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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