Auditing Profession Act, 2005 (Act No. 26 of 2005)

Policy and Procedures

Policy 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 2005

Annexure
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ANNEXURE

 

PROCEDURES RELATING TO CONTINUING EDUCATION, TRAINING AND PROFESSIONAL DEVELOPMENT PRESCRIBED IN TERMS OF SECTION 7(1)(C) OF THE AUDITING PROFESSION ACT, 26 OF 2005

 

1. Measurement of CPD

 

1.1 The CPD policy and procedures is premised on the output-based approach, combined with a minimum requirement of hours for ethics learning and development activities as outlined in section 3.8 above.

 

1.2 The output-based approach focuses on the demonstration of professional competence. The measurement focus is on whether RAs have followed the CPD Framework as part of the process to maintain and develop the learning outcomes relevant to performing their roles as RAs.

 

2. Monitoring of CPD

 

2.1 The IRBA shall monitor the CPD records of RAs on a sample basis.

 

2.2 An RA selected through the monitoring process shall be required to submit to the IRBA, all relevant documents that reflect reliable and verifiable evidence that the RA has followed the CPD Framework as outlined in section 3.2 and has fully complied with the CPD policy and procedures.