If you are an ICAEW member, someone regulated by ICAEW for certain activities, or a reciprocal member, you remain within the scope of ICAEW's CPD Regulations if:
Any work that you do that relates to the profession of accountancy is likely to be considered accountancy and finance work. The scope of such activity is wide and would include work undertaken in practice and outside of practice, such as working in the finance department or the management of a business, charity or public sector organisation.
See a list of services that are regarded as accountancy or finance work.
Directors
If you are an executive or non-executive statutory director of a company you are within the scope of the CPD Regulations.
If you hold a similar role for another type of entity, you should consider whether that role has an equivalent level of legal or financial responsibility to that of a company director. If so, you too would fall within the CPD Regulations.
Statutory directors of micro entities are within the scope of the CPD Regulations but are not required to complete a minimum number of CPD hours. Micro entities are defined by the Companies Act as those that meet two out of the following three criteria:
- turnover less than £632,000;
- gross assets less than £316,000; and
- fewer than 10 employees.
If being a statutory director of a micro entity is the only role that brings you within scope of the regulations, you should reflect on the nature of this work and your professional development needs and ensure your CPD addresses these needs.
Trustees
If you are a trustee, then this brings you within the scope of the CPD Regulations. However, if you do no other work, and the only trustee role(s) you hold are of a low-risk, personal nature then you may be exempt from the requirements of the CPD Regulations.
The trustee roles that ICAEW considers are of a low-risk or personal nature are as follows:
- Will trusts – acting in a personal capacity/as an unpaid executor.
- Trustee of intestate estate – acting in a personal capacity/as an unpaid executor.
- Bare trusts – including to open a bank account for a child.
- Parental trusts.
- Pilot trusts with less than £100.
- Co-ownership trusts to hold shares of property.
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Insurance policies.
- Personal injury trusts/special needs trusts.
Please note: That all other types of trustee roles would remain in scope of the CPD Regulations, including trustees of general mixed discretionary or accumulation trusts; and paid trustee/executor roles for will trusts and estates (including intestate estates).
There are special provisions, however, for charity trustees.