Understanding the New Developments in CPD Requirements and Verifiable Activities

As your trusted partner in your financial growth and business strategy, K2 Accountancy Group is committed to keeping you informed about the latest developments in the accounting profession. Recently, the ICAEW introduced updates to its CPD (Continuing Professional Development) Regulations, emphasising the importance of verifiable activities and the need for professionals to stay compliant. Here’s what you need to know about these changes and how they may affect your ongoing professional development.

Overview of CPD Requirements

Under ICAEW’s CPD Regulations, all members and regulated individuals are required to undertake a prescribed minimum number of CPD hours each year. The exact number of hours depends on the CPD category that aligns with your role. Each category specifies not only the total number of CPD hours needed but also the proportion of those hours that must be verifiable.

CPD activities are vital for maintaining and enhancing your professional skills, ensuring that you remain competent and capable of meeting the evolving demands of your role. These activities are not limited to technical accounting or finance topics; they also encompass the development of essential non-technical skills, such as leadership, communication, and change management.

What Counts as Verifiable CPD?

To comply with the CPD requirements, it is crucial to understand what constitutes verifiable CPD. For an activity to be considered verifiable, it must meet three key criteria:

• Objective: The activity should be fact-based, relying on tangible evidence rather than subjective interpretation.
• Corroborated: The completion of the activity must be confirmable by an independent source, such as a certificate of attendance or a record from a training provider.
• Retained: Evidence of the activity must be preserved in a format that can be included in your CPD record.

Verifiable CPD activities can include a wide range of professional development efforts, from attending courses and webinars to conducting technical research or writing academic articles. The key is to ensure that each activity is supported by appropriate evidence.

Examples of Verifiable CPD Activities

Below are some common CPD activities that can be considered verifiable, along with examples of the evidence required:

• External Courses: Attending external courses can be a significant part of your CPD. To verify this activity, you might provide a certificate of attendance or a booking confirmation from the course supplier.
• Internal Training: Participation in internal training sessions can also qualify as verifiable CPD if your organisation provides documented proof of your attendance, such as an attendance record or a certificate.
• Formal Study and Examinations: Engaging in formal study or passing exams that lead to a recognised designation, degree, or diploma can be verified through enrolment records, attendance schedules, and certificates of completion.
• Webinars and Conferences: Participation in webinars, conferences, and other professional gatherings with defined learning outcomes can be evidenced by registration emails, certificates of completion, or similar documentation.
• Technical Research: Conducting technical research that contributes to your professional competence can be verified by presenting reports, presentations, or file notes that summarise your findings.
• On-the-Job Training: On-the-job training that develops or maintains professional competence can be verified through documented records provided by a supervisor, mentor, or tutor.

How to Verify Your CPD Activities

Verification is a crucial aspect of maintaining your CPD record. The evidence you collect must be objective, corroborated, and retained in a format that can be easily referenced when needed. This could include certificates, attendance records, written reports, or even correspondence with experts. It’s important to keep detailed and accurate records to ensure that all your CPD activities can be verified if required.

The ICAEW has introduced tools like the AddCPD feature on its website, which allows you to automatically verify certain activities, such as reading articles or watching videos, directly on the platform. Whenever you engage with content on icaew.com that displays the AddCPD logo, you can add that activity to your online CPD record, where it will be automatically verified.

Staying Compliant with CPD Regulations

Staying compliant with CPD regulations is not just about fulfilling a requirement; it’s about ensuring that your skills and knowledge remain up-to-date and relevant in a rapidly changing industry. At K2 Accountancy Group, we understand the importance of professional development and are here to support you in meeting your CPD obligations.

Our team of experts is always ready to assist you with advice and resources tailored to your specific needs. Whether you need help tracking your CPD hours, finding relevant professional development opportunities, or ensuring that your activities are verifiable, we’re here to help.

Navigating the Changes

Navigating the complexities of CPD requirements can be challenging, but with the right guidance and resources, you can ensure that you meet your obligations while continuing to grow professionally. At K2 Accountancy Group, we are committed to being your partner in business strategy and financial growth, providing the support you need to thrive in your career.

If you have any questions or need further assistance with your CPD activities, please don’t hesitate to contact us. We’re here to help you stay compliant and succeed in your professional journey.