Transcript Briefing for Singapore QP Approved Mentors

Briefing for Singapore QP Approved
Mentors
Date:
30 July 2013 (Monday)
Time:
12:00pm to 2:00pm
Venue: Meeting Room, Level 7, PwC Building
Ellen Wong
30.07.2013
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
Singapore QP Framework
What is the Singapore Qualification Programme:
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Singapore QP Framework
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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
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Singapore QP Approved Mentor
An Approved Mentor shall:
Note: An Approved Mentor should not have more than 8 Candidates under his/her supervision.
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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
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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
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Part 2:
Practical Experience Requirements
 Practical Experience Requirements
 Record of Practical Experience and Competence
 Practical Examples
 Review Meeting
Practical Experience
Requirements
Practical Experience:
Tripartite relationships of key stakeholders
SAC/ISCA
Approved Mentors
(under ATO)
Candidates
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Practical Experience
Requirements
A Glance at 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
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Practical Experience
Requirements
What are Competences ?
How Do I show that I am “Competent?
 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.
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Practical Experience
Requirements
Satisfy all 9 Generic Competences:
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Practical Experience
Requirements
Satisfy 4 out of 15 Technical Competences:
*1 out of 4 chosen competencies must be from ‘Financial Reporting’.
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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
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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:
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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
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Record of Practical Experience
and Competence
How do I complete
the RPEC?
 Part 3 - Record of
Practical Experience –
Competence
Development:
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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
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Record of Practical Experience
and Competence
How do I complete the RPEC?
 Part 3 - Record of Practical Experience – Competence Development:
Sample 1 (X):
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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
st
a. Perform audit procedures
Year 1(1 half yearly review)
to meet the objectives of
For the first six months of the year, I was
WNK
28/12/
internal or external audit
involved in the audit of a large property
2013
engagements.
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.
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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
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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
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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.
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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
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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
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Practical Examples
How to demonstrate competencies in AS?
 As auditors, candidates need to satisfy all 3 elements from AS
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Practical Examples
How to demonstrate competencies in AS?
 As auditors, candidates need to satisfy all 3 elements from AS
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Practical Examples
How to demonstrate competencies in AS?
 As auditors, candidates need to satisfy all 3 elements from AS
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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.
b.
c.
d.
e.
f.
g.
Time spent on Practical Experience
Competence development
Programme progress
Action plans Candidate has drawn up from module workshops attended
Ethical issues and training
Career development
Other issues
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Part 3:
Q&A
Contact Us
For enquiries, contact us at:
1. ISCA Examinations and Qualification Division (ISCA EQD)
Tel: (+65) 6597 5708
Email: [email protected]
Website: www.singaporeqp.isca.org.sg
2. Singapore Accountancy Commission (SAC)
Email: [email protected]
Website: www.singaporeqp.com
Facebook: Singapore QP
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Thank you
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