Candidate Guide To Practical Experience

Candidate Guide to Practical Experience
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SINGAPO RE Q P CA ND IDATE GUID E TO P R ACT ICA L E XP E R IENCE Candidate Guide to Practical Experience | 1 SINGAPO RE Q P CA ND IDATE GUID E TO P R ACT ICA L E XP E R IENCE CAND I D AT E GUIDE TO PRACTICAL E XPERIENCE © 2013-2014 Singapore Accountancy Commission Candidate Guide to Practical Experience | 2 The Singapore QP Framework main components: i. Academic Base; ii. Professional Programme; and iii. Practical Experience. The inter-relationships between these components are shown in the following diagram: CHARTERED ACCOUNTANT OF SINGAPORE SINGAPORE QUALIFICATION PROGRAMME PROFESSIONAL PROGRAMME PRACTICAL EXPERIENCE Integrative Business Solutions Financial Reporting Assurance Business Value, Governance and Risk Taxation Minimum 3 years experience within a training commitment in an Accredited Training Organisation supervised by an Approved Mentor Ethics and Professionalism ACADEMIC BASE Accredited Degree in Accountancy Foundation Programme Non-Accredited Degree Candidate Guide to Practical Experience | 3 CONTENTS CANDIDATE GUIDE TO PRACTICAL EXPERIENCE 1. YOU AND YOUR PRACTICAL EXPERIENCE 1.1 Introduction 5 1.2 What Do I Have to Do for the Singapore QP Practical Experience Requirement? 5 1.3 Why is Practical Experience Important? 6 1.4 How Do I Get the Right Type and Amount of Experience? 6 1.5 How Do I Record My Time? 7 1.6 What are Competences? 7 1.7 How Do I Show that I am Competent? 8 1.8 What is an Approved Mentor? 9 1.9 What Will Happen at The Review Meeting With My Approved Mentor? 1.10 What is a Training Principal? 9 10 2. YOU AND YOUR TRAINING AGREEMENT 2.1 Introduction 11 2.2 Your Responsibilities 11 2.3 Previous Experience 12 2.4 Part Time 12 2.5 Secondment 12 2.6 Transfers 13 2.7 ATO Accreditation Visits 13 2.8 Disputes 13 2.9 Special Circumstances 13 2.10 Character and Suitability 13 3. RECORD OF PRACTICAL EXPERIENCE AND COMPETENCE 3.1 Introduction 14 3.2 What is The Record of Practical Experience and Competence? 14 3.3 How Do I Follow the Practical Experience Process? 14 3.4 Which Competence Should I Attempt First? 15 3.5 How Does an Approved Mentor Use the RPEC? 15 3.6 How Often Should I Update My RPEC? 15 3.7 How Do I Complete the RPEC? 15 3.8 Recording and Approved Mentor Signing Off of Time 17 3.9 Recording of Competence Development 19 3.10 Approved Mentor Signing Off of Competence Development 42 44 Candidate Guide to Practical Experience | 4 YOU AND YOUR PRACTICAL EXPERIENCE 1.1 Introduction The Practical Experience requirement is a vital part of the Singapore QP. It enables you to build on the knowledge and techniques you have learnt during your undergraduate studies and the Professional Programme in order to develop the skills, attitudes and behaviours to be a Chartered Accountant of Singapore. The International Federation of Accountants’ (IFAC) International Education Standard (IES) 5, states “Practical experience, gained by performing the work of professional accountants, in addition to the acquisition of knowledge through professional accounting education programs, is considered necessary before candidates can present themselves to the public as professional accountants.” 1.2 What Do I Have to Do for the Singapore QP Practical Experience Requirement? Experience requirement: a. Working for an Accredited Training Organisation (ATO) with a Training Agreement; b. Completing the components of the Practical Experience requirement: i. A minimum of 3 years (450 days) Practical Experience; ii. A minimum of 5 days professional pro bono work over the 3 years; and iii. Demonstrating competence in the 9 elements of the generic competences and in 4 of the 15 elements of technical competences (including 1 element of Financial Reporting); c. Working closely with your Approved Mentor to obtain the necessary experience to complete both the time and competence requirements; d. Using the Record of Practical Experience and Competence (RPEC) to record your achievement of the competences; e. Meeting with your Approved Mentor at least 6 monthly to discuss your progress and have your RPEC signed. Retrospective sign off is not appropriate; and f. Ensuring that the Training Principal in your ATO signs off your RPEC to Practical Experience. More details on each of these items are provided in subsequent sections of this Guide. Candidate Guide to Practical Experience | 5 1.3 Why is Practical Experience Important? In order to perform effectively as a Chartered Accountant of Singapore, and to help you meet future career challenges, you need to develop your skills in the workplace and pass the Professional Programme. Practical experience helps you to: a. Apply in practice the knowledge and techniques gained through your Professional Programme technical modules; b. Observe and be involved in real-life work situations that help you to develop the skills, attitude and behaviours expected of a Chartered Accountant of Singapore; and c. and improve your work performance. 1.4 Practical Experience sets that you have a range of competences to achieve and ensures that you gain enough experience in one or more relevant roles to sustain high-quality workplace performance, making you a more valuable employee. How Do I Get the Right Type and Amount of Experience? Your Practical Experience can be gained in a number of functional areas. These may include, but are not limited to: i. ii. iii. iv. v. vi. vii. Finance; Audit (Internal or External); Tax; Compliance and Risk Management; Treasury; Business Recovery, Restructuring and Insolvency; and Information Technology. You are required to complete a minimum of 3 years (450 days) Practical leave or examinations, training courses, annual leave, public holidays, least 150 days of practical experience in each year of your Training Agreement. Practical Experience can be gained in a range of functional areas or may relating to your role or roles within your ATO. If you spend the bulk of your period of Practical Experience in 1 area of work, it is necessary that you gain an in depth understanding in that area. Singapore QP candidates may work in any sector and organisation size. Wherever you work, it is important that you look out for opportunities to meet your Practical Experience competences. In addition to the minimum 3 years (450 days) of Practical Experience, you will also be required to undertake 5 days (40 hours) of professional pro bono work. This will be monitored together with the other Practical Experience requirements. Additional details of pro bono work can be found in the Pro Bono Guide. Candidate Guide to Practical Experience | 6 1.5 How Do I Record My Time? The time is recorded in units of a day, with each working day being You will need to record the time spent on Practical Experience in your RPEC. at least 8 hours. Working beyond 8 hours do not contribute to additional days. You cannot record time in less than half-day units. Pro bono work is recorded in units of 1 hour. You may wish to keep a diary or other forms of record of your time (time sheets) to help you complete your RPEC. These records are not mandatory but your Approved Mentor may wish to see them. 1.6 What Are Competences? demonstrate competence in a role, a Chartered Accountant of Singapore must possess the necessary professional: a. knowledge; b. skills; and c. values, ethics, and attitudes. The Singapore QP has two types of competences: generic and technical. You need to complete all 9 elements of the Generic Competences to satisfy the requirements of the Singapore QP. a. WHAT ARE THE GENERIC COMPETENCES? Generic competences are multidisciplinary and underpin all roles and behaviours required of the professional at work in any accounting related capacity. There are 3 areas of generic competences, each with 3 elements. You will need to complete all 9 elements to satisfy the requirements of the Singapore QP. A. ETHICS AND PROFESSIONALISM B. ORGANISATION AND BUSINESS MANAGEMENT C. PERSONAL EFFECTIVENESS A1 Professional Ethics, Values and Judgement B1 Information and Technology C1 Self-Awareness A2 Risk Management B2 Critical Thinking, and Compliance Reasoning, Analysis and Problem Solving C2 Manage Self and Others A3 Business Awareness and Strategy C3 Business Communication B3 Manage and Deliver Activities Candidate Guide to Practical Experience | 7 b. WHAT ARE THE TECHNICAL COMPETENCES? Technical competences enable you to demonstrate different technical skills depending on your role or function. As such, not all of the technical competences are applicable to all Candidates. There are 5 areas of technical competence, each comprising of 3 elements. You will be required to demonstrate effectiveness in 4 out of the 15 elements. The Singapore QP requires Candidates to be competent of the 4 elements must be in the area of Each element has a number of statements of competence and in order to demonstrate competence in an element you will need to demonstrate competence in all of the statements. Full details of the elements of competence and the supporting statements of competence are in the RPEC at Section 3.9 of this Guide. 1.7 FR FINANCIAL REPORTING AS ASSURANCE DSA DECISION SUPPORT AND ANALYSIS GR GOVERNANCE AND RISK TX TAXATION FR1 Accounting for Transactions AS1 Planning an Engagement DSA1 Cost Management and Evaluation GR1 Identifying and Managing Risk TX1 Tax Computations FR2 Preparing Financial Reports AS2 Performing an Audit Engagement DSA2 Cash Management, Planning and Budgetary Control GR2 Designing Internal Controls TX2 Tax Compliance FR3 Analysing Financial Reports AS3 Audit Review and Reporting DSA3 Appraising Investments GR3 Monitoring Performance and Accountability TX3 Tax Planning How Do I Show That I am Competent? Over the 3 years of training, you will gain a range and depth of Practical Experience and progress towards meeting the competence statements. These are the levels of competences that you need to have reached at the end of your Training Agreement. Your competency should develop as you apply your knowledge and skills in a variety of areas with increasing frequency and complexity. It is not expected that you will be fully competent in all areas until the end of your period of Practical Experience; you will however have started to demonstrate your competence in these areas in the work that you are required to do. Your Approved Mentor will review your progress at least every 6 months and help determine if you have met the required level of competence. After which they will sign off that you have attained the standard required. You need to record how you are progressing and give examples of how you have been working at the required level. This is done through a narrative where you explain how you are progressing towards the competence and provide examples of where and when you have demostrated that you have been working at the required level. If you have not worked towards demonstrating that competence in any 6-month period, there is no need to make an entry in the RPEC. Candidate Guide to Practical Experience | 8 1.8 What is an Approved Mentor? your ATO to supervise and support you throughout your Practical Experience. Your Approved Mentor does not have to be your line manager but must have access to your line manager and the work you undertake. Your Approved Mentor will help you understand the Practical Experience requirements and work with you to gain relevant experience to satisfy the requirements of the Singapore QP. You will meet with your Approved Mentor at least every 6 months to discuss your progress, verify the time that you have spent on Practical Experience and sign off that you have reached the level of competence required. During the review meeting, you can also develop action plans and discuss your progress in the Professional Programme. Your Your Approved Mentor will help you understand the Practical Experience requirements and work with you to gain the relevant experience to satisfy the requirements of the Singapore QP. to your Training Principal that you have completed the Practical Experience requirements. 1.9 What Will Happen at The Review Meeting With My Approved Mentor? Your 6 monthly review meeting is an opportunity for you to discuss with your Approved Mentor on the progress about: a. Time spent on Practical Experience Whether you are on track to complete the time requirements for the Practical Experience. b. Competence development Your general development and any opportunities to help move towards the goal of completing your competencies for the Singapore QP requirements, including any action plans. c. Professional Programme progress How you are progressing through your modules and what, if any, further support you may need. d. Action Plans As part of the Professional Programme, you are required to attend workshops, to gain competencies that can be transferred into the workplace. You should complete individual action plans as part of the programme, which can be used to further the discussions you have with your Approved Mentor. e. Ethical issues and training As part of the Singapore QP, you will need to complete the Ethics and Professionalism module. Your Approved Mentor may wish to discuss how you are applying what you learned in the module including any practical ethical issues that you have encountered. f. Career development Whilst your primary goal is to complete the Singapore QP, your Approved Mentor may also discuss your longer-term goals and ambitions, offering support where appropriate. g. Other issues You are encouraged to raise any matters of concern. h. Sign off of RPEC You will need to go through your RPEC for the previous 6 months to discuss and verify your entries for your Approved Mentor to sign off. Candidate Guide to Practical Experience | 9 1.10 What is a Training Principal? The Training Principal is the person at your ATO who has overall responsibility for supervising your training for the Singapore QP and Training Principal is responsible for registering your Training Agreement with the SAC. The Training Principal will allocate an Approved Mentor to you, or may be your Approved Mentor. At the end of your Practical Should you have any that your Approved Mentor cannot resolve to your satisfaction, you should speak with your Training Principal. Candidate Guide to Practical Experience | 10 YOU AND YOUR TRAINING AGREEMENT 2.1 NOTE: The Training Agreement is essential to record any matters that are of particular importance to either the candidate or the ATO. This avoids any future disagreements and helps manage expectations of both parties. Introduction When you start your training, you should sign a Training Agreement with your ATO. It is your Training Principal’s responsibility to make sure that the agreement is signed within 3 months of your start date, and to register it with the SAC. The purpose of a Training Agreement is to clarify the Practical Experience support that your ATO will provide in order that you satisfy the requirements of the Singapore QP. Your ATO may choose to use the sample Training Agreement provided by the SAC or develop one. Your Training Agreement should include: a. Names of the ATO, Training Principal and Candidate; b. Date of commencement and length of the Training Agreement; c. Details of supervision; d. Candidate responsibilities; e. The support to be provided during the Professional Programme (and where relevant the Foundation Programme); f. Any requirements about the timing of participation in the Professional Programme (and where relevant the Foundation Programme); g. Any restrictions about the number of attempts at Professional Programme modules (and where relevant the Foundation Programme); h. Agreement; i. Details of dispute resolution procedures; and j. Signatures of the Training Principal and Candidate and dates. 2.2 of registration from the SAC. Failure to register the Training Agreement could mean that not all of your time will count towards the QP requirements. If you do you should check with your Training Principal and the Training Agreement has been registered. It is your responsibility to ensure that the Training Agreement is registered with the SAC. Your Responsibilities You have a responsibility to be proactive and take responsibility for your own self-development and the direction of your training. You will need to contribute to the work of the ATO, carrying out the duties required faithfully and diligently and behave ethically at all times. In addition, you will need to work towards achieving the requirements of the Singapore QP. Candidate Guide to Practical Experience | 11 2.3 Previous Experience If you have gained work experience before entering into a Training Agreement that has enabled you to develop relevant knowledge and skills, you can seek your Training Principal’s support to recognise it as ‘prior work experience’. This could result in a reduction in the length of your Training Agreement. You will need to provide your Training Principal with a written request The Training Principal will need to seek agreement from the SAC. Please note that it is entirely at the discretion of the ATO that is offering you the Training Agreement whether a reduction in the period of your training will be applied for; it is at the discretion of the SAC as to whether it will be granted. The documentation should include a document stating the reduction to your Practical Experience requirement. length and type of experience: a. In the case where your previous employer is currently an ATO, you may approach your Training Principal; and b. who supervised you. The maximum reduction to your Training Agreement is: a. 12 months if the experience was for a minimum of 4 months (50 days) and your previous employer is currently an ATO and you were supervised by someone who is an Approved Mentor now; or b. 6 months if the experience was for a minimum of 4 months (50 days) and your previous employer is currently not an ATO. 2.4 Part Time It is possible, with the agreement of your ATO, to train for the Singapore QP whilst working part time. In order for your experience to count, you must be working for at least 3 days a week. If your work is part time from the outset, the length of your Training Agreement can be agreed on a pro rata basis. If you change to part-time work subsequently, your Training Agreement may be extended. 2.5 The Training Principal must retain copies of the documentation that you have submitted in support of your request. You are advised to keep copies too. These documents may be requested during an ATO accreditation visit. Secondment Your employer may wish to send you on a secondment. This may be a good way to gain a broader experience. If the secondment is to: a. An ATO and supervised by your same Approved Mentor who has full access to the information required to continue supervision, there is no time limit. This experience will be supervised and recorded in the usual way. b. A non-ATO or an ATO where there are some Should you go on secondment, your Approved Mentor will need to discuss with the line manager what work was done and the level of competence achieved. You should complete the RPEC in the usual way, recording both the time spent and the competence achieved. Reviews that are due during the period of secondment should be carried out in the usual way wherever possible, or immediately upon your return. limitations to the on-going supervision by your Approved Mentor, then the maximum that you will be able to count towards your Training Agreement is 6 months (75 days). In order to be eligible for this credit, the secondment must be for a minimum of 4 months (50 days). If the secondment is for more than 6 months, the SAC will need to approve the arrangement if it is to count towards the Practical Experience requirement. Candidate Guide to Practical Experience | 12 2.6 2.7 Transfers ATO Accreditation Visits During your Practical Experience, you may be asked to meet with an Training SAC Assessor or complete an SAC questionnaire about your training. Agreement, it should be your intention This is part of a commitment by the SAC to ensure the overall adequacy that you complete the period of Practical of the training that ATOs provide. It is not to assess your performance Experience with the ATO. Where this or knowledge of substantive areas of technical work. When entering into a may not be possible in exceptional circumstances, you may, by agreement between all parties, transfer the Training Agreement to another ATO. If you feel you have reasonable grounds to seek a transfer of your Training Agreement Prior to any transfer, you should ensure that your RPEC is up to date and signed by the Training Principal. this with your Training Principal who should endeavour to resolve any issues that you have. If you wish to have experience from more 2.8 Disputes than 2 ATOs count towards your Practical In the event that you have a dispute with your ATO over your Training Experience requirements, you will need to Agreement, you should try and resolve this according to your ATO’s seek approval from the SAC. internal procedures. If the dispute cannot be resolved, either you or your ATO can refer the matter to the SAC. 2.9 Special Circumstances Practical Experience is an important component of the Singapore QP and the development of Chartered Accountants of Singapore. You are expected to satisfy the Practical Experience requirements. It is recognised that there may be circumstances where you may 2.10 Character and Suitability During the period of your Training Agreement, you have a responsibility to report to the SAC any matters that may affect your suitability to be admitted as a member of the Designated Entity. This will include criminal convictions and The SAC will consider special circumstances on a case-by-case basis with a view to achieving a satisfactory outcome in the context of upholding standards. or entering into voluntary insolvency arrangements. Failure to do so will be regarded as a serious breach of the admission requirements and may result in your application for admission being refused. Candidate Guide to Practical Experience | 13 RECORD OF PRACTICAL EXPERIENCE AND COMPETENCE 3.1 Introduction During your Practical Experience, you are required to keep a record, in your RPEC, of the work you have done and the competences you have gained. It is important that you maintain this record, as the SAC may ask to review it. Upon completion of your Training Agreement, your Training Principal will sign off your records. 3.2 What is The Record of Practical Experience and Competence? The RPEC is designed to enable you to record evidence of your Practical Experience and skills. This experience will be The RPEC will be available for download from the SAC. You should complete all the sections and have them signed off as required. Keep the records safe and updated until you are ready to submit the RPEC to the SAC. It is your responsibility to ensure that it is properly kept. 3.3 How Do I Follow the Practical Experience Process? After signing your Training Agreement, you should meet with your Approved Mentor. Spend some time discussing with him/her what you are hoping to achieve and where your Practical Experience will be gained. The more open you are, the better your Approved Mentor can assist you in meeting your goals. Familiarise yourself with the RPEC. Read all the generic and technical competences. Choose Keep a note of the Practical Experience you undertake (both the time you have spent on Practical Experience and also the type of activities you undertook). You will need to record all the time you have spent during the period of your Practical Experience. the 4 technical elements you would like to experience you will be getting in your current role. Discuss this with your Approved Mentor. Candidate Guide to Practical Experience | 14 3.4 Which Competence Should I Attempt First? 3.5 It is possible to be working in a wide range of roles in order to complete the Singapore QP and your role will determine the technical competences that you are likely to choose. You should discuss this with your Approved Mentor as soon as possible on the competences that you will work towards. 3.6 How Does an Approved Mentor Use the RPEC? The Appro have met the requirements for the Singapore QP. This includes ensuring that: a. work that you have undertaken; and b. enable your competence to be signed off. You will need to explain what you did and more importantly, what you learned during the time period covered in the entry. How Often Should I Update My RPEC? It is recommended that you update your RPEC on a regular basis, at least 6 monthly, in advance of your meeting with your Approved Mentor. It is suggested that you keep a diary of your Practical Experience (both what you have been doing and how long you spent) and use this to update the RPEC. The diary may take any form and is not required for submission to the SAC. 3.7 The RPEC will form the basis of the discussions at your review meetings with your Approved Mentor. How Do I Complete the RPEC? a. General The RPEC is downloadable from the SAC. It is your responsibility to ensure that it is properly kept. You should type your entries into the RPEC and update it as often as possible. When submitting the RPEC to your Approved Mentor, your Approved Mentor and Training Principal will have to sign off on the RPEC. b. Candidate Summary and Employment Record This is a summary of the ATOs, Training Principals and Approved Mentors who have covered the total period of your Practical Experience. In this summary, you should indicate your name, candidate registration number and employment history details. Enter your periods of employment with an ATO and/or on secondments, which you are seeking to count towards the Singapore QP along with the time you have spent on pro bono work. c. Record of Practical Experience – Time You need to record the days that you have spent on your Practical Experience. You should record this in periods of 6 months and at the end of the 3-year period, the total time spent must be at least 450 days. It is recommended that you gain a minimum of 150 days per year. You cannot record time in less than half-day units. In certain cases, with the agreement of your ATO and the SAC, relevant work experience gained before entering into your Training Agreement may be counted towards the Practical Experience requirement. Please see section 2.3 for details. This should be recorded in the Practical Experience – Time section of the RPEC. However, you may not claim any generic or technical competences gained during this period. At each 6-monthly review meeting, your Approved Mentor should sign off on the RPEC to verify that you have spent the recorded time on eligible work. Candidate Guide to Practical Experience | 15 d. Record of Practical Experience – Competence Development Competence development is divided into 2 categories – generic and technical. You must complete the 9 generic elements and 4 of the 15 technical elements, including 1 Financial Reporting element. You need to explain how you have demonstrated the elements of competence in the expandable boxes for each statement of competence. You need to record how you are progressing towards the competence and give examples of where and when you have shown that you have been working at the required level. This is done through a narrative where you explain how you have demonstrated the competence. If in any period of 6 months you have not worked towards demonstrating that competence, there is no need to make an entry in the RPEC for that statement. In some cases it would not be expected that you would have demo end of your period of Practical Experience. Your Approved Mentor will review your progress at least every 6 months and help you determine when you have met the required level. You should be prepared to show evidence to your Approved Mentor that supports your narrative. At this point, the Approved Mentor will sign off that you have attained the standard required. e. Should you leave the employment with your ATO, you should ensure that your RPEC is updated and signed by your Approved Mentor and Training Principal up to the point of the transfer/cancellation of your Training Agreement. At the end of your Practical Experience, when your Approved Mentor has signed all sections of your RPEC and number of days required and completed the 9 elements of generic competences and 4 elements of technical competence), your RPEC can be submitted to the SAC. Candidate Guide to Practical Experience | 16 3.8 RECORDING AND APPROVED MENTOR SIGNING OFF OF TIME SUMMARY OF EMPLOYMENT RECORD AND PRACTICAL EXPERIENCE Candidate Name Candidate number ATO name, address and telephone number Date Candidates Job title From To 1. Training Principal Name Approved Mentor Name 2. Training Principal Name Approved Mentor Name NOTE: Please indicate the reasons if there has been more than 1 ATO. Candidate Guide to Practical Experience | 17 6 month period First Second Third Fourth Fifth Sixth Seventh Date From To Relevant Practical Experience gained before entering Training Agreement Days spent on Practical Experience in your ATO Days spent on secondment to another ATO Days spent on secondment to a non ATO employer Total days spent on Practical Experience TOTAL PRACTICAL EXPERIENCE Days spent on pro bono work TOTAL PRO BONO Name of Approved Mentor Signature Date Candidate Guide to Practical Experience | 18 3.9 RECORDING OF COMPETENCE DEVELOPMENT NOTE: At the end of each review meeting (at least every 6 months), the Approved Mentor should verify the information provided and initial with a date. At the subsequent meetings, the discussion will relate to additional entries made by the Candidate. When an element is completed, the Approved Mentor can insert a line and indicate “complete”. a. GENERIC COMPETENCE A. ETHICS AND PROFESSIONALISM A1. Professional Ethics, Values and Judgement You must be fully aware of the responsibility you have as a Chartered Accountant of Singapore and to the profession itself and above all, to the wider public interest. This involves having knowledge of applicable institutional structures and organisational and professional codes of ethics, values and standards that apply to you as a professional. You should use professional judgement consistently in all aspects of your work, ensuring that you both act, and are seen to act, ethically and with the utmost integrity. Statement of competence How you have demonstrated this? Initial Date a. Apply ethical principles from the Singapore Code of Professional Conduct and Ethics, or equivalent (integrity, objectivity, professional competence and professional behaviour) to business decisions, judgement and policy formulation. b. Apply concepts of independence, scepticism and accountability and take account of the public interest in critically assessing, evaluating, reporting and assuring the validity of data relevant to the role of a Chartered Accountant. c. Make consistently appropriate decisions using an ethical framework. Candidate Guide to Practical Experience | 19 A2. Risk Management and Compliance You will contribute to effective risk management and compliance within your area of responsibility and organisation, through assessing, evaluating and managing potential risks and ensuring that your organisation complies with relevant legal and regulatory requirements. Statement of competence How you have demonstrated this? Initial Date a. Identify and evaluate risks associated with your area of work. b. Implement organisational policies and procedures to mitigate risk in your area of responsibility. c. Ensure compliance with legal, regulatory and governance requirements in your area of responsibility. d. Communicate responsibly when using social media. Candidate Guide to Practical Experience | 20 A3. Business Awareness and Strategy You will apply knowledge, skills, and business acumen in assessing strategic position, determining strategic include coordinating knowledge systems and improving performance by effective change management of Statement of competence How you have demonstrated this? Initial Date a. Identify and evaluate business strategies relevant to the goals and objectives of an organisation in the context of the Asian business environment and organisational and environmental opportunities and constraints. b. Implement change using relevant project, process and people management techniques. c. Select performance benchmarks to measure success. Candidate Guide to Practical Experience | 21 B. ORGANISATION AND BUSINESS MANAGEMENT B1 Information and Technology You will use information and technology to improve your work output by being aware of the software packages used in your workplace and making practical use of the software available to support your own work objectives. Statement of competence How you have demonstrated this? Initial Date a. evaluate, organise and manage appropriate information and evidence. b. Use appropriate computer applications in business to gather, to analyse and to present information including databases, networks and intranets. B2 Critical Thinking, Reasoning, Analysis and Problem Solving You will access, extract and apply relevant information and use available resources to solve problems and make decisions, using creative and innovative thinking to deal with unstructured and unfamiliar problems and situations. You will also demonstrate the ability to apply critical analysis and scepticism in the work environment, through evaluating issues and making effective decisions based on this evaluation. Statement of competence How you have demonstrated this? Initial Date a. Research and evaluate information from a variety of sources and perspectives and draw appropriate conclusions. b. Apply a sceptical and critical thinking approach. c. Analyse, reason logically and conceptualise issues. d. Identify challenges, organise unstructured and ambiguous information and use appropriate creativity and innovation to solve problems. Candidate Guide to Practical Experience | 22 B3 Manage and Deliver Activities You will lead and manage activities, using effective planning, implementation and control principles, taking responsibility for delivering results of a high standard to prescribed deadlines. You will continually seek to improve performance and monitor progress, either in your own organisation or externally. Statement of competence How you have demonstrated this? Initial Date a. Deliver work assignments of a high standard, in accordance with established methodologies and within prescribed timeframes. b. Set high standards and review work to determine that it complies with the organisation’s quality standards. c. Seek to continually improve organisational performance. d. Assume a leadership role on projects or assignments. e. Create and manage a team, including deciding on the necessary processes and resources, to deliver assignments. Candidate Guide to Practical Experience | 23 C. PERSONAL EFFECTIVENESS C1 Self-awareness As a professional, you are required to demonstrate attitudes and behaviours appropriate to the workplace. This keep your knowledge and skills updated for future actions and decision-making. Statement of competence How you have demonstrated this? Initial Date a. Evaluate own performance, taking account of feedback from others. b. Demonstrate an ability to and situations, adopting a lifelong learning approach. c. Recognise own strengths and limitations and plan to continuously develop and enhance performance. d. to new ideas, adaptability and positive attitudes to challenges. Candidate Guide to Practical Experience | 24 C2 Managing Self and Others You are required to effectively manage, motivate and develop yourself and others in your own and other organisations. This will involve team management and collaborative working, cooperating with, motivating and resolution skills. Statement of competence How you have demonstrated this? Initial Date a. Evaluate professional commitments and manage own time and resources to achieve them. b. Build effective working relationships. c. Promote cooperation, collaboration and teamwork, working towards solutions that achieve organisational goals. d. Motivate and create avenues for personal and professional growth. e. Negotiate effectively to reach acceptable solutions and agreements. f. Candidate Guide to Practical Experience | 25 C3 Business Communication You will need to communicate clearly with colleagues at all levels in your organisation and externally, in order to work effectively with others. You must identify and minimise any barriers to effective communication and convey information in a way that others will understand using multiple channels. Statement of competence How you have demonstrated this? Initial Date a. Adopt clear and concise communication skills when presenting, discussing and reporting, through formal, informal, written and spoken channels. b. Exercise sensitivity to cultural and language differences in all forms of communication, including social media. c. Use active listening and effective interviewing techniques. Candidate Guide to Practical Experience | 26 b. TECHNICAL COMPETENCE FR. FINANCIAL REPORTING FR1. Accounting for Transactions You will be able to select appropriate accounting treatments for transactions, both routine and non-routine, in the context of historical and prospective reporting. Statement of competence How you have demonstrated this? Initial Date a. Collate and prepare information and estimates for accounting entries. b. Contribute to the design and selection of appropriate systems to capture and process accounting data. c. Prepare and review reconciliations and other accounting controls. d. Identify the appropriate requirements of Singapore Financial Reporting Standard (SFRS) or relevant accounting standards and policies and apply these to economic transactions and events. Candidate Guide to Practical Experience | 27 FR2. Preparing Financial Reports regulatory requirements. Statement of competence How you have demonstrated this? Initial Date a. Select and disclose accounting policies to be applied in the statements. b. statements in accordance with SFRS or relevant accounting standards and policies and legislation. c. Classify information for inclusion or for inclusion in disclosure notes in these statements. d. Prepare narrative and quantitative information for inclusion in information issued Candidate Guide to Practical Experience | 28 FR3. Analysing Financial Reports Statement of competence How you have demonstrated this? Initial Date a. and position of an entity based disclosure notes. b. Evaluate the effect of chosen accounting policies on the reported performance and position of an entity. c. Identify inconsistencies statements of an entity. d. Evaluate the effects of fair value measurements on the reported performance and position of an entity. Candidate Guide to Practical Experience | 29 AS. ASSURANCE AS1. Planning an Engagement You will demonstrate the ability to plan engagements in line with current standards, practices and legislation. Statement of competence How you have demonstrated this? Initial Date a. Establish the scope, terms of reference and objectives of an engagement from an internal or external audit perspective. b. Assess the preconditions and ethical requirements on acceptance of an engagement or to undertake an internal audit investigation. c. Determine audit risk and identify the risk of material misstatements whether due to fraud or error. d. Prepare an audit plan for an internal or external audit. e. Brief an engagement team. f. Adhere to up to date Singapore Standards on Auditing (SSAs) or applicable framework, the Revised ISCA Code of Professional Conduct and Ethics and, relevant legislation and regulatory changes. Candidate Guide to Practical Experience | 30 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 a. Evaluate internal controls within an organisation’s accounting system to identify and communicate control risks. b. Perform audit procedures to meet the objectives of internal or external audit engagements. c. Supervise an engagement and an audit team. d. Apply Singapore Standards on Auditing (SSAs) or applicable framework and standards in performing an audit. e. Evaluate the audit evidence obtained. f. Contribute to identifying and resolving audit issues. Candidate Guide to Practical Experience | 31 AS3. Audit Review and Reporting Statement of competence How you have demonstrated this? Initial Date a. Evaluate the results of audit work performed against the objectives of the audit. b. Investigate inconsistencies arising from audit work. c. Prepare audit reports. These should be in accordance with Singapore Standards on Auditing (SSAs) where applicable. d. Draft written representations, where applicable. e. implications of the audit. f. management and those charged with governance. Candidate Guide to Practical Experience | 32 DSA. DECISION SUPPORT AND ANALYSIS DSA1. Cost Management and Evaluation You will demonstrate the ability to use different cost accounting techniques as appropriate, in different situations. Statement of competence How you have demonstrated this? Initial Date a. Determine appropriateness and adequacy of costing techniques in an organisation. b. Apply appropriate costing techniques to products and services. c. Assess and advise on the impact of the output of costing systems. d. Contribute to development and improvements of costing systems. Candidate Guide to Practical Experience | 33 DSA2. Cash Management, Planning and Budgetary Control You will be able to plan, monitor and control business activities and demonstrate the ability to forecast cash Statement of competence How you have demonstrated this? Initial Date a. Contribute to setting strategic objectives for the planning and control of business activities. b. Coordinate and prepare budgets, selecting and using suitable budgeting models and cash monitoring and forecasting techniques. c. Determine and maintain appropriate levels of cash and working capital. d. Prepare and advise on budget variances and their causes and remedies. e. Monitor budgets and contribute to developing and maintaining systems and controls for cash and securities. f. Make judgements about the funding strategies and how to manage credit. Candidate Guide to Practical Experience | 34 DSA3. Appraising Investments or Capital Projects Statement of competence How you have demonstrated this? Initial Date a. Contribute to the selection of investment opportunities. b. Identify and apply appropriate project appraisal techniques. c. Prepare capital budgets. d. Advise on the potential risk and value added of investment decisions. e. Advise on funding alternatives and implications. f. Contribute to monitoring investment or capital projects. Candidate Guide to Practical Experience | 35 GR. GOVERNANCE AND RISK GR1. Identifying and Managing Risk Statement of competence How you have demonstrated this? Initial Date a. Identify, categorise and assess risk within the organisation. b. Apply appropriate techniques and assumptions to analyse and quantify risk inherent in undertaking an activity and its potential impact. c. Formulate policies or strategies to transfer, avoid, reduce or accept risk. d. Determine the most appropriate techniques or procedures to the organisation. Candidate Guide to Practical Experience | 36 GR2. Designing Internal Controls You will be able to justify the need for internal controls and systems of internal controls, design and document effective controls and test, evaluate and report on their effectiveness. Statement of competence How you have demonstrated this? Initial Date a. Justify to management the need for internal control systems and their individual components. b. Design effective internal controls or systems of internal control. c. Document internal controls and record relevant data. d. Tabulate and perform tests of controls. e. Measure and evaluate the effectiveness of internal controls. f. Prepare a report on internal controls or systems. Candidate Guide to Practical Experience | 37 GR3. Monitoring Performance and Accountability You will be able to assess and control performance of the business and make recommendations for improvement. Statement of competence How you have demonstrated this? Initial Date a. Assess the appropriateness of the business information system for decision-making and preparing internal reports. b. measures to assess the performance of the organisation. c. Advise on appropriate techniques and reward systems in the assessment of managerial and divisional performance. d. Make suggestions for the improvement of performance in a business or a division. e. Identify appropriate benchmarks for measuring performance. f. Advise on the external and divisional performance. Candidate Guide to Practical Experience | 38 TX. TAXATION TX1. Tax Computations You will be able to prepare computations of taxable amounts and tax liabilities in accordance with current legal requirements. Statement of competence How you have demonstrated this? Initial Date a. Extract and analyse data from information relevant to the preparation of tax computations and related supporting documents. b. Prepare and verify standard computations of taxable income and tax liability for individuals and/or single companies. c. Prepare or contribute to the preparation or assessment of tax computations for individuals, companies or other entities with more complex tax affairs. d. Prepare computations or assessments of goods and service tax (GST) liabilities. e. Explain and question the basis of tax calculations. f. Interpret the effect of current legislation, case law, and IRAS e-tax guides and advanced tax rulings. Candidate Guide to Practical Experience | 39 TX2. Tax Compliance You will demonstrate the ability to satisfy or verify the tax compliance obligations of individuals and/or entities in an appropriate and timely manner. Statement of competence How you have demonstrated this? Initial Date a. Prepare or assess returns of income for individuals, companies and/or other entities ensuring timely submission with all other relevant information sent to the Comptroller of Income tax by the due date. b. Prepare or assess returns of income for individuals, companies and/or other entities ensuring timely submission with all other relevant information sent to the Comptroller of Income tax by the due date. c. Determine the incidence (timing) of tax liabilities and their requirements. d. payment requirements and the consequences of noncompliance. e. Identify available claims, or need to object to/appeal an assessment, ensuring that they are submitted within the required time limits. f. Correspond appropriately and in a professional manner with the relevant parties in relation matters/enquiries. Candidate Guide to Practical Experience | 40 TX3. Tax Planning You will demonstrate an ability to advise on the mitigation and deferral of tax liabilities through the use of legitimate tax planning measures. Statement of competence How you have demonstrated this? Initial Date a. Demonstrate an understanding of the distinctions between tax planning, tax avoidance and tax evasion. b. Assess the effect of changes in legislation or case law on the tax liabilities of an individual or entity. c. Determine or contribute to determining the tax implications of proposed future actions/plans of an individual or entity. d. Mitigate and/or defer tax liabilities through the use of standard reliefs, exemptions and incentives. e. Review or contribute to reviewing the situation of an individual or entity and advise on any potential tax risks and/ or additional tax minimisation measures. f. Identify when to refer matters to someone with more specialist knowledge. Candidate Guide to Practical Experience | 41 3.10 APPROVED MENTOR SIGNING OFF OF COMPETENCE DEVELOPMENT Approved Mentor should complete the summary checklist below. GENERIC COMPETENCES (All elements to be completed.) Complete (Check) A. ETHICS AND PROFESSIONALISM A1 Professional Ethics, Values and Judgement A2 Risk Management and Compliance A3 Business Awareness and Strategy B. ORGANISATION AND BUSINESS MANAGEMENT B1 Information and Technology B2 Critical Thinking, Reasoning, Analysis and Problem Solving B3 Manage and Deliver Activities C. PERSONAL EFFECTIVENESS C1 Self-Awareness C2 Manage Self and Others C3 Business Communication TECHNICAL COMPETENCES (4 elements including 1 from Financial Reporting to be completed.) FR FINANCIAL REPORTING FR1 Accounting for Transactions FR2 Preparing Financial Reports FR3 Analysing Financial Reports AS ASSURANCE AS1 Planning an Engagement AS2 Performing an Audit Engagement AS3 Audit Review and Reporting DSA DECISION SUPPORT ANALYSIS DSA1 Cost Management and Evaluation DSA2 Cash Management, Planning and Budgetary Control DSA3 Appraising Investments Candidate Guide to Practical Experience | 42 GR GOVERNANCE AND RISK GR1 Identifying and Managing Financial Risks GR2 Designing Internal Controls GR3 Monitoring Performance and Accountability TX TAXATION TX1 Tax Computations TX2 Tax Compliance TX3 Tax Planning the Practical Experience competence requirements of the Singapore QP. Name of Approved Mentor: Signature Date: Candidate Guide to Practical Experience | 43 3.11 TRAINING PRINCIPAL CONFIRMATION OF COMPLETION OF PRACTICAL EXPERIENCE. Candidate Name Candidate number Accredited Training Organisation Name: I certify that the candidate named above: 1. Served a period of Practical Experience with this ATO Date commenced Date completed 2. Has completed days Practical Experience. 3. Has completed days pro bono work. 4. Has demonstrated the generic and technical competences required. Signed Name (block capitals) Professional body and membership number Date If there is a change of ATO or Approved Mentor: Accredited Training Organisation Name: I certify that the candidate named above: 1. Served a period of Practical Experience with this ATO Date commenced Date completed 2. Has completed days Practical Experience. 3. Has completed days pro bono work. 4. Has demonstrated the generic and technical competences required. Signed Name (block capitals) Professional body and membership number Date Candidate Guide to Practical Experience | 44 Singapore Accountancy Commission 10 Anson Road #05-18 International Plaza Singapore 079903 www.facebook.com/Singapore.Qualification.Programme www.SingaporeQP.com