It is the responsibility of every professional accountant to keep their knowledge and v skills up to date so that they remain competent to discharge their duties.
As of 1st January 2005, all professional accountants who are members of LIA are required to engage in mandatory CPD activities in order to improve and or maintain their competence. The LIA CPD policy is in compliance with IFACs IES7. Members are advised to familiarise themselves with the LIA CPD policy document is provided free of charge to all members .
Only one copy is given free of charge to each member, subsequent requests for copies will be charged to members at cost of copying.
The LIA CPD Programme
LIA has developed its CPD programme guidelines to assist each member to fulfil the annual CPD requirements and to minimise confusion or uncertainty on how to submit CPD log books and related evidence.
The following steps are recommended for fulfilling CPD and submitting evidence.
2.1.6 THE LIA CPD TABLE OF COMPETENCES (TOC)
|TOC Grouping||Competence to be developed or maintained||Specific Relevance||General Relevance|
|Group 1||Professional ethics||All professional|
|Group 2||Technical: Taxation, Auditing, Financial management, Financial accounting||Work related||All professionals|
|Group 3||Management: strategic & operational management, leadership skill, change management, HRM, project management||Work related||Professionals with possible future responsibility in this area|
|Group 4||Specialist areas: IT, Marketing, HRM, Law, Business economics||Work related||Professionals with future responsibility or overlaps|
|Group 5||Others: Business awareness, communication, interpersonal, relevant personal development||All professional|
2.1.7 The following proportions on CPD hours/activities should be observed to maintain a balance of competences (TOC Groups) developed in a CPD period.
2.2 Step 2: Assess the CPD hours required for the period
2.2.1 Each member is required to fulfil 40 hours of CPD per calendar year. The 40 hours may be fulfilled in a number of activities spread out over the year and even from previous years.
2.2.2 At least 28 hours should be CPD from "structured" activities. Up to a maximum of 12 hours may be earned from unstructured activities.
2.2.3 The whole 40 hours p.a. may be in the form of structured CPD activities but cannot be less than 28 hours p.a.
2.2.4 Excess CPD from structured activities may be carried forward to the next CPD periods, up to the 3rd year only e.g. excess structured CPD from the year 2005 may be carried forward only up to 2007.
2.2.5 Excess CPD from unstructured activities cannot be carried forward.
2.2.6 At least 20 hours of the structured activities should be earned in the current CPD period i.e. excluding CPD brought forward.
2.2.7 Members pursuing a long term study (lasting at least one year) and leading to further qualification in relevant areas per the TOC are allowed the maximum 40 hours per annum in lieu of Structured CPD activity. A further 20 hours maximum may be carried over on completion of study into the subsequent CPD periods but this is subject to the 3 year restriction (see 2.2.4 above). Evidence of results, transcripts or confirmation from Institution of learning is required.
2.3 Step 3: Plan and pursue the CPD activities that will fulfil the learning needs and hours required
2.3.1 Once a member knows what kind of competence they need to develop or maintain, they can identify the activities that will enable them to fulfil the CPD obligation.
2.3.2 There may be many activities that a member identifies but these are classified into the following two types.
2.3.3 Structured activities
At least 28 hours of this type of activities are required. Examples of structured CPD include the following;
2.3.4 Unstructured activities
Up to a maximum of 12 hours p.a. of this activity may be earned. Examples of this unstructured CPD activity may include the following;
2.3.5 In order to ensure quality of CPD provided, members are advised that CPD activities undertaken should be that provided by LIA, recognised institutions of Higher Learning and other reputable organisations.
2.3.6 LIA reserves the right to accredit certain CPD providers or to reject CPD provided by any organisation.
2.3.7 In all of the above activities, relevance is still important in order to ensure that members are engaged in CPD activities that will benefit them in discharging their duty.
2.4 Step 4: Measuring the CPD activity hours
2.4.1 Once CPD activities have been pursued it is important to measure the appropriate hours for the CPD for submission to the Institute for recognition and monitoring of CPD activity undertaken.
2.4.2 In structured activities, the number of hours that may be credited for the structured CPD is the time spent on the activity, except for writing technical and business articles, where the maximum time that may be claimed is 3 hours per article written.
2.4.3 For unstructured activities, the time that may be credited for reading technical and business articles and reading financial and business matters for research or knowledge is 5 minutes per A4 sized page written in 14 point text or less. Maximum time that may be credited per article is 1 hour (i.e. 12 pages).
2.5 Step 5: Recording, retaining and submitting evidence of CPD activities
2.5.1 Members are advised to continuously update their CPD records (summary log book and evidence log book) after each CPD activity.
2.5.2 Each sheet of the evidence log book has to be filled in for each CPD activity. The evidence sheet allows for some reflection on the CPD activity undertaken. This should enable the member to identify the learning gained from the activity and its relevance to their required identified competence from step 1.
2.5.3 The summary log book enables the Institute to monitor compliance to CPD and is the first reference point on the CPD activities undertaken by members and where was CPD gained from.
2.5.4 In addition to the above, members are required to retain evidence of CPD undertaken. The evidence will depend on the CPD undertaken but may include course agenda, attendance confirmation, minutes of meetings, results of tests, office records, references of articles read or written etc.
2.5.5 Finally, members have to submit the summary log book to the institute for review every six months. The submission deadlines are as follows;
 Also refer to LIA CPD Policy for description of structured activities.
 Also refer to LIA CPD Policy for description of unstructured activities.
Our annual conference will be held this year for all accountants and professionals alike.
The Lesotho Institute of Accountants (LIA) was established by the Accountants Act of 1977, which gives the institute the mandate of regulating the Accountancy practice in Lesotho
This responsibility can farther be broken don into the following functions:
The Lesotho Institute of Accountants (LIA) was established by the Accountants Act of 1977, which gives the institute the mandate of regulating the Accountancy practice in LesothoREAD MORE
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The Lesotho Institute of Accountants