Going forward there will be new continuing professional development (CPD) categories for practice and non-practice members and these categories will determine the minimum CPD requirements for members. Certain specified areas of work will fall within CPD categories 1 and 2, with all members carrying out other work falling into CPD category 3.

‘A driving factor for the CPD categories has been the degree of risk to the public in the service or work that is being undertaken,’ said Duncan Wiggetts, chief officer, professional standards department, ICAEW who co-chairs the CPD steering group.

Ethics training will be compulsory for all members, an area which has come under criticism following a number of accounting and audit scandals in recent years, resulting in a major decline in trust in the profession. ICAEW will provide one hour of free ethics training a year, to reduce costs for firms.