candidate guide to practical experience

Candidate Guide to Practical Experience | 1

S INGAPORE QP

CANDIDATE GUIDE TO PRACTICAL EXPERIENCE



© 2013-2014 Singapore Accountancy Commission

SINGAPORE QP



The Singapore QP Framework

CHARTERED ACCOUNTANT OF SINGAPORE

SINGAPORE QUALIFICATION PROGRAMME

PROFESSIONAL PROGRAMME PRACTICAL EXPERIENCE

ACADEMIC BASE

Financial Reporting

Non-Accredited Degree

Foundation Programme

Integrative Business Solutions

Ethics and Professionalism

Business Value, Governance and Risk

Accredited Degree in Accountancy

Minimum 3 years experience within a

training commitment in an Accredited Training

Organisation supervised by an Approved Mentor

Assurance

Taxation

main components:

i. Academic Base;

ii. Professional Programme; and

iii. Practical Experience.

The inter-relationships between these components are shown in the following diagram:



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? 9

1.10 What is a Training Principal? 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

CONTENTS


YOU AND YOUR PRACTICAL EXPERIENCE

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; andiii. 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.

1.1 Introduction


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.

1.3 Why is Practical Experience Important?

1.4 How Do I Get the Right Type and Amount of Experience?

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.

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.

Your Practical Experience can be gained in a number of functional areas. These may include, but are not limited to:

i. Finance;ii. Audit (Internal or External);iii. Tax;iv. Compliance and Risk

Management;v. Treasury;vi. Business Recovery, Restructuring

and Insolvency; andvii. Information Technology.


You will need to record the time spent on Practical Experience in your RPEC.

The time is recorded in units of a day, with each working day being

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.

1.5 How Do I Record My Time?

1.6 What Are Competences?

demonstrate competence in a role, a Chartered Accountant of Singapore must possess the necessary professional:

a. knowledge;b. skills; andc. values, ethics, and attitudes.

The Singapore QP has two types of competences: generic and technical.

a. WHAT ARE THE GENERIC COMPETENCES?

Generic competences are multi-disciplinary 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 and Compliance

B2 Critical Thinking, Reasoning, Analysis and Problem Solving

C2 Manage Self and Others

A3 Business Awareness and Strategy

B3 Manage and Deliver Activities

C3 Business Communication

You need to complete all 9 elements of the Generic Competences to satisfy the requirements of the Singapore QP.


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.

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

1.7 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.

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.

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.


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

to your Training Principal that you have completed the Practical Experience requirements.

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.

1.8 What is an Approved Mentor?

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.

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:


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

1.10 What is a Training Principal?

Should you have any

that your Approved Mentor cannot resolve to your satisfaction, you should speak with your Training Principal.


YOU AND YOUR TRAINING AGREEMENT

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.

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.

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; andj. Signatures of the Training Principal and Candidate and dates.

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.

2.2 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.

2.1 Introduction


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

length and type of experience:a. In the case where your previous employer is currently an ATO, you

may approach your Training Principal; andb.

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.

2.3 Previous Experience

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.

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.

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.

2.4 Part Time

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

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.

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.

2.5 Secondment


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.

When entering into a Training

Agreement, it should be your intention

that you complete the period of Practical

Experience with the ATO. Where this

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

this with your Training Principal who

should endeavour to resolve any issues

that you have.

If you wish to have experience from more

than 2 ATOs count towards your Practical

Experience requirements, you will need to

seek approval from the SAC.

2.7 ATO Accreditation VisitsDuring your Practical Experience, you may be asked to meet with an

SAC Assessor or complete an SAC questionnaire about your training.

This is part of a commitment by the SAC to ensure the overall adequacy

of the training that ATOs provide. It is not to assess your performance

or knowledge of substantive areas of technical work.

Prior to any transfer, you should ensure that your RPEC is up to date and signed by the Training Principal.

2.8 DisputesIn the event that you have a dispute with your ATO over your Training

Agreement, you should try and resolve this according to your ATO’s

internal procedures. If the dispute cannot be resolved, either you or

your ATO can refer the matter to the SAC.

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

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

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.

2.10 Character and Suitability

2.6 Transfers

2.9 Special Circumstances


RECORD OF PRACTICAL EXPERIENCE AND COMPETENCE

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.

3.1 Introduction

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.

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

the 4 technical elements you would like to

experience you will be getting in your current

role. Discuss this with your Approved Mentor.

3.2 What is The Record of Practical Experience and Competence?

3.3 How Do I Follow the Practical Experience Process?

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.


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.

The Approhave 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.

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.

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.

3.4 Which Competence Should I Attempt First?

3.6 How Often Should I Update My RPEC?The RPEC will form the basis of the discussions at your review meetings with your Approved Mentor.

3.5 How Does an Approved Mentor Use the RPEC?

3.7 How Do I Complete the RPEC?


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 demoend 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.


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

Candidates Job title

Date

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.


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


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


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.


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.


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.


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


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.



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.


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.


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.


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.


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.



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.


a. Evaluate own performance, taking account of feedback from others.

b. Demonstrate an ability to

and situations, adopting a life-long 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.


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.


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.


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.


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.


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.


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.


FR2. Preparing Financial Reports

regulatory requirements.


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


FR3. Analysing Financial Reports


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.


AS. ASSURANCE

AS1. Planning an Engagement You will demonstrate the ability to plan engagements in line with current standards, practices and legislation.


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.


AS2. Performing an Audit Engagement You will be able to perform an internal or external audit assignment, including drawing conclusions from the work undertaken.


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.


AS3. Audit Review and Reporting


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.


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.


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.


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


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.


DSA3. Appraising Investments or Capital Projects


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.


GR. GOVERNANCE AND RISK

GR1. Identifying and Managing Risk


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.


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.


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.


GR3. Monitoring Performance and Accountability You will be able to assess and control performance of the business and make recommendations for improvement.


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.


TX. TAXATION

TX1. Tax Computations You will be able to prepare computations of taxable amounts and tax liabilities in accordance with current legal requirements.


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.


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.


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 non-compliance.

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.


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.


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.


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)


A1 Professional Ethics, Values and Judgement

A2 Risk Management and Compliance

A3 Business Awareness and Strategy


B1 Information and Technology

B2 Critical Thinking, Reasoning, Analysis and Problem Solving

B3 Manage and Deliver Activities


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


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:


3.11 TRAINING PRINCIPAL CONFIRMATION OF COMPLETION OF PRACTICAL EXPERIENCE.

Candidate Name Candidate number

Accredited Training OrganisationName:

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 OrganisationName:

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

Singapore Accountancy Commission10 Anson Road#05-18 International PlazaSingapore 079903

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