BY-LAWS ON PROFESSIONAL CONDUCT AND PRACTICE
Section 410 : Continuing Professional Education
Continuing Professional Education
There are rapid changes to the knowledge and competencies that are
required of professional accountants in order for them to discharge
their professional obligations effectively and responsibly. Rapid
developments by way of changes to legislation, accounting standards and
guidelines, developments in technology, increased public expectations of
the services of professional accountants, place increasing demands on
the profession. Professional accountants face unprecedented scrutiny
about the quality of internal control, governance, financial statements
and independent audits. These pressures apply to professional
accountants in both the private and public sectors. Professional
accountants in all sectors have important contributions to make.
Continued development of professional competence and lifelong learning
are critical to meet these expectations. It is every professional
accountant’s responsibility to ensure that the quality of professional
service rendered is of high standard.
In order to maintain professional competence and to ensure the
exercise of due care at all times, a professional accountant is required
to fulfill the requirements of and participate in CPE learning
activities that are relevant to his or her current and future work and
professional responsibilities. CPE requirements are applicable to all
professional accountants regardless of sector or size of business in
which they operate, because:
All professional accountants have an ethical obligation of due care
to their clients, employers and relevant stakeholders and need to
demonstrate their ability to discharge this responsibility in a
Professional accountants in all sectors hold positions of importance
involving among others, financial reporting, public accountability and
maintaining the public trust.
The public is likely to rely on the designation or professional
standing of the professional accountant. Moreover, all professional
accountants carry the professional designation and any lack of
competence or ethical behaviour has the same consequences to the
reputation and standing of the profession, irrespective of the sector or
role in which they operate.
All sectors are affected by the rapidly changing environment and the
consequential need to adapt the strategic or business plans of those
organizations relying on the professional accountant’s professional
Employers hiring professional accountants in any sector rely, at
least to some extent, on the professional designation as proof of
CPE learning activities are those learning activities that develop
and maintain capabilities to enable professional accountants to perform
competently within their professional environments. Participation in CPE
learning activities is therefore vital in maintaining high standards and
public confidence in the profession.
All professional accountants are required to complete at least 120 CPE credit hours of relevant CPE learning for every rolling 3 calendar
year period, of which 60 CPE credit hours should be structured and
verifiable, and at least twenty (20) CPE credit hours of such structured
and verifiable CPE learning should be obtained each calendar year.
Accredited structured and unstructured CPE learning activities are shown
in Appendix V to the By-Laws. The application of these requirements to
professional accountants who have been admitted as members at different
periods is set out in Appendix VI to the By-Laws.
Any failure to maintain and improve professional competence is a
violation of one of the fundamental principles of the profession and can
result in disciplinary action. It is unfair to the majority of
professional accountants who comply with the CPE requirements to allow
those who do not comply to claim the same status or competencies.
above provisions are based substantially on the provisions in the
International Education Standard (IES) 7 issued by IFAC.