Cpe credit hrs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2013 What is the meaning CPE credit Hours?how these hrs are useful to the auditor?plz explain in detail,thanks in advance.....

Ajay Mishra

Ajay Mishra (Expert)
Follow

05 January 2013 Hi

1.1 The Institute of Chartered Accountants of India (ICAI), set up under the Chartered Accountants Act, 1949 (the Act), has always aimed for excellence in the standard of professional services rendered by its members. The ICAI is entrusted with the responsibility of regulating the accountancy profession in the country and confers the exclusive right to use the designation “Chartered Accountant”.

1.2 With a view to enabling its members to maintain the requisite professional competence and thus ensure high quality and standards in the professional services that they render, the ICAI has identified Continuing Professional Education (CPE) as a major area of focus for the members. Thus, the ICAI has been providing continued inputs to its members through seminars, lectures, workshops, technical literature, e-learning, web-based training etc. In the year 2003 the ICAI had issued the Statement on Continuing Professional Education prescribing the norms for undergoing CPE activities by the members and the mechanism to implement the same by POUs.

Continuing Professional Education (CPE): An integral part of member’s continuous learning required to maintain the highest standards of excellence in their professional activities by inculcating wide range of knowledge, skills and abilities.

CPE credit hours: The Credit hours granted to a member for participating in any CPE learning activity by way of Structured or Unstructured Learning.

CPE Learning Activity: An educational endeavour that maintains and adds value to the professional competence of members and develops the professional knowledge, skills, ethics and attitudes of the members, relevant to their professional responsibilities. Such Learning activities which are eligible for CPE hours credit, are divided into structured and unstructured learning activities.

CPE Advisory: The directions and other guidelines issued by the Continuing Professional Education Committee from time to time to enable members, programme organisers as well as all other persons connected with Continuing Professional Education (CPE) activities, as defined in the Statement on CPE, to carry out their activities.

Message likes : 1 times

Ajay Mishra

Ajay Mishra (Expert)
Follow

05 January 2013

Section 15 of the Chartered Accountant’s Act, 1949 authorises the Council of the ICAI to act as it may deem fit and necessary for the regulation and maintenance of the status and standard of professional qualifications of the members of the Institute.

CPE is an integral part of the Council activities to ensure meaningful implementation of Section 15 of the Act. Section 15 of the Act provides that “the duties of carrying out the provisions of this Act shall be vested in the Council” and enumerates various duties of the Council. With a view to regulate the profession of Chartered Accountants and in terms of the powers vested, the Council is, thus, authorised to issue this Statement on Continuing Professional Education.

Compliance with the provisions of this Statement is mandatory for the members of the Institute of Chartered Accountants of India.

Message likes : 1 times

Ajay Mishra

Ajay Mishra (Expert)
Follow

05 January 2013
Applicability and the CPE Credit Hours Requirements

The requirement of CPE credit hours by members are divided in various categories and need to be met as prescribed.

All members of the Institute are required to meet the CPE credit hours requirement(s) as specified by the Council from time to time subject to following exemption:

(a) A member is exempted only for the particular calendar year during which he gets his membership for the first time.

(b) A member or class of members to whom the CPEC may in their absolute discretion grant full/partial exemption specifically or generally on account of facts and circumstances of the case which in their opinion prevent such person(s) from compliance with the requirements of CPE as specified in the Statement.

Eligible CPE Credit hours for members:

The CPE Credit hours are granted equal to the actual time devoted and/or deemed to be devoted by the members in undertaking CPE learning activities (subject to a minimum of two hours under structured learning and one hour under unstructured learning ).

An indicative list of eligible structured and unstructured learning activities is given in the CPE Advisory on Structured Learning Activities and CPE Advisory on Unstructured Learning Activities, respectively.

Message likes : 1 times

Ajay Mishra

Ajay Mishra (Expert)
Follow

05 January 2013
Action against non-complying members

Penal action, as decided by the Council from time to time, may be taken against the members who fail to comply with the requirements of this Statement. However any such penal action will be announced in advance for information of the members who are covered under the provisions of the Statement

The Council may, however, take any other action in accordance with the provisions of the Chartered Accountants Act 1949 and The Chartered Accountants Regulations, 1988 and modifications made thereunder from time to time

Ajay Mishra

Ajay Mishra (Expert)
Follow

05 January 2013
CPE credit hours requirements for the members of the Institute for the rolling period of 3 years starting from the Calendar Year 2011 and ending on calendar year 2013 (1-1-2011 to 31.12.2013)

CPE credit Hours requirements for the block of 3 years started with effect from 01-01-2011 to 31-12-2013 to be complied with by different categories of members:

A. All the members (aged less than 60 years) who are holding Certificate of Practice (except all those members who are residing abroad) are required to:

a) Complete at least 90 CPE credit hours in each rolling three-year period of which 60 CPE credit hours should be of structured learning.

b) Complete minimum 20 CPE credit hours of structured learning in each year.

B. All the members (aged less than 60 years) who are not holding Certificate of Practice or all the members who are residing abroad (whether holding Certificate of Practice or not) are required to:

(a) Complete at least an aggregate of 45 CPE credit hours of either structured or unstructured learning (as per their choice) in each rolling three-year period (i.e. from 1/1/2011 to 31/12/2013)

(b) Complete minimum of 10 CPE credit hours being an aggregate of either structured or unstructured learning (as per their choice) in each calendar year.

C. All the members (aged 60 years & above) who are holding Certificate of Practice, are required to:

a) Complete at least an aggregate of 70 CPE credit hours of either Structured or Unstructured Learning (as per their choice) in each rolling three-year period (i.e. from 1/1/2011 to 31/12/2013).

b) Complete minimum of 10 CPE credit hours being an aggregate of either Structured or Unstructured Learning in the first calendar year i.e. 2011.

c) Complete minimum of 20 CPE credit hours being an aggregate of either Structured or Unstructured Learning (as per their choice) in the second and third calendar years i.e. 2012 & 2013.

D. All the members (aged 60 years and above) who are not holding Certificate of Practice are required to:

a) Complete at least an aggregate of 35 CPE credit hours of either Structured or Unstructured Learning (as per their choice) in each rolling three-year period (i.e. from 1/1/2011 to 31/12/2013).

b) Complete minimum of 5 CPE credit hours being an aggregate of either Structured or Unstructured Learning in the first calendar year i.e. 2011

c) Complete minimum of 10 CPE credit hours being an aggregate of either Structured or Unstructured Learning in the second and third calendar year i.e. 2012 & 2013.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

siddhesh satardekar

ARUP BHATTACHARYA

venkatesh c

KANHA ASSOCIATES

Raj Jaggi

Subscribe Now

Cpe credit hrs

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Manager- Finance and Compliance

Senior Executive

GST CONSULTANCY

Accountant