Auditing Profession Act, 2005 (Act No. 26 of 2005)Policy and ProceduresPolicy and Procedures relating to Continuing Education, Training and Professional Development prescribed in terms of Section 7(1)(C) of the Auditing Profession Act, 26 of 20053. Requirements |
General
| 3.1 | All RAs shall comply with the CPD policy and procedures. |
| 3.2 | All RAs shall, at least annually, apply the below CPD Framework: |
| (a) | Perform self-assessment activities to identify relevant learning outcomes and personal development gaps; |
| (b) | Plan for, complete and record relevant learning and development activities to address the learning outcomes and personal development gaps identified; |
| (c) | Evaluate and undertake reflective activities on the completed learning and development activities; and |
| (d) | Revise the learning and development plan, as necessary. |
| 3.3 | RAs shall maintain accurate and complete records evidencing compliance with the policy and procedures. This shall include, but not be limited to, evidence of application of the CPD Framework and supporting documentation of all learning and development activities undertaken. |
| 3.4 | The records mentioned in section 3.3 above shall be retained for a period of three (3) calendar years from the end of the reporting period and submitted to the IRBA as and when requested. |
| 3.5 | The reporting period shall be a calendar year. |
| 3.6 | As part of an RA’s annual renewal for registration, the RA shall be required to declare whether he or she has complied with the CPD policy and procedures, including the CPD Framework |
Mandatory CPD Activities
| 3.7 | RAs shall plan for, complete and record relevant learning and development activities on ethics annually. The learning and development activities undertaken shall include activities that assist the RA to comply with the IRBA Code of Professional Conduct for Registered Auditors. |
| 3.8 | During a reporting period an RA shall complete a minimum of three hours of relevant learning and development activities on ethics. |
| 3.9 | RAs shall perform self-assessment activities on audit and assurance topics annually, to identify relevant learning outcomes and personal development gaps. In addition, RAs shall plan for, complete and record relevant learning and development activities to address those learning and development gaps identified. |
| 3.10 | The IRBA may publish additional compulsory areas from time to time. |