can provide accurate and effective legal advice to clients.
• Career Development: Enhancing skills in areas such as advocacy, negotiation, and legal writing, which can lead to career growth.
• Regulatory Compliance: Fulfilling mandatory CPD requirements to maintain their practicing certificates.

Overall, CPD supports the continuous improvement and professional excellence of accountants and lawyers, helping them to effectively serve their clients and advance in their careers.

A: Keeping a record of your Continuing Professional Development (CPD) is essential for meeting professional requirements. Common methods include:

• Online CPD Diaries: Many professional bodies, such as CPA Australia, Institute of Singapore Charated Accountants (ISCA), ePortflio in Singapore and online systems in other countries where you can log your activities, including the date, time spent, and topics covered.
• Manual Logs: You can maintain a manual log or spreadsheet to track your CPD activities. Ensure you include details like the nature of the activity, hours spent, and learning outcomes.
• Certificates and Receipts: Keep certificates of attendance, receipts, and any other documentation that verifies your participation in CPD activities.
• Professional Development Plans: Some organizations encourage the use of professional development plans to outline and track CPD goals and achievements.

It’s important to retain these records for at least 12 months after the end of the relevant triennium and be prepared to produce them for inspection if requested by your professional body.

A: Completing Continuing Professional Development (CPD) involves several steps to ensure you meet the requirements and enhance your professional skills.

• Identify Learning Goals: Reflect on your current skills and identify areas for improvement or new knowledge you need to acquire.
• Develop a Learning Plan: Create a plan outlining the CPD activities you will undertake to achieve your learning goals. This plan should include a mix of formal and informal learning opportunities.
• Engage in CPD Activities: Participate in relevant CPD activities such as attending courses, seminars, webinars, workshops, and conferences. You can also engage in self-directed learning, such as reading professional journals and books.
• Document Your Learning: Keep detailed records of your CPD activities, including dates, hours spent, and learning outcomes. Use online CPD diaries or manual logs to track your progress.
• Evaluate Your Learning: Reflect on what you have learned and how it has impacted your professional practice to ensure your CPD activities are effective and relevant.

A: Continuing Professional Development (CPD) exceptions refer to circumstances where professionals might be exempt from fulfilling their CPD requirements. These exceptions can vary depending on the professional body and the specific regulations in place. Common CPD exceptions might include:

• Medical or Personal Leave: Professionals on extended medical leave or dealing with significant personal issues may be granted exemptions or extensions for completing their CPD requirements.
• Retirement or Semi-Retirement: Those who have retired or are semi-retired might be exempt from CPD requirements, especially if they are no longer practicing.
• Parental Leave: Professionals on maternity, paternity, or parental leave may receive exemptions or extensions.
• Special Circumstances: Other exceptional circumstances, such as natural disasters or significant disruptions, might also warrant CPD exemptions.

It’s important to check with your relevant professional body for specific guidelines and procedures regarding CPD exceptions.

A: Verifiable Continuing Professional Development (CPD) refers to learning activities that can be objectively confirmed by an independent source. For a CPD activity to be considered verifiable, it must meet the following criteria:

• Objective Evidence: The activity must be fact-based and not based on personal perspectives.
• Corroboration: The completion of the activity can be confirmed by an independent source.
• Retention: Evidence of the activity must be kept in a format that can be included in your CPD record.

Examples of verifiable CPD include attending courses, webinars, and conferences where you receive a certificate of attendance, participating in formal study programs, and writing or publishing professional articles. These activities provide tangible proof that learning has occurred, which can be documented and verified.