Briefing for Singapore QP Approved Mentors Date: 30 July 2013 (Monday) Time:12:00pm to 2:00pm Venue:Meeting Room, Level 7, PwC Building Ellen Wong

Agenda Part 1: Singapore QP and Approved Mentor Part 2: Practical Experience Requirements Part 3: Q & A

Part 1: Singapore QP and Approved Mentor  Singapore QP Framework  Singapore QP Approved Mentor  Benefits of Being an Approved Mentor  Successful Mentoring

4 Singapore QP Framework What is the Singapore Qualification Programme:

5 Singapore QP Framework

6 Singapore QP Approved Mentor A Singapore QP Approved Mentor: is a member of a recognised professional accountancy body and has a minimum of 3 years post-qualification experience. To be an effective Approved Mentor, you need to:  Understand the type and quality of work being undertaken by Candidates  Provide support and guidance to Candidates throughout the period of Practical Experience  Be the first contact person for Candidates seeking advice on Practical Experience  Ensure Candidates complete Practical Experience requirements under Singapore QP

7 Singapore QP Approved Mentor Note: An Approved Mentor should not have more than 8 Candidates under his/her supervision. An Approved Mentor shall:

8 Benefits of Being Approved Mentor Benefits of becoming an Approved Mentor:  Gain personal satisfaction  Show your commitment of providing support and development to Candidates  Enhance your own communication, leadership and coaching skills  Count towards your Continuing Professional Development (CPD)  Enable other professionals to achieve their goals

9 Successful Mentoring Tips for successful mentoring:  Use GROW model Establish the Goal – SMART Examine the current Reality Explore the Options (or Obstacles) Establish the Will (or Way Forward)  Genuine interest in personal growth and professional development  Clear, open and reciprocal communications Excellent listening skills Excellent coaching and feedback skills  Sensitive to other’s needs and development  Strong Commitment (Mentor and Candidate)  Confidentiality

Part 2: Practical Experience Requirements  Practical Experience Requirements  Record of Practical Experience and Competence  Practical Examples  Review Meeting

11 Practical Experience Requirements Tripartite relationships of key stakeholders SAC/ISCA Candidates Approved Mentors (under ATO) Practical Experience:

12 Practical Experience Requirements  Requirements to work under an Approved Mentor in an ATO  Length of service and working days requirement −Minimum 3 years (450 days) of practical experience in related areas −Minimum 5 days (40 hours) of pro bono work  Generic Competences  Technical Competences A Glance at Practical Experience Requirements:

13 Practical Experience Requirements  Ability to perform a work role to a defined standard with reference to working environment, i.e. abilities and maturity expected of a CA  Competencies required to be achieved over 3-year period, with increasing frequency and complexity, expected to be fully competent at the end of Training Agreement. What are Competences ? How Do I show that I am “Competent?

14 Practical Experience Requirements Satisfy all 9 Generic Competences:

15 Practical Experience Requirements Satisfy 4 out of 15 Technical Competences: *1 out of 4 chosen competencies must be from ‘Financial Reporting’.

16 Record of Practical Experience and Competence The Record of Practical Experience and Competence (RPEC):  The RPEC is designed to enable Candidates to record evidence of Practical Experience  Approved Mentor shall decide together with Candidate the 4 elements of technical competences that are relevant to the Candidate  Approved Mentor shall verify the time Candidates spent on Practical Experience is recorded accurately and it reflects the type of work the Candidate has undertaken  Approved Mentor shall sign off the RPEC for Candidate’ competency in the required technical and generic areas based on your observation and evidence provided by Candidate

17 Record of Practical Experience and Competence How do I complete the RPEC?  Softcopy of RPEC is downloadable from Singapore QP website  Part 1 - Candidate Summary and Employment Record:

18 Record of Practical Experience and Competence How do I complete the RPEC?  Part 2 - Record of Practical Experience – Time: Units of “days” 1 day = 8 hours Minimum = 0.5 day Keep a diary/ timesheet as record 6 months period Prior work experience – max 12 months Part-time –3 days a week, length of TA extended on pro-rata basis

19 Record of Practical Experience and Competence How do I complete the RPEC?  Part 3 - Record of Practical Experience – Competence Development:

20 Record of Practical Experience and Competence How do I complete the RPEC?  Part 3 - Record of Practical Experience – Competence Development: Explain how the elements of competence have been demonstrated −Narrative and reflective statements −Progress updates with examples of where and when −Supported by evidence Narrative should cover: −Evaluation of skills or knowledge developed during the period −Refer to a specific piece of client work or specific appraisal −Areas for improvement −Any ethical issues (to be recorded under “Generic Competence”) −Action plan

21 Record of Practical Experience and Competence How do I complete the RPEC?  Part 3 - Record of Practical Experience – Competence Development: Sample 1 (X):

22 Record of Practical Experience and Competence How do I complete the RPEC? Sample 2 (√):

23 Record of Practical Experience and Competence How do I complete the RPEC?  Part 4 - Confirmation: Before signing off, Approved Mentors may - request for more information - seek corroboration from the candidate’s supervisors or co-workers

24 Record of Practical Experience and Competence How do I complete the RPEC?  Part 4 - Confirmation: Signed by Approved Mentor and Training Principal up to the point of transfer/ cancellation of TA

25 Practical Examples How do I record time spent in non-audit areas?  Significant portion of experience should be spent in 1 or 2 specific key areas such as Assurance(AS) and Financial Reporting(FR)  Time spent outside of audit may not be relevant to AS and FR technical competences, hence not counted as relevant experience “days” Eg: - Secondment to Tax department for 1 month - Administrative duties such as assistance rendered to filing room, marketing or HR.

26 Practical Examples How to demonstrate competencies in FR?  Candidates may not be preparing accounting information from client records, but they are involved in the audit of accounting information Eg: “FR1: Accounting for Transaction” a.Collate and prepare information and estimates for accounting entries Preparation of summary of unadjusted misstatement (i.e. correcting journal entries and reclassifications) Audit on accruals and provisions by performing reasonableness test or recalculation of a provision

27 Practical Examples How to demonstrate competencies in FR?  Demonstrate competence in 1 out of 4 elements of FR and all statement of competence under the element

28 Practical Examples How to demonstrate competencies in AS?  As auditors, candidates need to satisfy all 3 elements from AS

29 Practical Examples How to demonstrate competencies in AS?  As auditors, candidates need to satisfy all 3 elements from AS

30 Practical Examples How to demonstrate competencies in AS?  As auditors, candidates need to satisfy all 3 elements from AS

31 Review Meeting Review Meeting:  Meet with your Candidate at least every 6 months  No prescribed format  Duration is about an hour  Topics shall include: a.Time spent on Practical Experience b.Competence development c.Programme progress d.Action plans Candidate has drawn up from module workshops attended e.Ethical issues and training f.Career development g.Other issues

Part 3: Q & A

33 Contact Us For enquiries, contact us at: 1.ISCA Examinations and Qualification Division (ISCA EQD) Tel: (+65) Website: 2. Singapore Accountancy Commission (SAC) Website: Facebook: Singapore QPSingapore QP

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