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CA ND IDATE GUID E TO
P R ACT ICA L E XP E R IENCE
SINGAPO RE Q P
CA ND IDATE GUID E TO
P R ACT ICA L E XP E R IENCE
main components:
i. Academic Base;
ii. Professional Programme; and
iii. Practical Experience.
The inter-relationships between these components are shown in the following diagram:
PROFESSIONAL PROGRAMME
PRACTICAL EXPERIENCE
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
ACADEMIC BASE
Accredited Degree
in Accountancy
Foundation Programme
Non-Accredited Degree
CONTENTS
CANDIDATE GUIDE TO PRACTICAL EXPERIENCE
1. YOU AND YOUR PRACTICAL EXPERIENCE
1.1 Introduction
1.9 What Will Happen at The Review Meeting With My Approved Mentor?
1.10 What is a Training Principal?
9
10
11
11
12
12
2.5 Secondment
12
2.6 Transfers
13
13
2.8 Disputes
13
13
13
14
14
14
15
15
15
15
17
19
42
44
1.1
Introduction
1.2
1.3
1.4
Finance;
Audit (Internal or External);
Tax;
Compliance and Risk
Management;
Treasury;
Business Recovery, Restructuring
and Insolvency; and
Information Technology.
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.
1.5
1.6
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
A3 Business
Awareness and
Strategy
C3 Business
Communication
B3 Manage and
Deliver Activities
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
AS1 Planning an
Engagement
DSA1 Cost
Management and
Evaluation
TX1 Tax
Computations
FR2 Preparing
Financial Reports
AS2 Performing an
Audit Engagement
DSA2 Cash
Management,
Planning and
Budgetary Control
GR2 Designing
Internal Controls
FR3 Analysing
Financial Reports
DSA3 Appraising
Investments
GR3 Monitoring
Performance and
Accountability
1.8
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
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.
1.10
2.1
Introduction
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.
2.3
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
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
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
2.6
2.7
Transfers
When
entering
into
2.8
Disputes
In the event that you have a dispute with your ATO over your Training
Agreement, you should try and resolve this according to your ATOs
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
3.1
Introduction
3.2
3.3
3.4
Which Competence
Should I Attempt First?
3.5
3.6
3.7
Candidate number
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
Initial
Date
Initial
Date
b. Implement organisational
policies and procedures to
mitigate risk in your area of
responsibility.
c.
Initial
Date
c.
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
Initial
Date
c.
Initial
Date
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
Initial
Date
b. Demonstrate an ability to
and situations, adopting a lifelong learning approach.
c.
d.
to new ideas, adaptability and
positive attitudes to challenges.
Initial
Date
a. Evaluate professional
commitments and manage own
time and resources to achieve
them.
c.
Promote cooperation,
collaboration and teamwork,
working towards solutions that
achieve organisational goals.
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.
Statement of competence
Initial
Date
c.
b. TECHNICAL COMPETENCE
Initial
Date
c.
Initial
Date
b.
statements in accordance with
SFRS or relevant accounting
standards and policies and
legislation.
c.
Initial
Date
a.
and position of an entity based
disclosure notes.
c.
Identify inconsistencies
statements 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.
Statement of competence
Initial
Date
c.
f.
Initial
Date
c.
f.
Statement of competence
Initial
Date
b. Investigate inconsistencies
arising from audit work.
c.
e.
implications of the audit.
f.
management and those charged
with governance.
Initial
Date
c.
d. Contribute to development
and improvements of costing
systems.
Initial
Date
c.
f.
Initial
Date
c.
f.
Contribute to monitoring
investment or capital projects.
Initial
Date
c.
Initial
Date
c.
f.
Initial
Date
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.
f.
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
Initial
Date
c.
d. Prepare computations or
assessments of goods and
service tax (GST) liabilities.
f.
Initial
Date
d.
payment requirements and
the consequences of noncompliance.
f.
Initial
Date
a. Demonstrate an understanding
of the distinctions between tax
planning, tax avoidance and tax
evasion.
c.
Determine or contribute to
determining the tax implications
of proposed future actions/plans
of an individual or entity.
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.
Complete (Check)
Signature
Date:
Candidate number
3. Has completed
3. Has completed
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