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CHARTERED ACCOUNTANTS and

ASSOCIATE CHARTERED

ACCOUNTANTS

TRAINING LOG

2007 Institute of Chartered Accountants of New Zealand

This book is copyright. Apart from any fair dealing for the purposes of private study,research, criticism or review, as permitted under the Copyright Act, no part may be reproducedby any process without written permission. Inquiries should be addressed to the publisher.

First published January 2007

New Zealand Institute of Chartered Accountants40 Mercer StreetPO Box 11 342WellingtonNew Zealand

ISBN 1-877430-05-6

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

TRAINING LOG

Welcome to the accounting profession

Welcome to the accounting profession and the practical application of the knowledge that you have gained in your academic studies. You are on the verge of a career where you can provide wide ranging and high quality professional advice, whether you are working in the public or corporate sectors or in public practice. There are opportunities, challenges and rewards ahead of you. I wish you well and look forward to welcoming you to full membership of the Institute in due course.

Garry Muriwai, Chief Executive

Introduction to the training log

This training log has been prepared to help you understand the Institutes practical experience requirements for admission as a full member of the College of Chartered Accountants or the College of Associate Chartered Accountants.

This training log explains the admissions policy of the New Zealand Institute of Chartered Accountants, the competencies you must demonstrate in your general and specific practical experience, the mentoring process, and the pathway you must follow to apply for admission as a Chartered Accountant or Associate Chartered Accountant.

If you have any questions about the practical experience requirements or this training log, please contact Registry Services ([email protected]).

Bruce Bennett, General Manager Admissions


TRAINING LOG FOR CHARTEREDACCOUNTANTS and ASSOCIATE

CHARTERED ACCOUNTANTS

PART ONE OVERVIEW 1

1.0 Introduction 1

1.1 Admissions process 1

2.0 Overview of practical experience 3

2.1 Practical experience is a vital component of the admissions process 3

2.2 Detailed practical experience requirements 3

2.3 Practical experience requirements for the Chartered Accountants College 3

2.4 Practical experience requirements for the Associate Chartered Accountants College 5

3.0 Working with your Institute-registered mentor 6

3.1 Why have a mentor? 6

3.2 What to look for in a mentor 6

3.3 Finding a mentor 7

3.4 What mentors do 7

3.5 Establishing your relationship 7

3.6 Planning your specified practical experience 8

3.7 Monitoring and verifying competence 8

3.8 Changing workplace and mentors 9

3.9 Dispute resolution process 9

4.0 Roles and responsibilities of ATOs, mentors and trainees 11

4.1 About approved training organisations 12

5.0 Competence 13

5.1 What is competence? 13

5.2 The Institutes competence framework 13

5.3 Technical competencies 13

5.4 Non-technical competencies 14

6.0 Training plans 15

6.1 Why are training plans important? 15

6.2 Components of a training plan 15

6.3 Process in developing a training plan 16

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7.0 Recording practical experience 16

8.0 Frequently asked questions 17

PART TWO COMPETENCIES 21

PART THREE FORMS 38

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PART ONE OVERVIEW

.0 INTRODUCTION

This training log is intended to assist provisional members understand and complete the practical experience requirements to become a member of the New Zealand Institute of Chartered Accountants (the Institute) as either a Chartered Accountant (CA) or Associate Chartered Accountant (ACA).

The Institute is New Zealands largest professional body. It represents the interests of nearly 29,000 members of the accounting profession, who work in New Zealand and in 91 other countries around the world. It has 17 branches, offices in three countries, and a world-leading suite of professional accountancy designations. The Institute upholds the standards, policies and services of the profession to the highest levels. Its members are trusted and sought after worldwide.

The Institutes admissions policy is geared towards high-calibre accounting professionals Chartered Accountants, Associate Chartered Accountants, or Accounting Technicians who are able to add value for their employers and clients as a result of the knowledge, skills and values they have developed through a rigorous and leading world-class education and development programme.

To become a member of the Institute, you must successfully complete the Institutes education programme, including programmes of academic study, practical experience and professional competence.

Practical experience is a vital component for qualifying as a Chartered Accountant or Associate Chartered Accountant. It provides the opportunity for you to apply the knowledge gained during your academic studies and develop professional skills that you can apply in a variety of situations.

1.1 Admissions process

Pathway to membership as a Chartered Accountant or Associate Chartered Accountant

Chartered Accountant Associate Chartered Accountant

Programme length 7 years 5 years

Academic study programme

Four year, degree-level recognised programme at an approved tertiary education institution

Bachelors degree from an approved tertiary education institution

Practical experience programme

12 months of general practical experience, 24 months of specified practical experience in an ATO with an Institute-registered mentor

12 months of general practical experience, 12 months of specified practical experience in an ATO with an Institute-registered mentor

Professional competence programme

Professional Competence Examination 1 (PCE 1) Professional Accounting School (PAS) and Professional Competence Examination 2 (PCE 2)

Professional Competence Examination 1 (PCE 1) Trainees seeking admission to the ACA professional competence programme in 2008 will be required to complete the new extended competence programme


Admissions process

Start Here

Academic study programme

Apply for provisional membership

General practical experience 12 months of relevant accounting experience May be completed before, during or after completion of academic study

Submit your Certificate of General Practical Experience and notify the Institute of your mentor and ATO.

Specified practical experience 12 months In an ATO Under the guidance of an Institute-registered mentor

Professional Competence Examination 1 (PCE 1)

Specified practical experience 12 months (2nd year) In an ATO Under the guidance of an Institute-registered mentor

Professional Accounting School (PAS)Professional Competence Examination 2 (PCE 2)

Apply for full membership as an ACA

Apply for full membership as a CA

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.0 OVERVIEW OF PRACTICAL EXPERIENCE

2.1 Practical experience is a vital component of the admissions process

Your practical experience is a vital step towards qualification as a member of the Institute. It gives you the opportunity to:

Build on your academic qualifications by applying theoretical knowledge in practical situations

Exercise, develop and apply specific professional skills and competencies that can be applied in a variety of situations, including:

personal skills

attributes of judgement

initiative

objectivity

administrative ability

ability to motivate and supervise others

communication skills.

Your training programme should help you to:

enhance your understanding of organisations, of how businesses work, and of work relationships

be able to relate accounting work to other business functions and activities

become aware of the environment in which accounting services are provided

develop the appropriate professional values, ethics and attitudes in practical, real-life situations

have an opportunity to work at progressive levels of responsibility.

2.2 Detailed practical experience requirements

The Institutes admissions policy prescribes different requirements for trainees seeking to qualify as either a Chartered Accountant or an Associate Chartered Accountant.

2.3 Practical experience requirements for the Chartered Accountants College

If you wish to become a Chartered Accountant, you are required to complete a minimum of:

one year of general practical experience

two years of specified practical experience.


Your general practical experience may be gained:

before, during or after completion of the academic component

with no more than three employers

with or without an Institute-registered mentor.

Your specific practical experience is gained:

after you have completed the academic component and one year of general practical experience

ideally, while registered as a provisional member with the Institute

with an Institute-registered mentor

within an ATO.

Practical experience can be gained in all sectors public sector, corporate sector, public practice, and the academic environment. Experience can be gained in New Zealand or overseas.

Your specified practical experience will usually be gained during full-time continuous employment with a single employer, but may be gained over a 48-month period with no more than three employers.

Content of experience

The Institute has a competency framework which prescribes a range of competencies of differing levels across seven accounting functions. The level of competence to be achieved depends on which designation (Chartered Accountant or Associate Chartered Accountant) the trainee is seeking to gain. The accounting functions in which trainees can gain experience are:

accounting information systems

auditing

external reporting

financial management

insolvency and reconstructions

management accounting

taxation.

To become a Chartered Accountant, you must gain competencies in at least one of these areas to level 3, and to level 2 in another two areas. It is likely that one particular job or task you undertake will provide you with an opportunity to demon-strate competence in more than one area. Development of the required competencies may take longer than the minimum period of time stated in the Institutes policy; timeframes are indicative only. You cannot complete your specified practical experience in less than two years.

It is also possible to gain practical experience in academic work. Please contact the Institute to confirm experience requirements in this area.

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2.4 Practical experience requirements for the Associate Chartered Accountants College

If you wish to become an Associate Chartered Accountant, you are required to complete a minimum of:

one year of general practical experience

one year of specified practical experience.

The general practical experience may be gained:

before, during or after completion of the academic component

with no more than three employers

with or without an Institute-registered mentor.

Your specific practical experience is gained:

after the completion of the academic component and one year of general practical experience

ideally, while registered as a provisional member with the Institute

with an Institute-registered mentor

within an ATO (or, in exceptional circumstances, under an approved training contract).

Practical experience can be gained in all sectors public sector, corporate sector, public practice, and the academic environment. Experience can be gained in New Zealand or overseas.

The year of specified practical experience will usually be gained during full-time continuous employment with a single employer, but may be gained during full-time equivalent employment within a 36-month period with no more than three employers.

Content of experience

To become an Associate Chartered Accountant you must gain competencies in at least two areas to level 2. It is likely that one particular job or task you undertake will provide you with an opportunity to demonstrate competence in more than one area. Development of the required competencies may take longer than the minimum period of time stated in the Institutes policy; these timeframes are indicative only. You cannot complete your specified practical experience in less than one year.


.0 WORKING WITH YOUR INSTITUTE-REGISTERED MENTOR

The Institute believes it is important that experienced members of the profession are involved in the training of prospective members. You must have an Institute-registered mentor for your specified practical experience. It is preferable that you also have an Institute-registered mentor for your general practical experience.

3.1 Why have a mentor?

Your mentor plays a vital role in monitoring your specified practical experience as being appropriate to prepare you as a future member of the Institute. The mentoring system is part of practical experience requirements to:

ensure you have a designated member of the Institute from whom you can seek guidance and advice on matters relating to your practical experience

ensure you have a member of the Institute involved throughout your practical experience process who can confirm you are meeting all the requirements

ensure that, when you apply for membership, you have the necessary practical experience

ensure that your practical experience is properly monitored, guided and verified

formalise what is currently seen as best practice for provisional members gaining appropriate practical experience.

Ideally, your mentor will act as your professional role model and will exhibit a high level of professionalism at all times.

In this document, the term mentor always means an Institute-registered mentor.

3.2 What to look for in a mentor

You are responsible for finding a mentor. Look for someone who:

has sufficient standing in the organisation where you are working to undertake the responsibilities of mentor

is based in the same organisation as you or has regular contact with the organisation

is familiar with the Institutes Admission Policies

meets the Institutes criteria for mentors

is willing to share their knowledge and understanding

is, or will apply to be, an Institute-registered mentor.

Your mentor does not need to have direct-line management responsibility for you. In many cases training will be provided by a range of people who you have professional relationships with.

Look for a mentor who you find approachable and with whom you will be able to discuss your work progress freely and honestly. Look for someone who will have time for you when you need it.

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3.3 Finding a mentor

A mentor could be one of the following:

Within your employing organisation

direct manager

senior executive or partner

board members

Outside your employing organisation

your organisations auditor or external accountant

another Chartered Accountant or Associate Chartered Accountant who has regular contact with you and the organisation you work for.

If you wish to become a Chartered Accountant, you will need an Institute-registered mentor who is a Chartered Accountant. If you wish to become an Associate Chartered Accountant, your Institute-registered mentor should be either an Associate Chartered Accountant or a Chartered Accountant.

You must advise Registry Services who your Institute-registered mentor is at the start of your specified experience.

3.4 What mentors do

Your mentor is responsible for:

monitoring, guiding and reporting on your practical experience

supporting you as you prepare for PCE 1, PAS and PCE 2

approving your record of experience regularly (at least every three months); this process will verify the accuracy of this training record

checking that your practical experience meets the stated requirements of the Institute

undertaking a personal interview at the end of your practical experience

completing the Mentors Final Report for submission with your application for membership.

3.5 Establishing your relationship

Mentoring and developing the required competencies can only be successful if it is planned carefully and realistically in an objective and professional way. One of the key initial steps towards establishing an effective relationship is for you and your mentor to formally plan how the objectives of the mentoring programme can be achieved and to seek clarification of each others expectations.

Once you have found someone to act as a mentor you should agree with that person on how they should exercise their responsibility. You should make arrangements for regular meetings, and discuss what arrangements can be made for any ad hoc meetings you need.


Your first meeting with your mentor is a useful time to agree clearly on:

when and how often you will meet to review progress

what you should each bring to meetings

what style of mentoring will suit each of you

what you should expect of each other

the goals and outcomes from the relationship

who is responsible for what

the communication that needs to happen between you and your mentor.

You should reach a shared understanding about your expectations of each other. In particular, where the mentor is also your supervisor, you should discuss boundaries between management issues and mentoring issues.

3.6 Planning your specified practical experience

It is recommended you, together with your mentor and employer, develop a training plan for how you will meet the Institutes practical experience requirements. The training plan should link your job tasks to the Institutes competencies, outlined in this training log, ensuring you will be able to gain experience in the required number of areas to the required level.

For more information about training plans, please refer to section 6.0 of this training log.

3.7 Monitoring and verifying competence

Your mentor is responsible for monitoring and verifying the experience you have gained and the competencies you have developed.

Throughout the period of practical experience, you and your mentor should meet regularly to monitor and review the experience being gained and competence being developed against the training plan you have developed. You are responsible for retaining all records of your practical experience, and ensuring these are up-to-date.

The competencies are prescribed at different levels, and you are required to develop all the competencies in your chosen areas to the appropriate level. The mentor should sign the training plan or other record to verify that you have achieved the required level of competence. You should provide one or two examples demonstrating how you have developed each competency, consistently and over time, throughout your period of specified practical experience. It is possible to demonstrate development of competency across a range of areas (technical and non-technical) through one project or piece of work.

When your mentor is satisfied you have developed all the required competencies to the appropriate level, they will complete the Mentors Final Report.

It is important that you maintain complete records of your practical experience, as the Institute may ask to see these when you submit your application for membership.

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3.8 Changing workplace and mentors

Your period of practical experience would normally be completed in one organisation and with one mentor; however this may not always be possible. It is your responsibility to inform the Institute if you change your place of employment or your mentor, by advising Registry Services in writing.

A change of mentor may be necessary under the following circumstances:

your mentor ceases to be an Institute-approved mentor

your mentor ceases to have regular contact with the organisation where your practical experience is being obtained

you change jobs and continue your practical experience in another organisation

it is agreed between you and the mentor that circumstances have changed and a more appropriate person should be appointed mentor. Examples may include: you changing departments, your mentor changing job responsibilities, or a new person more suitably qualified as a mentor beginning work in the organisation

the relationship has broken down.

The previous mentor should complete an Interim Mentors Report, as well as ensuring all records regarding your period of practical experience, including your training plan, are completed and current. The Interim Report will need to be included with the Final Report when you apply for membership.

3.9 Dispute resolution process

If the mentoring relationship is not working satisfactorily for you and the mentor you should first attempt to resolve the dispute in line with processes within your employing organisation. If there is an irreconcilable breakdown in the relationship, either party may wish to contact the Institute for assistance in resolving the problems.

The Institutes dispute resolution process consists of the following steps:

1. The disputing parties, where possible, resolve the dispute between themselves.

2. If unsuccessful, the disputing parties attempt to resolve the dispute by way of mediation within the employing organisation.

3. If step 2 is unsuccessful, either party can contact the Institute for general advice on the dispute resolution procedure or for an interpretation of the Institutes requirements and specific advice on the resolution procedure.

4. Where the nature of the dispute involves a claim of unethical behaviour, the claimant will be advised by staff to engage in the Institutes formal complaints process and referred to the Professional Conduct division.

5. Both parties must agree in writing to the mediation process (Agreement to submit to mediation) and specifically accept the Institute-appointed mediator who mediates on behalf of the Institute. The purpose of the appointment is to ensure impartiality in decision-making. (Note that mediation is an Institute service provided to members and provisional members free of charge.)

6. The mediator is required to take all reasonable steps to ensure that the rules of natural justice are observed in the conduct of the mediation.

7. The mediator is briefed by an appropriate Institute staff member on the dispute case and is asked to undertake face-to-face mediation and review any written documentation that is available to staff regarding the dispute.

0 NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

8. The mediator will give each party the opportunity to comment on the submissions and evidence of the other before reaching a decision.

On completion of steps 1 to 8, the disputing parties may decide to either enter step 1 again (and the subsequent steps), or solve their differences by engaging in an arbitration process with a suitably qualified arbitrator. The cost of the arbitration will be borne by the applicant(s), not the Institute.

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.0 ROLES AND RESPONSIBILITIES OF ATOs, MENTORS, AND TRAINEES

There are three parties involved in the practical experience programme trainee, mentor and approved training organisation (ATO). The responsibilities of each party are set out below:

The trainee is responsible for: The mentor is responsible for: The ATO is responsible for:

Finding a mentor and managing the relationship

Registering as a mentor before the commencement of the period of specified practical experience

Applying for ATO status before the commencement of the period of specified practical experience

Keeping a record of the experience they have gained

Acting as a guide, coach and role model for the trainee

Providing a range and depth of practical experience

Developing the training plan in conjunction with the ATO and the mentor, taking responsibility for documenting the plan

Developing the training plan in conjunction with the trainee and the ATO

Developing the training plan in conjunction with the trainee and the mentor

Ensuring the records of experience are signed off quarterly

Meeting regularly with the trainee to review experience gained and set objectives for the next period

Providing an appropriate environment to support trainees through the admission process

Completing the period of practical experience

Helping transfer information to a new mentor, if required

Running a formal performance appraisal process to monitor and review the trainees progress

Advising the Institute of any change in their situation (for example, change of mentor or employer)

Completing a Mentors Interim Report if the trainee changes mentor and/or employer

Enrolling in the Professional Competence Programme, when appropriate

Supporting the trainee to prepare for the Professional Competence Programme and verifying experience gained for enrolment purposes

Providing for trainees to attend PAS.

Preparing for the Professional Competence Programme and successfully completing the PCE examinations.

Supporting the trainee through PAS and, on the completion of their specified practical experience, completing the Mentors Final Report to accompany the trainees application for admission

Motivating and supporting trainees as they prepare for PCE 1 and PAS/PCE 2


4.1 About approved training organisations

You are responsible for finding your own employment. You must complete your specified practical experience in an ATO. ATOs are organisations that have demonstrated to the Institute that they can offer trainees the range and depth of training and work experience and the appropriate professional environment in which to develop the competencies required to become a Chartered Accountant or an Associate Chartered Accountant. Completing your experience in an ATO is an assurance for you and the Institute that you are offered planned, supervised and relevant experience that meets the Institutes requirements.

A large number of organisations from all sectors in New Zealand and overseas are ATOs. If your employer is not currently recognised as an ATO, it may be eligible to become one. The Institutes website www.nzica.com has more information about the criteria and role of an ATO.

In exceptional circumstances where an employer of a provisional Associate Chartered Accountant is unable to become an ATO but can demonstrate it is able to provide sufficient experience to meet the admission requirements for the Associate Chartered Accountant College, the employer, trainee and mentor may enter into an approved training contract (ATC) with the Institute. For more information about the circumstances in which this may be allowed, please contact Registry Services ([email protected]).

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.0 COMPETENCE

This section outlines the competencies you are expected to develop through your period of practical experience.

5.1 What is competence?

For the purposes of the Institutes practical experience programme, competence is defined as:

The ability to perform the activities within an occupation to a defined standard, consistently and over time.

5.2 The Institutes competence framework

The Institute has developed a competence framework to define the various levels of competence expected for admission to each College and of members operating in specialist roles after qualification.

Level 1 - Foundation Working under supervision and carrying out tasks of a low level of risk and complexity using established processes. Makes judgements of quality using given criteria.

Level 2 Intermediate Working as part of a team and carrying out some tasks independently, being responsible for the quality of own work. Exercises judgement within established parameters.

Level 3 Senior Managing your own work and being responsible for the quality and quantity of the work you do. Exercises professional judgement. May be responsible for leading a team and managing certain functions.

As a minimum, trainees seeking to become Accounting Technicians are expected to achieve practical experience to Level 1 (Foundation), trainees seeking to become an Associate Chartered Accountant will achieve practical experience to Level 2 (Intermediate), and those trainees seeking to become a Chartered Accountant will achieve practical experience to Level 3 (Senior).

Within the competence framework, the Institute has developed a range of technical and non-technical competencies appropriate for each level.

5.3 Technical Competencies

Technical competencies are prescribed in seven key areas of accounting work:

accounting information systems

auditing

external reporting




taxation.


To become a Chartered Accountant, you must gain all the competencies in at least one of these areas to level 3, and to level 2 in another two areas. It is likely that one particular job or task you undertake will provide you with an opportunity to demonstrate competence in more than one area.

To become an Associate Chartered Account, you must gain all the competencies in at least two of the areas to level 2. It is likely that one particular job or task you undertake will provide you with an opportunity to demonstrate competence in more than one area.

Structure

The competencies include descriptions of tasks underlying each competency statement. These can be used as performance criteria to assess achievement against the competency statement. Provisional Chartered Accountant and Associate Chartered Accountant members are expected to achieve the majority of the tasks for each of their chosen areas at the required level.

5.4 Non-technical competencies

Provisional Chartered Accountant and Associate Chartered Accountant members are required to develop various non-technical competencies. These competencies are developed through the academic component and the professional competence programme, and developed and applied through the period of practical experience. These are generic competencies required by all accounting professionals, and include capabilities in:

teamwork

organisational skills

research and evaluation

decision making

exercising ethical and professional behaviour

communication and interpersonal skills.

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.0 TRAINING PLANS

While training plans are not compulsory, it is highly recommended that you, together with your mentor and employer, develop a training plan at the beginning of your period of practical experience to plan how you will achieve the required competencies. A clear understanding of all parties authorities, responsibilities and accountabilities regarding practical experience and training, including the Institutes requirements, will benefit everyone.

6.1 Why are training plans important?

A training plan is a roadmap to guide you through your period of practical experience. It will ensure you, your employer and your mentor have considered the Institutes requirements, and agreed how you will achieve the required competencies and other requirements for membership. The training plan sets goals and objectives, and gives indicative timeframes for these to be met.

In developing the training plan, you need to consider:

the competencies required for membership of the Institute

the work objectives and requirements of your employer

the training available through your employer

your interests and intended career path.

The training plan should be reviewed and updated jointly with your mentor regularly (for example, every three months). Each time you and your mentor review the training plan you should jointly set more objectives to continue your progression.

6.2 Components of a training plan

There is no one standard format for a training plan; however the following guidance provides an outline of one style and format you may choose to use or adapt to your purposes.

The training plan might include the following:

competencies required by the Institute (technical and non-technical)

how these competencies might be developed and achieved to the required level through different solutions (for example, work experience, on-the-job training, coaching, training courses, books, computer-based learning solutions)

the support and resources required to develop each competency

the priority and timeframe for the competency to be developed

date for review of progress.

The training plan may also incorporate your employers performance management system competencies, and other competencies required to fulfil your longer-term career objectives.


6.3 Process in developing a training plan

1. Choose the areas of competency to be developed:

consider the work role and responsibilities of the trainee

consider the programme of practical experience offered by their organisation

consider the trainees interests and intended career path.

2. Identify opportunities to engage in activities and tasks that will enable the development of individual competencies:

consider other work opportunities available in the organisation

consider what other training opportunities may be available through the organisation

consider incorporation of the competency standards with the trainees development objectives within their organisations performance management system.

3. Assign timeframes for development of certain competencies (for example, break down objectives to quarterly goals):

consider the employers priorities

ensure sufficient time is allowed to develop competence

consider if the scheduling of work tasks, roles and activities can be realistically accommodated within the employing organisation

ensure activities are appropriately structured to build up to the required level of competence.

4. Identify what other supporting resources may be required for the development of each competency:

consider what other resources are available within the organisation (for example, other staff, on-the-job training, coaching)

consider external resources that might be required to support the development of competence (training courses, books, computer-based learning solutions).

5. Assign timeframes for when competency development is to be reviewed and assessed:

consider project timeframes

assign a tentative date for achieving competence.

6. Agree when the training plan is to be reviewed by the mentor and trainee:

consider the timeframes identified for development of individual competencies

consider how often the mentor and the trainee should meet to review progress.

More information about training plans, including examples, can be found at www.nzica.com

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.0 RECORDING PRACTICAL EXPERIENCE

You must maintain a comprehensive and continuous record of all your practical experience. This is important to ensure you have a comprehensive reference source for you and your mentor to track and plan your progress against the Institutes practical experience requirements. It is your responsibility to maintain a record of your practical experience, and it is your mentors responsibility to verify the experience gained against the competencies set by the Institute. It is therefore important you and your mentor keep records in case of any discrepancies.

This training log includes some forms to help you and your mentor track your progress towards completing the practical experience requirements. The information included in the forms will provide you with a reference source and material to justify your mentors final recommendation regarding your admission to the Institute.

The forms are intended to provide:

Guidelines for you to document information your mentor might require in order to judge whether you have achieved the required standards, level of professionalism and experience in the competencies needed, to achieve admission to the Institute

Guidelines to assist you to prepare for mentoring meetings

A copy of the Mentors Final Report, which is required by the Institute to affirm the achievement of the required standards, level of professionalism and experience in the competencies needed.

The records you keep should be in sufficient detail to justify how you have met the required competencies. Simply ticking off each competency is not sufficient you should keep records that describe the various tasks and activities you have completed to support achievement of each competency and the relevant elements and performance criteria.

If you wish to use your own format to record the information the Institute may request, you may do so. Your organisation may have a comprehensive internal competence-based performance management system for managing individual performance. If this is the case, you and your mentor may prefer to use that system to record your progress. The Institute requires the record of your experience to be presented a legible and logical format, and requires your mentor to complete the Mentors Final Report on the form provided.

Please ensure you retain your supporting records, as the Institute may request to see these when you apply for membership as a Chartered Accountant or an Associate Chartered Accountant.


.0 FREQUENTLY ASKED QUESTIONS

What is an Institute-registered mentor?

A mentor guides you through your specified practical experience. Your mentor signs your Mentors Final Report at the end of your specified practical experience period and confirms you have achieved the required level of competency in your chosen areas of accounting. Your mentor must be registered with the Institute before your period of specified practical experience can commence.

What is an ATO?

ATO stands for approved training organisation. An ATO is an organisation that has been approved by the Institute as offering the type of work experience that fulfils the practical experience requirements for admission to the College of Chartered Accountants or the College of Associate Chartered Accountants.

What kind of general practical experience is the Institute looking for?

General practical experience should be drawn from one or more of the core accounting areas (accounting information systems, auditing, external reporting, financial management, insolvency and reconstructions, management accounting, and taxation). During your period of general practical experience you should be developing the following skills:

technical skills for example, literacy, numeracy, IT proficiency, and technical accounting skills

analytical ability for example, problem identification, organising, analysing and interpreting information, and problem solving

personal skills for example, initiative, independent and objective thinking, and self-learning skills

business judgement for example, understanding relationships, integrating and synthesising knowledge, evaluation, professional judgement, and decision-making

interpersonal skills for example, communication, negotiation and influence, team work and leadership, and political acumen.

After at least 12 months of general practical experience, it is expected that you have shown:

the ability to apply theoretical knowledge to practical accounting and related issues

the ability to communicate effectively, both orally and in writing

an awareness of professional issues and problems

an appreciation of the relationship between the Institutes disciplinary and professional structures and processes.

Can I gain my general practical experience with more than one employer?

Yes. While it is more beneficial for you to gain your general practical experience with one employer in continuous full-time employment, it is possible for you to gain your experience with up to three different employers. The total 12 months of general practical experience must be completed within 48 months. Your role must be of more than six weeks duration (full-time equivalent) for the Institute to consider it to contribute to your general practical experience.

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Who can verify my general practical experience?

Details of your general practical experience should be provided on the Institutes Certificate of General Practical Experience, available from Registry Services or on the website. Your certificate should be completed and signed by your employer or supervisor. If your employer or supervisor is not a member of the Institute or a member of another recognised professional accounting body, you will need to have your certificate counter-signed by a full and current member of the Institute. This person must have knowledge of the duties you performed and be willing to verify your experience (for example, your organisations auditor). Immediate family members should not act as signatories.

When should I submit my Certificate of General Practical Experience?

Your general experience will only be assessed when you are a provisional member of the Institute. However, you can submit your Certificate of General Practical Experience with your Provisional Membership Application.

When can I enrol in PCE 1?

You may enrol in Professional Competence Examination 1 (PCE 1) after you have:

been accepted as a provisional member of the Institute

completed 12 months equivalent full-time general practical experience; and

received a letter from the Institute confirming your eligibility to enrol in PCE 1.

When do I need to have a registered mentor?

You need to have a registered mentor before commencing your specified practical experience. Having a mentor during your period of general practical experience will be beneficial to you and add value to your experience; however it is not essential. Any experience gained before your mentor is registered with the Institute will be considered as general practical experience and will not count as specified practical experience.

There are no qualified accountants employed in my organisation. Who can be my mentor?

Look for someone who has regular contact with you and your organisation to enable them to effectively work with you through your period of practical experience. Options include members of your organisations board of directors or its external accountant or auditor. In this situation it is vital that you and your mentor formally meet regularly and frequently, for example, monthly.

Which organisations can become ATOs?

Organisations of all sizes and sectors that meet the ATO criteria may become an ATO. Organisations that cannot offer the range of experience required may establish arrangements with another organisation to ensure trainees are able to gain the appropriate experience for admission. In this type of situation documentation of such an arrangement must be supplied with the application.

Can organisations based outside New Zealand become ATOs?

Yes. Their requirements and obligations are the same as those for New Zealand organisations.


There are no Chartered Accountants employed in my organisation. Can it still become an ATO?

It may be possible for your organisation to gain ATO status without having a Chartered Accountant on its staff. However, your organisation must have access to Chartered Accountants (or Associate Chartered Accountants in the case of provisional Associate Chartered Accountant trainees) who are able to register to act as mentors. An appropriately qualified account-ant working for the organisations auditors or other Chartered Accountants could act as a mentor, but they need to become closely involved with the trainees work. It is also vital that there is someone (not necessarily an Institute member) within the organisation to take responsibility for the programme and be designated as the contact person with the Institute.

I wish to become an Associate Chartered Accountant, however my employer cannot become an ATO as it does not have three areas of accounting work available to me. What should I do?

To become an ATO, an organisation must demonstrate it has available three areas of accounting for trainees (both Chartered Accountant and Associate Chartered Accountant) to gain experience in. To meet the practical experience requirements for admission to the Associate Chartered Accountant College, trainees are only required to gain experience in two areas. In exceptional circumstances where an employer of an Associate Chartered Accountant trainee is unable to become an ATO, but can demonstrate it is able to provide sufficient experience for a trainee to meet the admission requirements for the Associate Chartered Accountants College, the employer, trainee and mentor may enter into an approved training contract (ATC) with the Institute. All other requirements for the period of practical experience must be met. For further information, please contact Registry Services ([email protected]).

TRAINING LOG

PART TWO COMPETENCIES

About the Institutes competency requirements

The Institute has developed a competence framework to define the various levels of competence expected for admission to each College and for members operating in specialist roles after qualification.

A competency framework focuses on work outcomes the tasks and functions normally carried out by accounting professionals in the workplace.

Level 1 (Foundation) Minimum level expected for admission as an Accounting Technician

Level 2 (Intermediate) Minimum level expected for admission as an Associate Chartered Accountant

Level 3 (Senior) Minimum level expected for admission as a Chartered Accountant

A range of technical and non-technical competencies are prescribed for each level. Technical competencies are prescribed in seven areas of accounting:

accounting information systems1

auditing

external reporting




taxation

This training log explains the competencies for Level 2 (Intermediate) and Level 3 (Senior) only.

Competency requirements to become a Chartered Accountant

To become a Chartered Accountant, you must develop all the technical competencies prescribed for one area to Level 3, and all the technical competencies prescribed for two other areas to Level 2.

(Note, competencies for the accounting information systems area are prescribed only to Level 2, therefore you must select another area for your Level 3 competencies.)

You must also develop all the non-technical competencies to Level 3.

1 Note, competence is only prescribed to Level 2 in this area. Trainees intending to become Chartered Accountants must choose another area for their senior, or Level 3, experience.


Competency requirements to become an Associate Chartered Accountant

To become an Associate Chartered Accountant, you must develop all the technical competencies prescribed for two areas to Level 2.

You must also develop all the non-technical competencies to Level 2.

Structure of competencies

Each of the technical competencies in the seven areas are supported by tasks which are indicative of the required tasks needed to demonstrate competence.

To develop each competency, you would normally be expected to demonstrate you have met the majority of tasks supporting that competency.

You will need to produce evidence for your mentor that you have done the work consistently and over time, and that your work meets the required levels prescribed in this training log.

Preparation

In your initial discussions with your mentor and employer, you should identify which areas you are likely to choose to develop competence in during your specified practical experience. From there, you can begin to develop your training plan.

When you are given a job to do, check back and identify which competency and tasks could be covered. You may find that tasks from more than one competency (both technical and non-technical) can be covered. It will take time to develop competence to the required level for admission, and you may need several development solutions to achieve the required level.

TRAINING LOG

ACCOUNTING INFORMATION SYSTEMS

Level 2 Competency

AIS 1 Apply appropriate information systems and tools to business and accounting problems

Use information systems to achieve a particular accounting outcome

Use and apply relevant software (word processing, spreadsheets, databases, internet tools, presentation software, etc) to achieve a particular accounting outcome

Understand and use accounting software.

AIS 2 Assist to assess accounting information systems and develop an organisations accounting information systems strategy

Identify, and assist to document, user needs

Consider, and assist to document, costs and benefits of proposed solutions

Assist to evaluate effectiveness and efficiency of accounting information systems

Report on potential weaknesses in internal controls within accounting information systems.

AIS 3 Assist to design and manage accounting information systems installations and upgrades

Assist to identify and evaluate alternatives for accounting information systems packages

Assist to design and manage, or advise on, system installations and upgrades

Assist to design and implement accounting information systems using accounting software.


AUDIT

Level 3 Competency

A 1 Plan the audit process

Establish the scope, objective and terms of reference of the audit

Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and identify risk areas

Identify and evaluate risks and business issues, and determine implications for the audit engagement

Design and plan the required audit process, including documentation, applying relevant standards and regulatory requirements.

A 2 Implement audit procedures

Implement the audit process in relation to specific financial representations and non-financial representations

Undertake appropriate research, and gather and evaluate audit evidence

Prepare comprehensive audit working papers

Establish effective working liaison with the relevant staff of the client organisation and ensure clear communication

Report audit results in an appropriate form to relevant parties, using both oral and written communication.

A 3 Examine compliance

Gather data relating to the range of compliance requirements applicable to the organisation

Evaluate evidence and the results of analysis

Draw conclusions.

A 4 Prepare audit reports

Draft the audit report (audit opinion and the report to management) with regard to the scope and terms of reference of the audit, ethical and professional standards, and regulatory requirements

Discuss and communicate audit findings with client.

A 5 Manage the audit function

Plan resource needs for the audit

Monitor project timelines and other performance indicators for the audit plan

Participate in managing and counselling audit staff

Participate in managing relationship with client.

TRAINING LOG

AUDIT

Level 2 Competency


Understand the scope, objective and terms of reference of the audit

Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and understand risk areas

Become familiar with the audit plan

Gather audit evidence and make preliminary evaluations

Complete audit working papers

Develop working liaison with the relevant staff of the client organisation

Monitor project timelines and other performance indicators.

A 2 Assist to examine compliance

Gather data relating to a range of compliance requirements

Form preliminary conclusions based on evidence gathered.

A 3 Be aware of audit reporting process

Contribute to the preparation of the audit report.


EXTERNAL REPORTING

Level 3 Competency

ER 1 Apply accounting standards

Maintain awareness of relevant accounting standards and pronouncements

Identify standards and pronouncements relevant to the individual task

Apply relevant standards and pronouncements appropriately.

ER 2 Determine the external reporting policies and expectations of an entity

Identify critical reporting requirements (including any regulatory and other requirements)

Assess user needs

Develop a reporting timeline

Develop a statement of objectives and service performance.

ER 3 Use and evaluate accounting and information systems

Review and analyse specifications of information systems

Review operation of information system and evaluate reliability of outputs

Understand sources and methods of acquiring necessary inputs

Maintain ability to operate information systems effectively and to evaluate outputs required.

ER 4 Prepare reports in accordance with requirements and policies

Select appropriate data and documentation

Evaluate information systems required to provide input data for reliability, timeliness and completeness

Develop, prepare and update reporting distribution lists.

ER 5 Participate in managing the external reporting function

Plan and allocate resources

Plan and monitor project timelines

Participate in managing staff.

TRAINING LOG

EXTERNAL REPORTING

Level 2 Competency



Apply relevant standards and pronouncements appropriately.

ER 2 Understand the external reporting policies of an entity

Become familiar with the critical reporting requirements (including any regulatory and other requirements)

Understand user needs

Assist to develop a reporting timeline

Contribute to the development of a statement of objectives and service performance.



Review operation of information systems and evaluate reliability of outputs

Understand source and methods of acquiring necessary inputs

Maintain ability to operate information systems effectively and to evaluate outputs required.


Understand how to select appropriate data and documentation

Understand the process of evaluating information systems required to provide input data

Assist to develop and update reporting distribution lists.


FINANCIAL MANAGEMENT

Level 3 Competency

FM 1 Analyse and advise on the financial implications of an organisations strategy

Identify and collect relevant financial and non-financial data to analyse financial position, performance and solvency

Analyse relevant data using appropriate financial and non-financial indicators and benchmarks

Identify and evaluate options for funding structures, investments, etc

Report on the entitys situation in terms of strategy, operations, risk profile and possible options from both an operational and governance perspective.

FM 2 Develop an organisations financial strategies

Analyse the organisations objectives, strategies and business plans in financial terms

Analyse present or projected financial position

Develop a risk strategy

Develop financial strategies.

FM 3 Participate in managing financial risks for an organisation

Identify and measure current and potential risk exposures

Develop policies and processes to manage risk exposures

Draft reports for management.

FM 4 Participate in managing an organisations financing operations

Participate in managing capital structures and liability portfolios

Participate in managing surplus funds

Participate in managing cash flow

Draft reports for management.

FM 5 Participate in managing the treasury function


Manage projects

Participate in managing key relationships.

TRAINING LOG


Level 2 Competency




Assist to identify and evaluate options for funding structures, investments, etc

Assist to report on the entitys situation in terms of strategy, operations, risk profile and possible options from both an operational and governance perspective.

FM 2 Assist to develop an organisations financial strategies



Participate in developing a risk strategy

Participate in developing financial strategies.



Participate in developing policies and processes to manage risk exposures.

FM 4 Implement an organisations financing operations

Implement the capital structures and liability portfolios of an organisation

Invest surplus funds

Monitor cash flow

Contribute to the preparation of reports for management.


INSOLVENCY AND RECONSTRUCTIONS

Level 3 Competency

IR 1 Plan an insolvency or reconstruction engagement

Establish the scope, objective, stakeholders and terms of reference of an insolvency or reconstruction engagement

Identify and assess the nature and activities of the subject organisation and its environment

Design and plan the engagement, identifying skills and resources required

Maintain appropriate documentation.

IR 2 Assess the commercial viability of an organisation

Assess the competitive position of the organisation

Analyse the organisations financial position

Review the current and future environment of the organisation

Evaluate the viability of the organisation.

IR 3 Identify strategic possibilities for the engagement

Identify options

Evaluate options

Make recommendations.

IR 4 Participate in managing the reconstruction of an organisation 2

Assist to develop a reconstruction plan

Assist to plan and implement the reconstruction plan including definition of performance measures and monitoring tools

Monitor performance on a continuing basis

Assist to draft progress reports for stakeholders.

IR 5 Participate in liquidations and the winding up process when turnaround is not feasible

Examine all the alternatives

Understand and apply legislation appropriate to the form of administration

Assist to identify and realise assets

Assist to settle creditors (relevant to the form of administration)

Participate in preparing documentation relevant to negotiations with interested parties

Participate in reporting on outcomes.

IR 6 Participate in managing the insolvency and reconstructions function

Participate in planning and allocating resources

Participate in managing projects.

2 Note, it is acknowledged that some trainees may not have an opportunity to be involved in a reconstruction engagement during their period of specified practical experience. Therefore, trainees completing experience in the Insolvency and Reconstruction area to Level 3 who develop competencies IR 1, 2, 3, 5 and 6 but who are unable to develop the IR 4 competency will be considered to have met the practical experience requirements for admission to the College of Chartered Accountants.

TRAINING LOG

INSOLVENCY AND RECONSTRUCTIONS

Level 2 Competency

IR 1 Assist in planning an insolvency or reconstruction engagement

Understand the scope, objective, stakeholders and terms of reference of an insolvency or reconstruction engagement

Assist in identifying and assessing the nature and activities of the subject organisation and its environment

Understand and be familiar with the engagement plan

Maintain appropriate documentation.

IR 2 Assess the commercial viability of an organisation

Assess the competitive position of the organisation

Analyse the organisations financial position

Review the current and future environment of the organisation

Assist to evaluate the viability of the organisation.

IR 3 Assist in identifying strategic possibilities for the engagement

Assist to identify options

Assist to evaluate options

Understand the recommendations made.

IR 4 Assist in managing the reconstruction of an organisation3

Become familiar with the reconstruction plan

Assist to plan and implement the reconstruction plan and monitoring tools

Assist to monitor performance.

IR 5 Assist in liquidations and the winding up process when turnaround is not feasible

Understand and apply legislation appropriate to the form of administration

Assist to identify and realise assets

Assist to report on outcomes.

3 Note, it is acknowledged that some trainees may not have an opportunity to be involved in a reconstruction engagement during their period of specified practical experience. Therefore, trainees completing experience in the Insolvency and Reconstruction area to Level 2 who develop competencies IR 1, 2, 3, and 5 but who are unable to develop the IR 4 competency will be considered to have met the practical experience requirements for admission.


MANAGEMENT ACCOUNTING

Level 3 Competency

MA 1 Plan and monitor business performance

Participate in developing strategy for the organisation, including financial and non-financial objectives and performance measures

Participate in the business planning process

Understand the key strategies/drivers of the organisation.

MA 2 Design, implement and review performance measurement and control systems

Assist to develop performance measures and indicators

Participate in designing, implementing and reviewing control systems to monitor financial and non-financial performance

Conduct sensitivity analyses and other techniques to review performance measurement systems.

MA 3 Prepare budgets, report financial performance and prepare forecasts

Participate in preparing budgets

Report financial performance against budget, including variance analysis

Participate in the preparation of forecasts of financial performance

Evaluate fiscal risks in the forecast.

MA 4 Undertake project appraisals and project management

Analyse the cash flow and financing implications of a proposed project

Select appropriate appraisal techniques and apply to the available information

Analyse results, including impacts of non-financial factors, risk and inflation, and prepare a cost benefit analysis

Develop a project implementation plan

Monitor project implementation.

MA 5 Participate in managing the management accounting function


Manage management accounting work and projects

Manage relationships within the organisation.

TRAINING LOG

MANAGEMENT ACCOUNTING

Level 2 Competency

MA 1 Participate in planning and monitoring business performance

Contribute to developing financial and non-financial objectives and performance measures

Participate in the business planning process.

MA 2 Implement performance measurement and control systems

Become familiar with performance indicators set for the organisation

Assist to assess compliance with control systems.

MA 3 Participate in the preparation of budgets, reporting financial performance and preparation of forecasts

Participate in preparing budgets

Calculate and analyse variances between budget and actual results

Provide information for management

Participate in the preparation of forecasts of financial performance.

MA 4 Participate in conducting project appraisals

Participate in analysing cash flow and financing implications of a proposed project

Complete cost benefit analyses

Assist to develop a project implementation plan.


TAXATION

Level 3 Competency

TA 1 Analyse the entitys tax profile

Identify, analyse and advise on tax compliance and filing requirements

Advise management on applicable new tax legislation on an ongoing. basis

TA 2 Participate in developing an entitys tax strategy

Identify, analyse and advise on specific tax planning and structuring opportunities

Analyse tax consequences of transactions and business opportunities

Plan the timing of tax liabilities.

TA 3 Prepare and file returns in accordance with legal requirements

Determine tax liabilities

Advise on tax compliance requirements

Prepare and file returns and agree to tax assessments.

TA 4 Support, defend and negotiate tax positions

Analyse and respond to assessments

Prepare information to support objections, appeals and litigation.

TA 5 Participate in managing the taxation function


Manage tax work and tax projects

Participate in managing key relationships and networks.

TRAINING LOG

TAXATION

Level 2 Competency

TA 1 Understand the entitys tax profile

Assist to identify and analyse tax compliance and filing requirements

Develop awareness of new tax legislation and significant legal decisions.

TA 2 Understand the entitys tax strategy

Assist to identify and analyse specific tax planning and structuring opportunities

Assist to analyse tax consequences of transactions and business opportunities

Assist to plan timing of tax liabilities.

TA 3 Prepare and file returns in accordance with legal requirements

Determine tax liabilities

Advise on tax compliance requirements

Assist to prepare and file returns and agree to tax assessments.


NON-TECHNICAL COMPETENCIES

Level 3 Competency

NT 1 Teamwork

Work with others and in teams

Demonstrate leadership.

NT 2 Organisational skills

Plan, organise and monitor activities

Organise and delegate tasks

Use information technology effectively

NT 3 Research and evaluation

Research, analyse and evaluate information

Apply mathematical ideas and techniques

Maintain a current awareness of the legal, regulatory and economic environment of business.

NT 4 Decision making

Solve problems, propose solutions and make decisions

Exercise appropriate professional judgement and discernment.

NT 5 Exercising ethical and professional behaviour

Consistently demonstrate personal integrity, professional values, ethical conduct and motivation

Adhere to the fundamental principles of the Code of Ethics

Adhere to appropriate standards and statutes.

NT 6 Communication and interpersonal skills

Communicate ideas and information effectively and efficiently, verbally and in writing

Demonstrate effective negotiation skills

Identify and meet the needs of internal and external clients or stakeholders.

TRAINING LOG

NON-TECHNICAL COMPETENCIES

Level 2 Competency

NT 1 Teamwork

Work with others and in teams.

NT 2 Organisational skills

Plan, organise and monitor activities

Use information technology effectively.

NT 3 Research and evaluation

Research, analyse and evaluate information

Apply mathematical ideas and techniques

Maintain a current awareness of the legal, regulatory and economic environment of business.

NT 4 Decision making

Solve problems, propose solutions and make decisions.

NT 5 Exercising ethical and professional behaviour

Consistently demonstrate personal integrity, professional values, ethical conduct and motivation

Adhere to the fundamental principles of the Code of Ethics

Adhere to appropriate standards and statutes.

NT 6 Communication and interpersonal skills

Communicate ideas and information effectively and efficiently, verbally and in writing

Demonstrate effective negotiation skills

Identify and meet the needs of internal and external clients or stakeholders.


PART THREE FORMS

About the forms 39

Formal training and/or professional development record 41

Training diary 42

Training plan 43

Summary of competencies 44

Accounting information systems 44

Auditing 45

External reporting 48

Financial management 52

Insolvency and reconstruction 56

Management accounting 60

Taxation 64

Non-technical competencies 67

Mentors Final Report 71

Mentors Interim Report 73

TRAINING LOG

The forms provided are to help you and your mentor track your progress towards completing the practical experience requirements. You do not have to use these forms if you have another system of tracking your progress. However, these forms provide a simple tracking tool, making it easier for your and your mentor to monitor and track progress.

The only form you and your mentor are required to submit with your application for membership is the Mentors Final Report form.

Formal training and/or professional development record

This is intended to help you keep a record of any formal training you undertake off the job while completing your practical experience.

Training diary

Use this form to record your practical experience to support how you are progressing with your day-to-day responsibilities and in meeting the goals and objectives in your training plan. You should update your training diary regularly (at least monthly), and take it to your meetings with your mentor. This record will provide the basis for monitoring your progress.

Your training diary should clearly show the:

areas of work in which you have gained experience

work activities that have contributed to that experience

level at which the activities have been carried out.

You should also note any particular issues or sections of your work that have been challenging or have raised specific ethical or professional issues. This will help you and your mentor focus on key areas of your professional development.

When you and your mentor discuss your achievements you should take particular account of:

experience you have achieved since the previous meeting

areas of experience you had planned to achieve but did not complete

what would have helped you to gain that experience

areas of work in which you have achieved the appropriate level of competence

areas that need further development before you achieve an appropriate standard.

You can then use this information to update your training plan, as necessary.

ABOUT THE FORMS


Training plan

Your training plan should be developed at the beginning of your period of practical experience to plan how you will achieve the required competencies. A training plan is an important roadmap to assist you through your period of practical experience. The training plan sets goals and objectives, and assigns indicative timeframes when these will be met.

The training plan should be formally reviewed and updated jointly with your mentor regularly (for example, every three to six months). Each time you and your mentor review the training plan you should jointly set more objectives to continue your progression.

Summary of competencies

The summary of competencies for each area of work is designed to provide a quick checklist of your progress. It outlines the content required in your experience, and also records that you are achieving the standards expected.

Mentors Final Report

Your mentor completes this report when you have reached the required levels of competency.

The final report must be completed following a personal interview between you and your mentor.

The key elements of the Mentors Final Report are:

The date of your final interview with your mentor prior to completion of the final report

A brief summary of the mentoring process as it relates to your practical experience (including comments from any previous mentors)

Verification of the practical experience you have gained

Your mentors opinion on whether or not you meet the requirement for admission to the appropriate college.

The final report must accompany your application for membership. You should retain a copy for your records.

Mentors Interim Report

Your mentor should complete this form if your mentoring relationship ends before you have completed your period of specified practical experience. This report should be completed following a personal interview between you and your mentor when your mentoring relationship ends.

The key elements of the Mentors Interim Report are:

The date of your final interview with your mentor

A brief summary of the mentoring process as it relates to your practical experience

Verification of the individual competencies developed and the practical experience you have gained up to that time.

The interim report should then be passed to your new mentor and should also be submitted with your application for membership, together with the mentors final report. You should retain a copy for your records.

TRAINING LOG

FORMAL TRAINING AND/OR PROFESSIONALDEVELOPMENT RECORD

Name Institute ID.

Example only - this information should be recorded by the Provisional Member

The purpose of this form is for the provisional member to record and describe the training courses and development they have pursued towards their professional development, eg internal training courses, technical courses, computer based training modules, etc.

Date Title, description and objectives Time spent Competency * Mentor sign off

* Please refer to the Part 2: Competencies, and indicate which area of accounting and unit or element the training initiative corresponds to.


TRAINING DIARY

Use this form to record your practical experience and to record how you are progressing with your day-to-day responsibilities and how these contribute to the development of your chosen competencies. You should update this form regularly (at least monthly) and take it to your meetings with your mentor.

Date Tasks undertaken and areas of responsibility

Competencies covered

Notes

TRAINING LOG

TRAINING PLAN

Your training plan should be developed at the beginning of your period of practical experience to plan how you will achieve the required competencies. The training plan should be formally reviewed and updated jointly with your mentor regularly (for example, every three to six months). Each time you and your mentor review the plan, you should jointly set more objectives to continue your development.

Trainees name: Position:

Training plan for quarter:

Mentors name:

Supervisors name (if different):

Competencies chosen: (Level )

(Level )

(Level )

Competency ref

Development solution

Other support/ resources required

Review date

Final completion date (projected)

Notes


ACCOUNTING INFORMATION SYSTEMS

Level 2 competency

AIS 1 Apply appropriate information systems and tools to business and accounting problems

Mentor Initials

Date

Use information systems to achieve a particular accounting outcome

Use and apply relevant software (word processing, spreadsheets, databases, internet tools, presentation software, etc) to achieve a particular accounting outcome

Understand and use accounting software

AIS 2 Assist to assess accounting information systems and develop an organisations accounting information systems strategy

Mentor Initials

Date

Identify, and assist to document, user needs

Consider, and assist to document, costs and benefits of proposed solutions

Assist to evaluate effectiveness and efficiency of accounting information systems

Report on potential weaknesses in internal controls within accounting information systems

AIS 3 Assist to design and manage accounting information systems installations and upgrades

Mentor Initials

Date

Assist to identify and evaluate alternatives for accounting information systems packages

Assist to design and manage, or advise on, system installations and upgrades

Assist to design and implement accounting information systems using accounting software

SUMMARY OF COMPETENCIES

TRAINING LOG

AUDIT

Level 3 competency

A 1 Plan the audit process

Mentor Initials

Date

Establish the scope, objective and terms of reference of the audit

Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and identify risk areas

Identify and evaluate risks and business issues, and determine implications for the audit engagement

Design and plan the required audit process, including documentation, applying relevant standards and regulatory requirements


Mentor Initials

Date

Implement the audit process in relation to specific financial representations and non-financial representations

Undertake appropriate research, and gather and evaluate audit evidence

Prepare comprehensive audit working papers

Establish effective working liaison with the relevant staff of the client organisation and ensure clear communication

Report audit results in an appropriate form to relevant parties, using both oral and written communication

A 3 Examine compliance

Mentor Initials

Date

Gather data relating to the range of compliance requirements applicable to the organisation

Evaluate evidence and the results of analysis

Draw conclusions


A 4 Prepare audit reports

Mentor Initials

Date

Draft the audit report (audit opinion and the report to management) with regard to the scope and terms of reference of the audit, ethical and professional standards, and regulatory requirements

Discuss and communicate audit findings with client

A 5 Manage the audit function

Mentor Initials

Date

Plan resource needs for the audit

Monitor project timelines and other performance indicators for the audit plan

Participate in managing and counselling audit staff

Participate in managing relationship with client

TRAINING LOG

AUDIT

Level 2 competency


Mentor Initials

Date

Understand the scope, objective and terms of reference of the audit

Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and understand risk areas

Become familiar with the audit plan

Gather audit evidence and make preliminary evaluations

Complete audit working papers

Develop working liaison with the relevant staff of the client organisation

Monitor project timelines and other performance indicators

A 2 Assist to examine compliance

Mentor Initials

Date

Gather data relating to a range of compliance requirements

Form preliminary conclusions based on evidence gathered

A 3 Be aware of the audit reporting process

Mentor Initials

Date

Contribute to the preparation of the audit report


EXTERNAL REPORTING

Level 3 competency


Mentor Initials

Date

Maintain awareness of relevant accounting standards and pronouncements


Apply relevant standards and pronouncements appropriately

ER 2 Determine the external reporting policies and expectations of an entity

Mentor Initials

Date

Identify critical reporting requirements (including any regulatory and other requirements)

Assess user needs

Develop a reporting timeline

Develop a statement of objectives and service performance


Mentor Initials

Date


Review operation of information system and evaluate reliability of outputs


Maintain ability to operate information systems effectively and to evaluate outputs required

TRAINING LOG


Mentor Initials

Date

Select appropriate data and documentation

Evaluate information systems required to provide input data for reliability, timelines and completeness

Develop, prepare and update reporting distribution lists

ER 5 Participate in managing the external reporting function

Mentor Initials

Date


Plan and monitor project timelines

Participate in managing staff


EXTERNAL REPORTING

Level 2 competency


Mentor Initials

Date


Apply relevant standards and pronouncements appropriately

ER 2 Understand the external reporting policies of an entity

Mentor Initials

Date

Become familiar with the critical reporting requirements (including any regulatory and other requirements)

Understand user needs

Assist to develop a reporting timeline

Contribute to the development of a statement of objectives and service performance


Mentor Initials

Date


Review operation of information systems and evaluate reliability of outputs


Maintain ability to operate information systems effectively and to evaluate outputs required

TRAINING LOG


Mentor Initials

Date

Understand how to select appropriate data and documentation

Understand the process of evaluating information systems required to provide input data

Assist to develop and update reporting distribution lists



Level 3 Competency


Mentor Initials

Date



Identify and evaluate options for funding structures, investments, etc

Report on the entitys situation in terms of strategy, operations, risk profile and possible options from both an operational and governance perspective

FM 2 Develop an organisations financial strategies

Mentor Initials

Date



Develop a risk strategy

Develop financial strategies


Mentor Initials

Date


Develop policies and processes to manage risk exposures

Draft reports for management

TRAINING LOG

FM 4 Participate in managing an organisations financing operations

Mentor Initials

Date

Participate in managing capital structures and liability portfolios

Participate in managing surplus funds

Participate in managing cash flow

Draft reports for management

FM 5 Participate in managing the treasury function

Mentor Initials

Date


Manage projects

Participate in managing key relationships



Le

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