Provide relevant learning and development content, resources and tools
To support this goal, there are four initiatives.
Value for money CPD
2020 actual: 5.77
2021 target: 6.25
4.1 Improve CPD offering
Members have told us they want access to more affordable CPD. In April 2019, we introduced 28.5 hours of complimentary CPD for members on top of our existing complimentary CPD options. Complimentary CPD options include a variety of learning experiences that enable members to fulfil all CPD requirements.
In 2019, we introduced a new streamlined pricing structure for CPD products. This will see reductions in price for members across a wide range of learning resources.
In April 2020, we released a CPD package that provides members with access to online courses with 1 hour of CPD and selected live webinars at no cost, as well as a range of selected courses worth more than 1 CPD hour, that were reduced by 50 per cent.
In August 2020, we introduced the first of our micro-credential courses. These short-form courses were focused on areas of growing importance to the profession and help enable members to develop new areas of knowledge.
They are offered to fully qualified members as CPD.
The full suite is comprised of six digital finance micro-credentials courses:
- The Digital Finance Ecosystem
- Data Interpretation and Visualisation.
- Future of Money
- Data Analytics
- Technology and its use in Finance
- Risk Management, Governance and Regulation.
Victorian and NSW 2021 public practice conferences were conducted in May, as in-person events under COVID-19 safe conditions.
In line with capacity restrictions, approximately 120 members attended the conference in Lorne, Victoria, while more than 90 members attended the NSW event at the Art Gallery of NSW, to discuss the major issues affecting the sector.
The 2021 Public Practice Virtual Conference was held on 19 August, with more than 860 delegates in attendance and also featured a mix of live and on-demand sessions with an impressive lineup of speakers.
Stand-alone micro-credentialed course provides learners with an understanding of the expectations and reporting requirements for sustainability, with a focus on the value that finance professionals can provide.
Developed for professionals working in public practice. The courses include:
- Process and People
- Business Strategy (coming soon)
A suite of six micro-credentialed courses covering the essential skills and knowledge required by finance professionals and finance leaders working in management accounting roles today, and into the future. Courses include:
- Strategic Communication and Influence
- Financial Leadership in a Volatile World
- Value Creation and Preservation
- Strategic Cash Flow Management
- Data Analytics
- Data Interpretation and Visualisation
4.2 Enhance tools and resources for public practitioners
A digital tool to assist public practitioners in preparing a compliance manual (risk management framework (RMF)) for their business was launched 29 March 2019. The tool guides CPAs working in public practice, through the process to ensure compliance with APES 325 Risk Management for Firms.
Phase 1 of a digital solution for the quality review program, was launched on 18 March 2019. Public practitioners selected for review in the second half of 2019, can complete their Member Profile Statement online, replacing the paper process, and save time as well as reduce costs. Phase 2, which incorporates additional functionality, was introduced for a first round of reviews in 2020.
An online tool was produced to assist public practitioners in developing a custom quality control manual for their practice to comply with APES320 Quality Control for Firms.
The three major Australian professional accounting bodies in Australia – CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ) and the Institute of Public Accountants (IPA) – came together to review the frameworks that regulate how financial and tax advice is provided in Australia and advocate for change.
CPA Australia, CA ANZ and IPA released a video, in which the CEOs of the three bodies call for more efficient regulatory frameworks for advisory services and pledge to work together in advocating for change.
The review was followed by the publication of our Regulatory Burden Report, which was based on member research into the regulatory complexity for public practitioners providing independent advice to consumers.Members are invited to share their experiences to help inform and show support for the roadmap to regulatory reform, by emailing [email protected]
Our MY FIRM. MY FUTURE. report, released in November 2019, offers an in-depth analysis of the changing public accounting landscape. Drawing on insights from over 500 public practitioners and 1000 consumers and SMEs, it explores the factors reshaping the accounting profession and presents four key themes that will help members to build a sustainable firm for the future: leveraging technology, incorporating advisory, looking towards specialisation and doing better business.
The report led to the development of the MY FIRM. MY FUTURE. eLearning resources, designed to help public practitioners build a sustainable business. The first two complimentary modules available are:
- Module 1 - Engaging Clients – which covers the tools and strategies to turn clients into advocates
- Module 2 - Segmenting Your Client Base – which looks at how to establish a successful client relationship management process and create a growth strategy.
Additional MY FIRM. MY FUTURE. workshops and webinars were developed to help members in practice, to prepare for the future and build a sustainable practice.
A series of e-Learning modules focus on areas to support members during the COVID-19 period:
- Business Exit Strategy
- Productive Work Environment
- Motivating Your Workforce
- Leading Change
- Change Management
- Engaging Clients
- Segmenting your Client Base
- Risk management
- Effective Delegation.
MY FIRM. MY FUTURE. guides to help members develop and embed the key themes were released in September 2020:
- Do Better Business
- Leveraging Technology
- Incorporating Advisory
- Looking to Specialise.
- INPRACTICE, our monthly resource for public practitioners, has a new look, new content and a new home. There is more technical content and practical insights, and it can be accessed via the public practice portal toolkit on our website.
- Our Value of Advice report released on 25 November 2020 advocates for regulatory reform by measuring the value of advice to consumers, small business and the community. The research finds that if more people use professional advice, we will be better off as individuals, businesses and as a society.
- Counting on U is a workplace mental health intervention program being implemented throughout Australia. The program is a Federal Government initiative, through the Department of Innovation, Science, Energy and Resources.
January 2022 - launched CPA Australia Best Practice Program
Developed with extensive industry consultation,
The Best Practice Program delivers personalised support to members working in public practice.
Developed with extensive industry consultation.
Replacing the Quality Review Program, it takes a new approach by focusing on education and support rather than just compliance.
August 2021 – published a special digital edition of INPRACTICE magazine by INTHEBLACK covering key issues affecting public practitioners.
4.3 Structured mentoring program
We have developed a pilot mentoring program, consisting of two programs: one for members in early stages of their career and one for members in the mid-career stage. The program launched in March 2019, with 60 pairs of mentors/protégés and will be supported by an online platform, with a blend of in-person opportunities in selected locations. Learnings from the pilot will inform a wider roll-out of the program.
The mentoring program was expanded in 2020, to take in 414 pairs of members across Australia and New Zealand in two streams: early career and mid-career.
The mentoring program continued across Australia and New Zealand throughout 2021. Two further pilot programs were established in 2021: the public practice pilot and the international pilot.
The public practice pilot will pair public practitioners working in similar industries, to help build stronger connections. The international pilot program will match pairs of members from a range of international locations, including mainland China, Hong Kong, Indonesia, Malaysia, Singapore, United Kingdom and Vietnam.
4.4 Create relevant services at each stage of membership
Work on this initiative will follow on from the findings of the member journey mapping project – Goal 3.1.
This project has resulted in a number of other projects that provide value for members at different stages of their career:
My Career Navigator – refer to 2.2
My Firm My Future – refer to 4.2
Mentoring program – refer to 4.3
The My Capability Plan was released as a part of our Finance and Accounting Capability Framework.
My Capability Plan is an online self-assessment tool that enables members to identify individual strengths and areas for personal development.