From January 1st 2022, please note that new CPD Requirements for Statutory Auditors commence with the introduction of new IAASA CPD Guidelines.
CPA members, affiliated partners and responsible individuals who are authorised by CPA Ireland as statutory auditors are reminded of their requirements to maintain their competence in audit through CPD.
It’s important to note that, in addition,
new IAASA CPD Guidelines which commence from 1st January 2022 require statutory auditors to retain CPD records for a period of 6 years, these are to be sufficient to demonstrate CPD planning, completion and evaluation.
The CPD records maintained should consist of the following;
Record of CPD Planning – this should provide for a reflection on the knowledge, skills and values required to competently fulfil professional responsibilities, identifying the learning and development needs and deciding on the CPD activities necessary to address them.
- Details of CPD completed – this should demonstrate the completion of sufficient, relevant and appropriate CPD annually to meet the learning and development needs and the maintenance and enhancement of the statutory auditors’ knowledge, skills and values in all areas of work undertaken by the auditor.
- ​Details of evaluation process conducted to support the maintenance of professional knowledge, skills and values at a sufficiently high level.