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: 4 Singapore QP Framework 5 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 6 Singapore QP Approved Mentor An Approved Mentor shall: Note: An Approved Mentor should not have more than 8 Candidates under his/her supervision. 7 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 8 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 9 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 11 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 12 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. 13 Practical Experience Requirements Satisfy all 9 Generic Competences: 14 Practical Experience Requirements Satisfy 4 out of 15 Technical Competences: *1 out of 4 chosen competencies must be from ‘Financial Reporting’. 15 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 16 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: 17 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 18 Record of Practical Experience and Competence How do I complete the RPEC? Part 3 - Record of Practical Experience – Competence Development: 19 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 20 Record of Practical Experience and Competence How do I complete the RPEC? Part 3 - Record of Practical Experience – Competence Development: Sample 1 (X): 21 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. 22 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 23 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 24 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. 25 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 26 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 27 Practical Examples How to demonstrate competencies in AS? As auditors, candidates need to satisfy all 3 elements from AS 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 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 31 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 33 Thank you © Copyright This document is exclusive property of the Singapore Accountancy Commission. Any revision, use, duplication or commercial distribution of this work is permitted only with the consent of the Singapore Accountancy Commission.