Post on 25-Dec-2015
Briefing for Singapore QP Approved MentorsDate: 30 July 2013 (Monday)Time: 12:00pm to 2:00pmVenue: Meeting Room, Level 7, PwC Building
Ellen Wong30.07.2013
Agenda
Part 1: Singapore QP and Approved Mentor
Part 2: Practical Experience Requirements
Part 3: Q & A
Part 1:
Singapore QP and Approved Mentor
Singapore QP Framework
Singapore QP Approved Mentor
Benefits of Being an Approved Mentor
Successful Mentoring
4
Singapore QP Framework
What is the Singapore Qualification Programme:
5
Singapore QP Framework
6
Singapore QP Approved Mentor
A Singapore QP Approved Mentor:
is a member of a recognised professional accountancy body and has a minimum of 3 years post-qualification experience.
To be an effective Approved Mentor, you need to: Understand the type and quality of work being undertaken by
Candidates Provide support and guidance to Candidates throughout the
period of Practical Experience Be the first contact person for Candidates seeking advice on
Practical Experience Ensure Candidates complete Practical Experience
requirements under Singapore QP
7
Singapore QP Approved Mentor
Note: An Approved Mentor should not have more than 8 Candidates under his/her supervision.
An Approved Mentor shall:
8
Benefits of Being Approved Mentor
Benefits of becoming an Approved Mentor:
Gain personal satisfaction
Show your commitment of providing support and development
to Candidates
Enhance your own communication, leadership and coaching
skills
Count towards your Continuing Professional Development
(CPD)
Enable other professionals to achieve their goals
9
Successful Mentoring
Tips for successful mentoring: Use GROW model
Establish the Goal – SMART Examine the current Reality Explore the Options (or Obstacles) Establish the Will (or Way Forward)
Genuine interest in personal growth and professional
development Clear, open and reciprocal communications
Excellent listening skills Excellent coaching and feedback skills
Sensitive to other’s needs and development Strong Commitment (Mentor and Candidate) Confidentiality
Part 2:
Practical Experience Requirements
Practical Experience Requirements
Record of Practical Experience and Competence
Practical Examples
Review Meeting
11
Practical Experience Requirements
Tripartite relationships of key stakeholders
SAC/ISCA
CandidatesApproved
Mentors (under ATO)
Practical Experience:
12
Practical Experience Requirements
Requirements to work under an Approved Mentor
in an ATO
Length of service and working days requirement− Minimum 3 years (450 days) of practical
experience in related areas− Minimum 5 days (40 hours) of pro bono
work
Generic Competences
Technical Competences
A Glance at Practical Experience
Requirements:
13
Practical Experience Requirements
Ability to perform a work role to a defined standard with
reference to working environment , i.e. abilities and
maturity expected of a CA
Competencies required to be achieved over 3-year period,
with increasing frequency and complexity , expected to be
fully competent at the end of Training Agreement.
What are Competences ?
How Do I show that I am “Competent?
14
Practical Experience Requirements
Satisfy all 9 Generic Competences:
15
Practical Experience Requirements
Satisfy 4 out of 15 Technical Competences:
*1 out of 4 chosen competencies must be from ‘Financial Reporting’.
16
Record of Practical Experience and Competence
The Record of Practical Experience and Competence (RPEC): The RPEC is designed to enable Candidates to record evidence of
Practical Experience
Approved Mentor shall decide together with Candidate the 4 elements
of technical competences that are relevant to the Candidate
Approved Mentor shall verify the time Candidates spent on Practical
Experience is recorded accurately and it reflects the type of work
the Candidate has undertaken
Approved Mentor shall sign off the RPEC for Candidate’ competency in
the required technical and generic areas based on your observation
and evidence provided by Candidate
17
Record of Practical Experience and Competence
How do I complete the RPEC? Softcopy of RPEC is downloadable from Singapore QP website
Part 1 - Candidate Summary and Employment Record:
18
Record of Practical Experience and Competence
How do I complete the RPEC? Part 2 - Record of Practical Experience – Time:
Units of “days”
1 day = 8 hours
Minimum = 0.5 day
Keep a diary/ timesheet as record
6 months period
Prior work experience – max 12 months
Part-time –3 days a week, length of TA extended on pro-rata basis
19
Record of Practical Experience and Competence
How do I complete the RPEC? Part 3 - Record
of Practical
Experience –
Competence
Development:
20
Record of Practical Experience and Competence
How do I complete the RPEC? Part 3 - Record of Practical Experience – Competence
Development: Explain how the elements of competence have been
demonstrated− Narrative and reflective statements− Progress updates with examples of where and when− Supported by evidence
Narrative should cover:− Evaluation of skills or knowledge developed during the
period− Refer to a specific piece of client work or specific
appraisal− Areas for improvement− Any ethical issues (to be recorded under “Generic
Competence”)− Action plan
21
Record of Practical Experience and Competence
How do I complete the RPEC? Part 3 - Record of Practical Experience – Competence
Development:
Sample 1 (X):
22
Record of Practical Experience and Competence
How do I complete the RPEC?
Sample 2 (√): AS2 Performing an Audit Engagement You will be able to perform an internal or external audit assignment, including drawing conclusions from the work undertaken. Statement of competence How you have demonstrated this? Initial Date
a. Perform audit procedures to meet the objectives of internal or external audit engagements.
Year 1(1st half yearly review) For the first six months of the year, I was involved in the audit of a large property development and real-estate management company together with a team of two associates and a qualified senior. I was responsible for the substantive testing of the “bank and cash” section. During the course of audit, I had to review bank and cash reconciliations and send bank confirmation to ensure existence and completeness assertions. I constantly kept my senior updated on my progress and any issues I encountered.
WNK
28/12/2013
23
Record of Practical Experience and Competence
How do I complete the RPEC? Part 4 - Confirmation:
Before signing off, Approved Mentors may - request for more information- seek corroboration from the
candidate’s supervisors or co-workers
24
Record of Practical Experience and Competence
How do I complete the RPEC? Part 4 - Confirmation:
Signed by Approved Mentor and Training Principal up to the point of transfer/ cancellation of TA
25
Practical Examples
How do I record time spent in non-audit areas? Significant portion of experience should be spent in 1 or 2
specific key areas such as Assurance(AS) and Financial
Reporting(FR)
Time spent outside of audit may not be relevant to AS and FR
technical competences, hence not counted as relevant
experience “days”
Eg: - Secondment to Tax department for 1 month
- Administrative duties such as assistance rendered to filing
room, marketing or HR.
26
Practical Examples
How to demonstrate competencies in FR? Candidates may not be preparing accounting information from
client records, but they are involved in the audit of accounting
information
Eg: “FR1: Accounting for Transaction”
a.Collate and prepare information and estimates for
accounting entries
Preparation of summary of unadjusted misstatement
(i.e. correcting journal entries and reclassifications)
Audit on accruals and provisions by performing
reasonableness test or recalculation of a provision
27
Practical Examples
How to demonstrate competencies in FR? Demonstrate competence in 1 out of 4 elements of FR and all
statement of competence under the element
28
Practical Examples
How to demonstrate competencies in AS? As auditors, candidates need to satisfy all 3 elements from AS
29
Practical Examples
How to demonstrate competencies in AS? As auditors, candidates need to satisfy all 3 elements from AS
30
Practical Examples
How to demonstrate competencies in AS? As auditors, candidates need to satisfy all 3 elements from AS
31
Review Meeting
Review Meeting:
Meet with your Candidate at least every 6 months
No prescribed format
Duration is about an hour
Topics shall include:a. Time spent on Practical Experienceb. Competence developmentc. Programme progressd. Action plans Candidate has drawn up from module workshops
attendede. Ethical issues and trainingf. Career developmentg. Other issues
Part 3:
Q & A
33
Contact Us
For enquiries, contact us at:
1. ISCA Examinations and Qualification Division (ISCA EQD)
Tel: (+65) 6597 5708Email: SingaporeQP@isca.org.sgWebsite: www.singaporeqp.isca.org.sg
2. Singapore Accountancy Commission (SAC)Email: Be.Recognised@SingaporeQP.comWebsite: www.singaporeqp.comFacebook: Singapore QP
Thank you
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