The Institute of Chartered Accountants in England and Wales (ICAEW) has announced that in November 2023, it will introduce a new Continuing Professional Development (CPD) policy. This will mark a shift from an output-based model to a hybrid one.
From this time, all ICAEW members will be required to carry out a minimum number of CPD hours each year.
The ICAEW stated that the ‘overarching principles of the existing CPD policy will remain, however’, and members will still have to create an action plan; carry out their plan; evaluate its efficacy; and declare that they have complied with the new CPD policy, ensuring they have evidence if this is requested.
Commenting on the matter, Sharron Gunn, Chief Operating Officer at the ICAEW, said:
Times have changed and our CPD policy must be adapted to reflect the increasingly complex world in which our members operate.
The changes will provide our members with greater clarity regarding the amount of CPD they need to undertake.
The ICAEW will finalise the new policy later this year and outline how it will affect its members.