Practical Experience Framework

 

 

Q1.

 

 

Why are the technical and enabling competences revised from the existing practical experience framework?

 

Ans.

The technical and enabling competences are revised taking into account the requirements as stipulated in the IFAC's International Education Standards and the feedback from employers and practitioners to ensure the prescribed competences remain fresh and relevant for students to gain the professional knowledge, skills and values required of a prospective CPA.

 

 

Q2.

What is the basis of the six broad areas and/ or the 18 elements in the Proposed Technical Competence Grid? 

 

Ans.

The Proposed Technical Competence Grid is formed on the basis of the requirements of the IFAC's International Education Standards and the feedback from employers and practitioner from different industries.  The HKICPA recognizes that students working in different industries can demonstrate technical skills depending on their role in the different work environment.

 

The following table shows the technical competences of practical experience with six core areas and 18 elements:

 

FAR1

Accounting for Transactions

 

 

AA1

Planning an Engagement

T1

Tax Computations

FAR2

Preparing Financial Reports

 

 

AA2

Performing an Audit Engagement

T2

Tax Compliance

FAR3

Analysing Financial Reports

 

 

AA3

Audit Review and Reporting

T3

Tax Planning

MF1

Cost Management and Evaluation

 

 

GRI1

Identifying and Managing Risk

IBR1

Information Technology

MF2

Cash Management, Planning and Budgetary Control, Treasury

 

 

GRI2

Designing Internal Controls

IBR2

Business Strategy and Management

MF3

Appraising Investments

GRI3

Monitoring Performance and Accountability

 

IBR3

Insolvency and Reconstruction

 

Key:

FAR  –  Financial Accounting and Reporting

AA    –  Audit and Assurance

T      –  Taxation

MF   –  Management Accounting, Finance and Financial Management

GRI  –  Governance, Risk Management and Internal Control

IBR  –  Information Technology, Business Strategy and Management, and Insolvency and Reconstruction

 

 

Q3.

Can a student freely select any four elements from the 18 elements of technical competences?

 

Ans.

Although provision is made for a wider range of eligible practical experience, retaining a common core in the Financial Accounting and Reporting is essential to becoming a professional accountant.  As such, students are required to demonstrate competence in one of the elements in the area of Financial Accounting and Reporting.  Other than that, students can select any other three elements of technical competences based on their scope of work.

 

 

Q4.

What are enabling competences?

 

Ans.

Enabling competences are similar to "generic competencies" under the existing practical experience framework.  There are two areas (i) Professional Values, ethics and attitudes, and (ii) Professional skills with seven elements of enabling competences altogether whereby students are required to demonstrate skills in all the enabling competences.  These skills are multi-disciplinary and underpin all roles and behaviours required of the professional at work in any accounting related capacity. 

 

The following table shows the enabling competences of practical experience with two areas and seven elements:

 

A

Professional   

Values, Ethics and Attitudes

  

B

Professional Skills

A1

Professional Scepticism and Professional Judgement

 

A2

Ethical Principles

B1

Intellectual

B2

Interpersonal and Communication

A3

Commitment to the Public Interest

 

B3

Personal

B4

Organizational

 

Q5.

What does "input based" and "output based" refer to?

 

Ans.

Practical experience requirements are a combination of time (input based) and competences (output based).  "Input based" refers to the time requirements whereas "output based" refers to the competence requirements.

 

 

Q6.

What are the details of the 18 elements of technical competences and seven elements of enabling competences?

 

Ans.

The learning outcomes of the 18 elements of technical competences and seven elements of enabling competences are outlined in the Practical Experience Competence Grid.  Please click here for the details.