Institute news
Virtual roadshows: Ask the President
CIMA President Nick Jackson, FCMA, CGMA, and Andrew Harding, FCMA, CGMA, chief executive—Management Accounting at the Association of International Certified Professional Accountants are speaking at a series of global virtual events for members between September and December. The "virtual roadshow" is an opportunity to hear about the Responsible Financial Leadership theme adopted by Jackson for his presidential year, as well as news about CIMA, and an opportunity to ask questions about the profession, the Institute, and the Association.
Members are to receive a link to the virtual roadshow events via email. From October, there are virtual events for members in Sri Lanka, Ireland, Africa, MESANA, APAC, and China after earlier events globally in September.
Report examines key behavioural shifts
COVID-19 has forced significant changes upon our day-to-day lives and at the same time has demonstrated how adaptable and innovative we can be. The report Human Signals: Exploring How New Patterns of Behavior From COVID-19 Are Affecting the Accounting Profession looks at key findings from the joint Association and EY Seren research and reveals actions that professional accountants can take.
CIMA signs Southern Africa MoU
CIMA and the Southern African Institute for Business Accountants (SAIBA) signed in mid-July a Memorandum of Understanding (MoU) for mutual recognition of accounting designations. It will enable members with the requisite educational entry standards and professional experience to progress towards designations awarded by each respective organisation. The institutes will also work to advance the profession in South Africa through supporting learning and development.
Sara Bux, Ph.D., associate director—Southern Africa at the Association of International Certified Professional Accountants, said it made sense for CIMA to work closely with SAIBA "to develop future generations of digital-ready finance and accounting professionals". She added: "Having a dual CIMA-SAIBA qualification will enable finance professionals to truly have a 360-degree view of their business to seize opportunities and tackle the difficult challenges we face in the economy. This MoU will help us achieve this goal."
SAIBA's CEO, Nicolaas van Wyk, explained that accountants are listed as scarce and a critical resource on South Africa's national occupational classification system and said the MoU "goes a long way in improving the supply chain of future accountants".
CPD and the monitoring process
Monitoring members' CPD serves to protect the public interest and to preserve the designation you worked so hard to achieve. To maintain CIMA standards, CIMA randomly selects members each year to submit their CPD records for review.
What is CPD?
All CIMA members are required to keep learning throughout their career. Ongoing learning allows you to maintain and develop your skills, knowledge, and experience, making you ready to meet the requirements of your current role and any role you want to move into. CPD differentiates you from the nonprofessional and helps you achieve your career aspirations. So, if you're looking for a way to reach greater success, CPD is a proven route.
How will I know if I have been selected?
Letters or emails will be sent to all those randomly selected for CPD monitoring — both members working in business and members in practice.
You can either submit your CPD record via the Competency and Learning website at competency.cgma.org, or you can confirm that you work for an accredited employer.
It's essential that you submit your CPD record by the deadline stated in the letter or email sent to you. If you miss the deadline, you will be deemed noncompliant, which will result in action by CIMA. For more information on CIMA's CPD policy, and other CPD-related information mentioned in this article, visit cimaglobal.com/cpd.
How can I prepare?
Keep a record of your CPD — it's good practice and you could be randomly selected. Review the CPD requirements set out on the cimaglobal website. There are also FAQs to answer any remaining questions that you might have.
Check whether your employer is accredited. CIMA members working for accredited employers can use their personal development plan as evidence of CPD compliance. An A—Z list of accredited employers can be found on the cimaglobal website.
If your employer is accredited, make sure your employment details are up to date in My CIMA so that your place of employment can be verified. If your employer isn't accredited, you will need to submit your CPD record via the Competency and Learning website.
When preparing your My Learning record on the Competency and Learning website, make sure you add all the job roles you have had during the period being monitored. This will help structure your learning and put your learning into context.
CPD activities can be formal, a course or conference, or informal, eg, reading articles or journals, giving presentations, or training a colleague.
Further guidance on how to record your CPD is available at cimaglobal.com. Once you've added your first activity, log in regularly to add new activities and update those you've completed.
Please get in touch via cima.contact@aicpa-cima.com if you have any questions.
Survey
Comments and suggestions from CIMA members about this article on CPD would be greatly appreciated via an online survey at cima.eu.qualtrics.com. The closing date is 1 December. CIMA thanks you in advance of your participation.
Elections to CIMA Council 2021
As the term of office of the Council member in each of the following CIMA electoral constituencies (EC) expires at the end of the Institute's Annual General Meeting in 2021, elections will be held in February 2021. Nominations for candidates (fellows) to fill the vacancies must be made by six or more members (three of whom must be fellows) whose registered addresses are in the EC concerned.
Electoral constituency & current member
EC3 East Midlands Andrew McGunnigle
EC11 Central Southern England David Lynch
EC19 Australasia Rebecca Bennett
A nomination form for candidates for election and other information is available to download at cimaglobal.com. The form may also be obtained from the Corporate Affairs department at CIMA by emailing corporate.affairs@aicpa-cima.com. Please read the rules carefully before completing the form.
The nomination must be received on the prescribed form by 23.00 GMT on 3 January 2021 and should be clearly marked for the attention of the Corporate Affairs Manager. A scanned copy of a signed and completed form is acceptable.
The Corporate Affairs department will acknowledge receipt of the nomination form promptly, either through an automated process or by individual acknowledgement. It is, however, the candidate's responsibility to ensure that his or her form has been received. To avoid uncertainty, it is recommended that, if candidates do not receive this confirmation, they contact the Corporate Affairs team at corporate.affairs@aicpa-cima.com before the closing date, to seek confirmation.
If there is more than one candidate for a vacancy, a ballot will be conducted. The Corporate Affairs team will contact you if an election is required.
CIMA's role in anti-money laundering supervision
In the UK and Republic of Ireland, CIMA has been designated a supervisory authority to ensure compliance with anti-money laundering and counter-terrorist financing (AML/CTF) requirements.
In that role, CIMA ensures that supervised members have adequate controls and safeguards in place to mitigate the risks of money laundering and terrorist financing to their practice. In the UK, under Regulation 46 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and 2019 amendment, and in Ireland under the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2018, CIMA can carry out AML/CTF on-site visits.
The purpose of the on-site visit is for CIMA to monitor its supervised members, take measures to ensure compliance with the requirements of the regulations, and carry out a supervisory programme that is robust and upholds the reputation of CIMA as an AML supervisor.
Findings from 2019 visits
Findings from the 2019 programme showed that 13% of the supervised population were compliant, 48% were generally compliant, and 39% were noncompliant. Members were provided with a remedial action plan that included guidance and support through CIMA templates and examples of best practice. Members were given 28 days to provide evidence for any actions addressed in their report as set out in the provision of the Member in Practice rules.
Compliant and generally compliant members demonstrated that they had policies and procedures in place. However, they needed to ensure that if they are using electronic verification software, client records were migrated to this system. Noncompliant members lacked sufficient evidence of training documents, policies, and risk assessments. Members in practice in the 2019 programme are now all compliant under the money laundering legislation.
Lessons learned
The lessons learned are for members to ensure that they have documented policies and procedures in place. In particular, training records (Regulation 24), AML policy (Regulation 19), and risk assessment (Regulation 18) documents. Failing to have documented policies and procedures in place is a criminal offence under the money laundering legislation and contravenes CIMA's Member in Practice rules.
Adaptations due to COVID-19 restrictions
The COVID-19 pandemic has led to unprecedented global challenges and economic disruption. CIMA's response is to continue to ensure that members remain compliant under the money laundering legislation, and through the Institute's third-party contractor, visits under the 2020 programme will be undertaken virtually.
CIMA secretary general Gail Stirling retires
Gail Stirling retired from her role as executive vice-president—Professional Standards & Conduct, Management Accounting at the Association of International Certified Professional Accountants and secretary general of CIMA at the end of August after almost 30 years of service.
She worked on the evolution of the joint venture between CIMA and the AICPA, leading to the ultimate formation of the Association. As a member of the Association's Management Accounting Leadership Team, she headed up CIMA's governance, liaised with the UK's Privy Council Office, and provided independent advice to CIMA's Council and Honorary Officers. Stirling also worked to deliver the objects in CIMA's Royal Charter, which include the development of the science of management accounting and ongoing research, and promoting knowledge, education, and training to members as well as to students entering the profession.
Stirling said she felt fortunate to have worked "for such a richly diverse and visionary organisation". She added: "Our governance, the many member volunteers who support that, as well as the numerous teams and individuals right across the organisation, have been on an incredible journey over the past five years as we worked together to build and launch the Association.
"I am very proud to have been on that journey with them and to have played some part in creating new and better ways of providing services and support for our members and students, wherever in the world they may live and work."
Andrew Harding, FCMA, CGMA, the Association's chief executive—Management Accounting, said Stirling had driven change, cooperation, and great teamwork, and was an exceptional problem-solver and hugely resilient. He added: "She played a key role in creating our Association, which maximised her legal, diplomatic, and negotiating skills. She was instrumental in the Association agreement and led CIMA Council through the process that has made her a much-respected leader and statesperson."