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SINGAPO RE Q P

CA ND IDATE GUID E TO
P R ACT ICA L E XP E R IENCE

Candidate Guide to Practical Experience | 1

SINGAPO RE Q P

CA ND IDATE GUID E TO
P R ACT ICA L E XP E R IENCE

CAND I D AT E GUIDE TO PRACTICAL E XPERIENCE


2013-2014 Singapore Accountancy Commission
Candidate Guide to Practical Experience | 2

The Singapore QP Framework

main components:
i. Academic Base;
ii. Professional Programme; and
iii. Practical Experience.
The inter-relationships between these components are shown in the following diagram:

CHARTERED ACCOUNTANT OF SINGAPORE

SINGAPORE QUALIFICATION PROGRAMME

PROFESSIONAL PROGRAMME

PRACTICAL EXPERIENCE

Integrative Business Solutions

Financial Reporting

Assurance

Business Value,
Governance and Risk

Taxation

Minimum 3 years
experience within a
training commitment in
an Accredited Training
Organisation supervised
by an Approved Mentor

Ethics and Professionalism

ACADEMIC BASE

Accredited Degree
in Accountancy

Foundation Programme
Non-Accredited Degree

Candidate Guide to Practical Experience | 3

CONTENTS
CANDIDATE GUIDE TO PRACTICAL EXPERIENCE
1. YOU AND YOUR PRACTICAL EXPERIENCE
1.1 Introduction

1.2 What Do I Have to Do for the Singapore QP Practical Experience Requirement?

1.3 Why is Practical Experience Important?

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

1.5 How Do I Record My Time?

1.6 What are Competences?

1.7 How Do I Show that I am Competent?

1.8 What is an Approved Mentor?

1.9 What Will Happen at The Review Meeting With My Approved Mentor?
1.10 What is a Training Principal?

9
10

2. YOU AND YOUR TRAINING AGREEMENT


2.1 Introduction

11

2.2 Your Responsibilities

11

2.3 Previous Experience

12

2.4 Part Time

12

2.5 Secondment

12

2.6 Transfers

13

2.7 ATO Accreditation Visits

13

2.8 Disputes

13

2.9 Special Circumstances

13

2.10 Character and Suitability

13

3. RECORD OF PRACTICAL EXPERIENCE AND COMPETENCE


3.1 Introduction

14

3.2 What is The Record of Practical Experience and Competence?

14

3.3 How Do I Follow the Practical Experience Process?

14

3.4 Which Competence Should I Attempt First?

15

3.5 How Does an Approved Mentor Use the RPEC?

15

3.6 How Often Should I Update My RPEC?

15

3.7 How Do I Complete the RPEC?

15

3.8 Recording and Approved Mentor Signing Off of Time

17

3.9 Recording of Competence Development

19

3.10 Approved Mentor Signing Off of Competence Development

42
44

Candidate Guide to Practical Experience | 4

YOU AND YOUR PRACTICAL EXPERIENCE

1.1

Introduction

The Practical Experience requirement is a vital part of the


Singapore QP. It enables you to build on the knowledge and
techniques you have learnt during your undergraduate studies
and the Professional Programme in order to develop the
skills, attitudes and behaviours to be a Chartered Accountant
of Singapore.
The International Federation of Accountants (IFAC) International
Education Standard (IES) 5, states Practical experience, gained
by performing the work of professional accountants, in addition
to the acquisition of knowledge through professional accounting
education programs, is considered necessary before candidates
can present themselves to the public as professional accountants.

1.2

What Do I Have to Do for the Singapore QP Practical


Experience Requirement?
Experience requirement:
a. Working for an Accredited Training Organisation (ATO) with a
Training Agreement;
b. Completing the components of the Practical Experience
requirement:
i.
A minimum of 3 years (450 days) Practical Experience;
ii.
A minimum of 5 days professional pro bono work over the
3 years; and
iii.
Demonstrating competence in the 9 elements of the
generic competences and in 4 of the 15 elements of
technical competences (including 1 element of Financial
Reporting);
c. Working closely with your Approved Mentor to obtain
the necessary experience to complete both the time and
competence requirements;
d. Using the Record of Practical Experience and Competence
(RPEC) to record your achievement of the competences;

e. Meeting with your Approved Mentor


at least 6 monthly to discuss your
progress and have your RPEC
signed. Retrospective sign off is not
appropriate; and
f. Ensuring that the Training Principal
in your ATO signs off your RPEC to
Practical Experience.

More details on each


of these items are
provided in subsequent
sections of this Guide.

Candidate Guide to Practical Experience | 5

1.3

Why is Practical Experience


Important?
In order to perform effectively as a Chartered Accountant of
Singapore, and to help you meet future career challenges,
you need to develop your skills in the workplace and pass the
Professional Programme.
Practical experience helps you to:
a. Apply in practice the knowledge and techniques gained
through your Professional Programme technical modules;
b. Observe and be involved in real-life work situations that help
you to develop the skills, attitude and behaviours expected
of a Chartered Accountant of Singapore; and
c.
and improve your work performance.

1.4

Practical Experience sets


that you have a range of
competences to achieve
and ensures that you gain
enough experience in one
or more relevant roles
to sustain high-quality
workplace performance,
making you a more
valuable employee.

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


Your Practical Experience can be gained in
a number of functional areas. These may
include, but are not limited to:
i.
ii.
iii.
iv.
v.
vi.
vii.

Finance;
Audit (Internal or External);
Tax;
Compliance and Risk
Management;
Treasury;
Business Recovery, Restructuring
and Insolvency; and
Information Technology.

You are required to complete a minimum of 3 years (450 days) Practical


leave or examinations, training courses, annual leave, public holidays,
least 150 days of practical experience in each year of your Training
Agreement.
Practical Experience can be gained in a range of functional areas or may

relating to your role or roles within your ATO. If you spend the bulk of
your period of Practical Experience in 1 area of work, it is necessary that
you gain an in depth understanding in that area.
Singapore QP candidates may work in any sector and organisation size.
Wherever you work, it is important that you look out for opportunities
to meet your Practical Experience competences.
In addition to the minimum 3 years (450 days) of Practical Experience,
you will also be required to undertake 5 days (40 hours) of professional
pro bono work. This will be monitored together with the other Practical
Experience requirements. Additional details of pro bono work can be
found in the Pro Bono Guide.

Candidate Guide to Practical Experience | 6

1.5

How Do I Record My Time?


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

You will need to record


the time spent on
Practical Experience in
your RPEC.

at least 8 hours. Working beyond 8 hours do not contribute to


additional days. You cannot record time in less than half-day units.
Pro bono work is recorded in units of 1 hour.
You may wish to keep a diary or other forms of record of your time
(time sheets) to help you complete your RPEC. These records are not
mandatory but your Approved Mentor may wish to see them.

1.6

What Are Competences?


demonstrate competence in a role, a Chartered Accountant of
Singapore must possess the necessary professional:
a. knowledge;
b. skills; and
c. values, ethics, and attitudes.
The Singapore QP has two types of competences: generic
and technical.

You need to complete all 9

elements of the Generic


Competences to satisfy the

requirements of the Singapore QP.

a. WHAT ARE THE GENERIC


COMPETENCES?
Generic competences are multidisciplinary and underpin all roles and
behaviours required of the professional at
work in any accounting related capacity.
There are 3 areas of generic competences,
each with 3 elements. You will need to
complete all 9 elements to satisfy the
requirements of the Singapore QP.

A. ETHICS AND
PROFESSIONALISM

B. ORGANISATION
AND BUSINESS
MANAGEMENT

C. PERSONAL
EFFECTIVENESS

A1 Professional
Ethics, Values and
Judgement

B1 Information and
Technology

C1 Self-Awareness

A2 Risk Management B2 Critical Thinking,


and Compliance
Reasoning, Analysis
and Problem Solving

C2 Manage Self and


Others

A3 Business
Awareness and
Strategy

C3 Business
Communication

B3 Manage and
Deliver Activities

Candidate Guide to Practical Experience | 7

b. WHAT ARE THE TECHNICAL


COMPETENCES?
Technical competences enable you to
demonstrate different technical skills
depending on your role or function. As
such, not all of the technical competences
are applicable to all Candidates.

There are 5 areas of technical competence,


each comprising of 3 elements. You will be
required to demonstrate effectiveness in
4 out of the 15 elements. The Singapore
QP requires Candidates to be competent
of the 4 elements must be in the area of

Each element has a number of statements of competence and in order to demonstrate competence in an element
you will need to demonstrate competence in all of the statements. Full details of the elements of competence and
the supporting statements of competence are in the RPEC at Section 3.9 of this Guide.

1.7

FR FINANCIAL
REPORTING

AS ASSURANCE

DSA DECISION
SUPPORT AND
ANALYSIS

GR GOVERNANCE
AND RISK

TX TAXATION

FR1 Accounting for


Transactions

AS1 Planning an
Engagement

DSA1 Cost
Management and
Evaluation

GR1 Identifying and


Managing Risk

TX1 Tax
Computations

FR2 Preparing
Financial Reports

AS2 Performing an
Audit Engagement

DSA2 Cash
Management,
Planning and
Budgetary Control

GR2 Designing
Internal Controls

TX2 Tax Compliance

FR3 Analysing
Financial Reports

AS3 Audit Review


and Reporting

DSA3 Appraising
Investments

GR3 Monitoring
Performance and
Accountability

TX3 Tax Planning

How Do I Show That I am Competent?


Over the 3 years of training, you will gain a range and depth of Practical
Experience and progress towards meeting the competence statements.
These are the levels of competences that you need to have reached
at the end of your Training Agreement. Your competency should
develop as you apply your knowledge and skills in a variety of areas
with increasing frequency and complexity. It is not expected that you
will be fully competent in all areas until the end of your period of
Practical Experience; you will however have started to demonstrate your
competence in these areas in the work that you are required to do.

Your Approved Mentor will review your progress at least


every 6 months and help determine if you have met the
required level of competence. After which they will sign off
that you have attained the standard required.

You need to record how you are


progressing and give examples of how
you have been working at the required
level. This is done through a narrative
where you explain how you are
progressing towards the competence
and provide examples of where and
when you have demostrated that you
have been working at the required
level. If you have not worked towards
demonstrating that competence in
any 6-month period, there is no need
to make an entry in the RPEC.

Candidate Guide to Practical Experience | 8

1.8

What is an Approved Mentor?


your ATO to supervise and support you throughout your Practical Experience.
Your Approved Mentor does not have to be your line manager but must have
access to your line manager and the work you undertake. Your Approved
Mentor will help you understand the Practical Experience requirements
and work with you to gain relevant experience to satisfy the requirements
of the Singapore QP. You will meet with your Approved Mentor at least
every 6 months to discuss your progress, verify the time that you have
spent on Practical Experience and sign off that you have reached the level
of competence required. During the review meeting, you can also develop
action plans and discuss your progress in the Professional Programme. Your

Your Approved
Mentor will help
you understand the
Practical Experience
requirements and work
with you to gain the
relevant experience to
satisfy the requirements
of the Singapore QP.

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

1.9

What Will Happen at The Review Meeting With My Approved Mentor?


Your 6 monthly review meeting is an
opportunity for you to discuss with
your Approved Mentor on the progress
about:
a. Time spent on Practical Experience
Whether you are on track to complete
the time requirements for the Practical
Experience.
b. Competence development
Your general development and any
opportunities to help move towards the
goal of completing your competencies for
the Singapore QP requirements, including
any action plans.
c. Professional Programme progress
How you are progressing through your
modules and what, if any, further support
you may need.

d. Action Plans
As part of the Professional Programme, you are required to attend
workshops, to gain competencies that can be transferred into the
workplace. You should complete individual action plans as part of
the programme, which can be used to further the discussions you
have with your Approved Mentor.
e. Ethical issues and training
As part of the Singapore QP, you will need to complete the Ethics
and Professionalism module. Your Approved Mentor may wish
to discuss how you are applying what you learned in the module
including any practical ethical issues that you have encountered.
f. Career development
Whilst your primary goal is to complete the Singapore QP, your
Approved Mentor may also discuss your longer-term goals and
ambitions, offering support where appropriate.
g. Other issues
You are encouraged to raise any matters of concern.
h. Sign off of RPEC
You will need to go through your RPEC for the previous 6 months
to discuss and verify your entries for your Approved Mentor to sign
off.

Candidate Guide to Practical Experience | 9

1.10

What is a Training Principal?


The Training Principal is the person at your ATO who has overall
responsibility for supervising your training for the Singapore QP and
Training Principal is responsible for registering your Training Agreement
with the SAC. The Training Principal will allocate an Approved Mentor
to you, or may be your Approved Mentor. At the end of your Practical

Should you have any


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

Candidate Guide to Practical Experience | 10

YOU AND YOUR TRAINING AGREEMENT

2.1

NOTE: The Training Agreement


is essential to record any matters
that are of particular importance
to either the candidate or the
ATO. This avoids any future
disagreements and helps manage
expectations of both parties.

Introduction

When you start your training, you should sign a Training


Agreement with your ATO. It is your Training Principals
responsibility to make sure that the agreement is signed within
3 months of your start date, and to register it with the SAC.
The purpose of a Training Agreement is to clarify the Practical
Experience support that your ATO will provide in order that you
satisfy the requirements of the Singapore QP. Your ATO may
choose to use the sample Training Agreement provided by the
SAC or develop one.

Your Training Agreement should include:


a. Names of the ATO, Training Principal and Candidate;
b. Date of commencement and length of the Training
Agreement;
c. Details of supervision;
d. Candidate responsibilities;
e. The support to be provided during the Professional
Programme (and where relevant the Foundation Programme);
f. Any requirements about the timing of participation in the
Professional Programme (and where relevant the Foundation
Programme);
g. Any restrictions about the number of attempts at Professional
Programme modules (and where relevant the Foundation
Programme);
h.
Agreement;
i. Details of dispute resolution procedures; and
j. Signatures of the Training Principal and Candidate and dates.

2.2

of registration from the


SAC. Failure to register the
Training Agreement could
mean that not all of your
time will count towards the
QP requirements. If you do
you should check with your
Training Principal and the
Training Agreement has
been registered. It is your
responsibility to ensure that
the Training Agreement is
registered with the SAC.

Your Responsibilities
You have a responsibility to be proactive and take responsibility for your own self-development and the direction of your
training. You will need to contribute to the work of the ATO, carrying out the duties required faithfully and diligently and
behave ethically at all times. In addition, you will need to work towards achieving the requirements of the Singapore QP.

Candidate Guide to Practical Experience | 11

2.3

Previous Experience
If you have gained work experience before entering into a Training
Agreement that has enabled you to develop relevant knowledge and
skills, you can seek your Training Principals support to recognise it as
prior work experience. This could result in a reduction in the length of
your Training Agreement.
You will need to provide your Training Principal with a written request

The Training Principal will need to


seek agreement from the SAC. Please
note that it is entirely at the discretion
of the ATO that is offering you the
Training Agreement whether a reduction
in the period of your training will be
applied for; it is at the discretion of the
SAC as to whether it will be granted.
The documentation should include a
document stating the reduction to your
Practical Experience requirement.

length and type of experience:


a. In the case where your previous employer is currently an ATO, you
may approach your Training Principal; and
b.
who supervised you.
The maximum reduction to your Training Agreement is:
a. 12 months if the experience was for a minimum of 4 months (50
days) and your previous employer is currently an ATO and you
were supervised by someone who is an Approved Mentor now; or
b. 6 months if the experience was for a minimum of 4 months (50
days) and your previous employer is currently not an ATO.

2.4

Part Time
It is possible, with the agreement of
your ATO, to train for the Singapore QP
whilst working part time. In order for your
experience to count, you must be working
for at least 3 days a week. If your work is
part time from the outset, the length of your
Training Agreement can be agreed on a pro
rata basis. If you change to part-time work
subsequently, your Training Agreement may
be extended.

2.5

The Training Principal must retain


copies of the documentation that
you have submitted in support
of your request. You are advised
to keep copies too. These
documents may be requested
during an ATO accreditation visit.

Secondment
Your employer may wish to send you on a secondment. This
may be a good way to gain a broader experience. If the
secondment is to:
a. An ATO and supervised by your same Approved
Mentor who has full access to the information required
to continue supervision, there is no time limit. This
experience will be supervised and recorded in the
usual way.
b. A non-ATO or an ATO where there are some

Should you go on secondment, your


Approved Mentor will need to discuss with
the line manager what work was done and
the level of competence achieved. You
should complete the RPEC in the usual
way, recording both the time spent and the
competence achieved. Reviews that are due
during the period of secondment should
be carried out in the usual way wherever
possible, or immediately upon your return.

limitations to the on-going supervision by your


Approved Mentor, then the maximum that you will be
able to count towards your Training Agreement is 6
months (75 days). In order to be eligible for this credit,
the secondment must be for a minimum of 4 months
(50 days). If the secondment is for more than 6 months,
the SAC will need to approve the arrangement if it is
to count towards the Practical Experience requirement.

Candidate Guide to Practical Experience | 12

2.6

2.7

Transfers

ATO Accreditation Visits

During your Practical Experience, you may be asked to meet with an


Training

SAC Assessor or complete an SAC questionnaire about your training.

Agreement, it should be your intention

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

that you complete the period of Practical

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

Experience with the ATO. Where this

or knowledge of substantive areas of technical work.

When

entering

into

may not be possible in exceptional


circumstances, you may, by agreement
between all parties, transfer the Training
Agreement to another ATO.
If you feel you have reasonable grounds to
seek a transfer of your Training Agreement

Prior to any transfer, you


should ensure that your RPEC
is up to date and signed by the
Training Principal.

this with your Training Principal who


should endeavour to resolve any issues
that you have.
If you wish to have experience from more

2.8

Disputes

than 2 ATOs count towards your Practical

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

Experience requirements, you will need to

Agreement, you should try and resolve this according to your ATOs

seek approval from the SAC.

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


your ATO can refer the matter to the SAC.

2.9

Special Circumstances
Practical Experience is an important component of the Singapore
QP and the development of Chartered Accountants of Singapore.
You are expected to satisfy the Practical Experience requirements.
It is recognised that there may be circumstances where you may

2.10

Character and
Suitability
During the period of your Training
Agreement, you have a responsibility to
report to the SAC any matters that may
affect your suitability to be admitted as
a member of the Designated Entity. This
will include criminal convictions and

The SAC will consider special


circumstances on a case-by-case
basis with a view to achieving
a satisfactory outcome in the
context of upholding standards.

or entering into voluntary insolvency


arrangements. Failure to do so will be
regarded as a serious breach of the
admission requirements and may result
in your application for admission being
refused.

Candidate Guide to Practical Experience | 13

RECORD OF PRACTICAL EXPERIENCE AND COMPETENCE

3.1

Introduction

During your Practical Experience, you are required to keep


a record, in your RPEC, of the work you have done and the
competences you have gained. It is important that you maintain
this record, as the SAC may ask to review it. Upon completion
of your Training Agreement, your Training Principal will sign off
your records.

3.2

What is The Record of Practical


Experience and Competence?
The RPEC is designed to enable you to record evidence of
your Practical Experience and skills. This experience will be
The RPEC will be available for download from the SAC. You
should complete all the sections and have them signed off
as required. Keep the records safe and updated until you are
ready to submit the RPEC to the SAC. It is your responsibility
to ensure that it is properly kept.

3.3

How Do I Follow the


Practical Experience
Process?

After signing your Training Agreement, you


should meet with your Approved Mentor.
Spend some time discussing with him/her
what you are hoping to achieve and where
your Practical Experience will be gained. The
more open you are, the better your Approved
Mentor can assist you in meeting your goals.
Familiarise yourself with the RPEC. Read all the
generic and technical competences. Choose

Keep a note of the Practical


Experience you undertake
(both the time you have spent
on Practical Experience and
also the type of activities you
undertook). You will need to
record all the time you have
spent during the period of
your Practical Experience.

the 4 technical elements you would like to


experience you will be getting in your current
role. Discuss this with your Approved Mentor.

Candidate Guide to Practical Experience | 14

3.4

Which Competence
Should I Attempt First?

3.5

It is possible to be working in a wide


range of roles in order to complete the
Singapore QP and your role will determine
the technical competences that you are
likely to choose. You should discuss this
with your Approved Mentor as soon as
possible on the competences that you will
work towards.

3.6

How Does an Approved


Mentor Use the RPEC?
The Appro
have met the requirements for the Singapore QP. This includes
ensuring that:
a.
work that you have undertaken; and
b.
enable your competence to be signed off. You will need
to explain what you did and more importantly, what you
learned during the time period covered in the entry.

How Often Should I Update My RPEC?


It is recommended that you update your RPEC on a regular basis, at
least 6 monthly, in advance of your meeting with your Approved Mentor.
It is suggested that you keep a diary of your Practical Experience (both
what you have been doing and how long you spent) and use this to
update the RPEC. The diary may take any form and is not required for
submission to the SAC.

3.7

The RPEC will form the


basis of the discussions at
your review meetings with
your Approved Mentor.

How Do I Complete the RPEC?


a. General
The RPEC is downloadable from the SAC. It is your responsibility to ensure that it is properly kept. You should type
your entries into the RPEC and update it as often as possible. When submitting the RPEC to your Approved Mentor,
your Approved Mentor and Training Principal will have to sign off on the RPEC.
b. Candidate Summary and Employment Record
This is a summary of the ATOs, Training Principals and Approved Mentors who have covered the total period of
your Practical Experience. In this summary, you should indicate your name, candidate registration number and
employment history details. Enter your periods of employment with an ATO and/or on secondments, which you are
seeking to count towards the Singapore QP along with the time you have spent on pro bono work.
c.

Record of Practical Experience Time


You need to record the days that you have spent on your Practical Experience. You should record this in periods of 6
months and at the end of the 3-year period, the total time spent must be at least 450 days. It is recommended that
you gain a minimum of 150 days per year. You cannot record time in less than half-day units.
In certain cases, with the agreement of your ATO and the SAC, relevant work experience gained before entering
into your Training Agreement may be counted towards the Practical Experience requirement. Please see section 2.3
for details. This should be recorded in the Practical Experience Time section of the RPEC. However, you may not
claim any generic or technical competences gained during this period.
At each 6-monthly review meeting, your Approved Mentor should sign off on the RPEC to verify that you have spent
the recorded time on eligible work.

Candidate Guide to Practical Experience | 15

d. Record of Practical Experience Competence Development


Competence development is divided into 2 categories generic and technical. You must complete the 9 generic
elements and 4 of the 15 technical elements, including 1 Financial Reporting element.
You need to explain how you have demonstrated the elements of competence in the expandable boxes for each
statement of competence. You need to record how you are progressing towards the competence and give examples
of where and when you have shown that you have been working at the required level. This is done through a
narrative where you explain how you have demonstrated the competence. If in any period of 6 months you have not
worked towards demonstrating that competence, there is no need to make an entry in the RPEC for that statement.
In some cases it would not be expected that you would have demo
end of your period of Practical Experience.
Your Approved Mentor will review your progress at least every 6 months and help you determine when you have
met the required level. You should be prepared to show evidence to your Approved Mentor that supports your
narrative. At this point, the Approved Mentor will sign off that you have attained the standard required.
e.
Should you leave the employment with your ATO, you should ensure that your RPEC is updated and signed by your
Approved Mentor and Training Principal up to the point of the transfer/cancellation of your Training Agreement.
At the end of your Practical Experience, when your Approved Mentor has signed all sections of your RPEC and
number of days required and completed the 9 elements of generic competences and 4 elements of technical
competence), your RPEC can be submitted to the SAC.

Candidate Guide to Practical Experience | 16

3.8 RECORDING AND APPROVED MENTOR SIGNING OFF OF TIME

SUMMARY OF EMPLOYMENT RECORD AND PRACTICAL EXPERIENCE


Candidate Name

Candidate number

ATO name, address and telephone number Date


Candidates Job title

From

To

1.

Training Principal
Name

Approved Mentor
Name

2.

Training Principal
Name

Approved Mentor
Name

NOTE: Please indicate the reasons if there has been more than 1 ATO.

Candidate Guide to Practical Experience | 17

6 month period

First

Second

Third

Fourth

Fifth

Sixth

Seventh

Date
From

To

Relevant Practical
Experience gained
before entering
Training Agreement
Days spent on Practical
Experience in your ATO
Days spent on
secondment to
another ATO
Days spent on
secondment to a non
ATO employer
Total days spent on
Practical Experience
TOTAL PRACTICAL EXPERIENCE
Days spent on pro
bono work
TOTAL PRO BONO
Name of Approved
Mentor
Signature
Date

Candidate Guide to Practical Experience | 18

3.9 RECORDING OF COMPETENCE DEVELOPMENT


NOTE: At the end of each review meeting (at least every 6 months), the Approved Mentor should verify the
information provided and initial with a date. At the subsequent meetings, the discussion will relate to additional
entries made by the Candidate. When an element is completed, the Approved Mentor can insert a line and indicate
complete.
a. GENERIC COMPETENCE

A. ETHICS AND PROFESSIONALISM


A1. Professional Ethics, Values and Judgement
You must be fully aware of the responsibility you have as a Chartered Accountant of Singapore and to the
profession itself and above all, to the wider public interest. This involves having knowledge of applicable
institutional structures and organisational and professional codes of ethics, values and standards that apply to
you as a professional. You should use professional judgement consistently in all aspects of your work, ensuring
that you both act, and are seen to act, ethically and with the utmost integrity.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Apply ethical principles from the


Singapore Code of Professional
Conduct and Ethics, or
equivalent (integrity, objectivity,
professional competence and
professional behaviour) to
business decisions, judgement
and policy formulation.
b. Apply concepts of
independence, scepticism and
accountability and take account
of the public interest in critically
assessing, evaluating, reporting
and assuring the validity of
data relevant to the role of a
Chartered Accountant.
c.

Make consistently appropriate


decisions using an ethical
framework.

Candidate Guide to Practical Experience | 19

A2. Risk Management and Compliance


You will contribute to effective risk management and compliance within your area of responsibility and
organisation, through assessing, evaluating and managing potential risks and ensuring that your organisation
complies with relevant legal and regulatory requirements.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Identify and evaluate risks


associated with your area of
work.

b. Implement organisational
policies and procedures to
mitigate risk in your area of
responsibility.

c.

Ensure compliance with legal,


regulatory and governance
requirements in your area of
responsibility.

d. Communicate responsibly when


using social media.

Candidate Guide to Practical Experience | 20

A3. Business Awareness and Strategy


You will apply knowledge, skills, and business acumen in assessing strategic position, determining strategic
include coordinating knowledge systems and improving performance by effective change management of
Statement of competence

How you have demonstrated this?

Initial

Date

a. Identify and evaluate business


strategies relevant to the
goals and objectives of an
organisation in the context of
the Asian business environment
and organisational and
environmental opportunities and
constraints.
b. Implement change using
relevant project, process
and people management
techniques.

c.

Select performance benchmarks


to measure success.

Candidate Guide to Practical Experience | 21

B. ORGANISATION AND BUSINESS MANAGEMENT


B1 Information and Technology
You will use information and technology to improve your work output by being aware of the software packages
used in your workplace and making practical use of the software available to support your own work objectives.
Statement of competence

How you have demonstrated this?

Initial

Date

a.
evaluate, organise and manage
appropriate information and
evidence.
b. Use appropriate computer
applications in business to
gather, to analyse and to present
information including databases,
networks and intranets.
B2 Critical Thinking, Reasoning, Analysis and Problem Solving
You will access, extract and apply relevant information and use available resources to solve problems and
make decisions, using creative and innovative thinking to deal with unstructured and unfamiliar problems and
situations. You will also demonstrate the ability to apply critical analysis and scepticism in the work environment,
through evaluating issues and making effective decisions based on this evaluation.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Research and evaluate


information from a variety of
sources and perspectives and
draw appropriate conclusions.
b. Apply a sceptical and critical
thinking approach.

c.

Analyse, reason logically and


conceptualise issues.

d. Identify challenges, organise


unstructured and ambiguous
information and use appropriate
creativity and innovation to
solve problems.

Candidate Guide to Practical Experience | 22

B3 Manage and Deliver Activities


You will lead and manage activities, using effective planning, implementation and control principles, taking
responsibility for delivering results of a high standard to prescribed deadlines. You will continually seek to
improve performance and monitor progress, either in your own organisation or externally.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Deliver work assignments of a


high standard, in accordance
with established methodologies
and within prescribed
timeframes.
b. Set high standards and review
work to determine that it
complies with the organisations
quality standards.
c.

Seek to continually improve


organisational performance.

d. Assume a leadership role on


projects or assignments.
e. Create and manage a
team, including deciding
on the necessary processes
and resources, to deliver
assignments.

Candidate Guide to Practical Experience | 23

C. PERSONAL EFFECTIVENESS
C1 Self-awareness
As a professional, you are required to demonstrate attitudes and behaviours appropriate to the workplace. This
keep your knowledge and skills updated for future actions and decision-making.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Evaluate own performance,


taking account of feedback from
others.

b. Demonstrate an ability to
and situations, adopting a lifelong learning approach.

c.

Recognise own strengths


and limitations and plan to
continuously develop and
enhance performance.

d.
to new ideas, adaptability and
positive attitudes to challenges.

Candidate Guide to Practical Experience | 24

C2 Managing Self and Others


You are required to effectively manage, motivate and develop yourself and others in your own and other
organisations. This will involve team management and collaborative working, cooperating with, motivating and
resolution skills.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Evaluate professional
commitments and manage own
time and resources to achieve
them.

b. Build effective working


relationships.

c.

Promote cooperation,
collaboration and teamwork,
working towards solutions that
achieve organisational goals.

d. Motivate and create avenues


for personal and professional
growth.

e. Negotiate effectively to reach


acceptable solutions and
agreements.

f.

Candidate Guide to Practical Experience | 25

C3 Business Communication
You will need to communicate clearly with colleagues at all levels in your organisation and externally, in order to
work effectively with others. You must identify and minimise any barriers to effective communication and convey
information in a way that others will understand using multiple channels.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Adopt clear and concise


communication skills when
presenting, discussing and
reporting, through formal,
informal, written and spoken
channels.
b. Exercise sensitivity to cultural
and language differences in
all forms of communication,
including social media.

c.

Use active listening and effective


interviewing techniques.

Candidate Guide to Practical Experience | 26

b. TECHNICAL COMPETENCE

FR. FINANCIAL REPORTING


FR1. Accounting for Transactions
You will be able to select appropriate accounting treatments for transactions, both routine and non-routine, in
the context of historical and prospective reporting.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Collate and prepare information


and estimates for accounting
entries.

b. Contribute to the design


and selection of appropriate
systems to capture and process
accounting data.

c.

Prepare and review


reconciliations and other
accounting controls.

d. Identify the appropriate


requirements of Singapore
Financial Reporting Standard
(SFRS) or relevant accounting
standards and policies and
apply these to economic
transactions and events.

Candidate Guide to Practical Experience | 27

FR2. Preparing Financial Reports


regulatory requirements.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Select and disclose accounting


policies to be applied in the
statements.

b.
statements in accordance with
SFRS or relevant accounting
standards and policies and
legislation.

c.

Classify information for inclusion


or for inclusion in disclosure
notes in these statements.

d. Prepare narrative and


quantitative information for
inclusion in information issued

Candidate Guide to Practical Experience | 28

FR3. Analysing Financial Reports


Statement of competence

How you have demonstrated this?

Initial

Date

a.
and position of an entity based
disclosure notes.

b. Evaluate the effect of chosen


accounting policies on the
reported performance and
position of an entity.

c.

Identify inconsistencies
statements of an entity.

d. Evaluate the effects of fair value


measurements on the reported
performance and position of an
entity.

Candidate Guide to Practical Experience | 29

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

How you have demonstrated this?

Initial

Date

a. Establish the scope, terms of


reference and objectives of an
engagement from an internal or
external audit perspective.

b. Assess the preconditions


and ethical requirements on
acceptance of an engagement
or to undertake an internal audit
investigation.

c.

Determine audit risk and


identify the risk of material
misstatements whether due to
fraud or error.

d. Prepare an audit plan for an


internal or external audit.

e. Brief an engagement team.

f.

Adhere to up to date Singapore


Standards on Auditing (SSAs)
or applicable framework,
the Revised ISCA Code of
Professional Conduct and Ethics
and, relevant legislation and
regulatory changes.

Candidate Guide to Practical Experience | 30

AS2. Performing an Audit Engagement


You will be able to perform an internal or external audit assignment, including drawing conclusions from the
work undertaken.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Evaluate internal controls within


an organisations accounting
system to identify and
communicate control risks.

b. Perform audit procedures to


meet the objectives of internal
or external audit engagements.

c.

Supervise an engagement and


an audit team.

d. Apply Singapore Standards on


Auditing (SSAs) or applicable
framework and standards in
performing an audit.

e. Evaluate the audit evidence


obtained.

f.

Contribute to identifying and


resolving audit issues.

Candidate Guide to Practical Experience | 31

AS3. Audit Review and Reporting

Statement of competence

How you have demonstrated this?

Initial

Date

a. Evaluate the results of audit


work performed against the
objectives of the audit.

b. Investigate inconsistencies
arising from audit work.

c.

Prepare audit reports. These


should be in accordance
with Singapore Standards
on Auditing (SSAs) where
applicable.

d. Draft written representations,


where applicable.

e.
implications of the audit.

f.
management and those charged
with governance.

Candidate Guide to Practical Experience | 32

DSA. DECISION SUPPORT AND ANALYSIS


DSA1. Cost Management and Evaluation
You will demonstrate the ability to use different cost accounting techniques as appropriate, in different
situations.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Determine appropriateness and


adequacy of costing techniques
in an organisation.

b. Apply appropriate costing


techniques to products and
services.

c.

Assess and advise on the impact


of the output of costing systems.

d. Contribute to development
and improvements of costing
systems.

Candidate Guide to Practical Experience | 33

DSA2. Cash Management, Planning and Budgetary Control


You will be able to plan, monitor and control business activities and demonstrate the ability to forecast cash
Statement of competence

How you have demonstrated this?

Initial

Date

a. Contribute to setting strategic


objectives for the planning and
control of business activities.

b. Coordinate and prepare


budgets, selecting and using
suitable budgeting models and
cash monitoring and forecasting
techniques.

c.

Determine and maintain


appropriate levels of cash and
working capital.

d. Prepare and advise on budget


variances and their causes and
remedies.

e. Monitor budgets and contribute


to developing and maintaining
systems and controls for cash
and securities.

f.

Make judgements about the


funding strategies and how to
manage credit.

Candidate Guide to Practical Experience | 34

DSA3. Appraising Investments or Capital Projects


Statement of competence

How you have demonstrated this?

Initial

Date

a. Contribute to the selection of


investment opportunities.

b. Identify and apply appropriate


project appraisal techniques.

c.

Prepare capital budgets.

d. Advise on the potential risk


and value added of investment
decisions.

e. Advise on funding alternatives


and implications.

f.

Contribute to monitoring
investment or capital projects.

Candidate Guide to Practical Experience | 35

GR. GOVERNANCE AND RISK


GR1. Identifying and Managing Risk
Statement of competence

How you have demonstrated this?

Initial

Date

a. Identify, categorise and assess


risk within the organisation.

b. Apply appropriate techniques


and assumptions to analyse
and quantify risk inherent in
undertaking an activity and its
potential impact.

c.

Formulate policies or strategies


to transfer, avoid, reduce or
accept risk.

d. Determine the most appropriate


techniques or procedures to
the organisation.

Candidate Guide to Practical Experience | 36

GR2. Designing Internal Controls


You will be able to justify the need for internal controls and systems of internal controls, design and document
effective controls and test, evaluate and report on their effectiveness.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Justify to management the need


for internal control systems and
their individual components.

b. Design effective internal controls


or systems of internal control.

c.

Document internal controls and


record relevant data.

d. Tabulate and perform tests of


controls.

e. Measure and evaluate the


effectiveness of internal controls.

f.

Prepare a report on internal


controls or systems.

Candidate Guide to Practical Experience | 37

GR3. Monitoring Performance and Accountability


You will be able to assess and control performance of the business and make recommendations for
improvement.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Assess the appropriateness


of the business information
system for decision-making and
preparing internal reports.

b.
measures to assess the
performance of the organisation.

c.

Advise on appropriate
techniques and reward systems
in the assessment of managerial
and divisional performance.

d. Make suggestions for the


improvement of performance in
a business or a division.

e. Identify appropriate benchmarks


for measuring performance.

f.

Advise on the external


and divisional performance.

Candidate Guide to Practical Experience | 38

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

How you have demonstrated this?

Initial

Date

a. Extract and analyse data from


information relevant to the
preparation of tax computations
and related supporting
documents.
b. Prepare and verify standard
computations of taxable income
and tax liability for individuals
and/or single companies.

c.

Prepare or contribute to the


preparation or assessment of
tax computations for individuals,
companies or other entities with
more complex tax affairs.

d. Prepare computations or
assessments of goods and
service tax (GST) liabilities.

e. Explain and question the basis


of tax calculations.

f.

Interpret the effect of current


legislation, case law, and IRAS
e-tax guides and advanced tax
rulings.

Candidate Guide to Practical Experience | 39

TX2. Tax Compliance


You will demonstrate the ability to satisfy or verify the tax compliance obligations of individuals and/or entities
in an appropriate and timely manner.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Prepare or assess returns


of income for individuals,
companies and/or other entities
ensuring timely submission with
all other relevant information
sent to the Comptroller of
Income tax by the due date.
b. Prepare or assess returns
of income for individuals,
companies and/or other entities
ensuring timely submission with
all other relevant information
sent to the Comptroller of
Income tax by the due date.
c.

Determine the incidence


(timing) of tax liabilities and their
requirements.

d.
payment requirements and
the consequences of noncompliance.

e. Identify available claims, or


need to object to/appeal an
assessment, ensuring that
they are submitted within the
required time limits.

f.

Correspond appropriately and


in a professional manner with
the relevant parties in relation
matters/enquiries.

Candidate Guide to Practical Experience | 40

TX3. Tax Planning


You will demonstrate an ability to advise on the mitigation and deferral of tax liabilities through the use of
legitimate tax planning measures.
Statement of competence

How you have demonstrated this?

Initial

Date

a. Demonstrate an understanding
of the distinctions between tax
planning, tax avoidance and tax
evasion.

b. Assess the effect of changes in


legislation or case law on the
tax liabilities of an individual or
entity.

c.

Determine or contribute to
determining the tax implications
of proposed future actions/plans
of an individual or entity.

d. Mitigate and/or defer tax


liabilities through the use of
standard reliefs, exemptions and
incentives.

e. Review or contribute to
reviewing the situation of an
individual or entity and advise
on any potential tax risks and/
or additional tax minimisation
measures.
f.

Identify when to refer matters to


someone with more specialist
knowledge.

Candidate Guide to Practical Experience | 41

3.10 APPROVED MENTOR SIGNING OFF OF COMPETENCE DEVELOPMENT

Approved Mentor should complete the summary checklist below.


GENERIC COMPETENCES (All elements to be completed.)

Complete (Check)

A. ETHICS AND PROFESSIONALISM


A1 Professional Ethics, Values and Judgement
A2 Risk Management and Compliance
A3 Business Awareness and Strategy
B. ORGANISATION AND BUSINESS MANAGEMENT
B1 Information and Technology
B2 Critical Thinking, Reasoning, Analysis and Problem Solving
B3 Manage and Deliver Activities
C. PERSONAL EFFECTIVENESS
C1 Self-Awareness
C2 Manage Self and Others
C3 Business Communication
TECHNICAL COMPETENCES
(4 elements including 1 from Financial Reporting to be completed.)
FR FINANCIAL REPORTING
FR1 Accounting for Transactions
FR2 Preparing Financial Reports
FR3 Analysing Financial Reports
AS ASSURANCE
AS1 Planning an Engagement
AS2 Performing an Audit Engagement
AS3 Audit Review and Reporting
DSA DECISION SUPPORT ANALYSIS
DSA1 Cost Management and Evaluation
DSA2 Cash Management, Planning and Budgetary Control
DSA3 Appraising Investments

Candidate Guide to Practical Experience | 42

GR GOVERNANCE AND RISK


GR1 Identifying and Managing Financial Risks
GR2 Designing Internal Controls
GR3 Monitoring Performance and Accountability
TX TAXATION
TX1 Tax Computations
TX2 Tax Compliance
TX3 Tax Planning
the Practical Experience competence requirements of the Singapore QP.

Name of Approved Mentor:

Signature
Date:

Candidate Guide to Practical Experience | 43

3.11 TRAINING PRINCIPAL CONFIRMATION OF COMPLETION OF PRACTICAL EXPERIENCE.


Candidate Name

Candidate number

Accredited Training Organisation


Name:

I certify that the candidate named above:


1. Served a period of Practical Experience with this ATO
Date commenced
Date completed
2. Has completed

days Practical Experience.

3. Has completed

days pro bono work.

4. Has demonstrated the generic and technical competences required.


Signed
Name (block capitals)
Professional body and membership number
Date
If there is a change of ATO or Approved Mentor:
Accredited Training Organisation
Name:

I certify that the candidate named above:


1. Served a period of Practical Experience with this ATO
Date commenced
Date completed
2. Has completed

days Practical Experience.

3. Has completed

days pro bono work.

4. Has demonstrated the generic and technical competences required.


Signed
Name (block capitals)
Professional body and membership number
Date

Candidate Guide to Practical Experience | 44

Singapore Accountancy Commission


10 Anson Road
#05-18 International Plaza
Singapore 079903

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