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New Minimum CPD and PLI Requirements Approved at AGM
Changes to the CPD and PLI requirements were approved at this year's Annual General Meeting on June 8.
Due to the importance of the proposed changes, Council decided to send proxy ballots so that all members had the opportunity to vote, regardless of whether or not they were able to attend the Annual General Meeting.
The proposed changes have been approved in principle by the Councils/Bureau of all Provincial Institutes/Ordre across Canada and in Bermuda.
New Minimum CPD Requirements
Under the changes, all members are required to:
- complete a minimum of 120 hours of CPD over a three-year cycle, including at least 60 hours of verifiable learning;
- complete at least 20 hours of learning annually;
- choose learning opportunities that provide for the development of new or existing competencies that are relevant to the individual member's overall professional responsibilities and growth.
The effective date of the new CPD requirements for Manitoba members is January 1, 2007.
Examples of Continuing Professional Development Activity Plan
We have had a number of questions from members about how the new Continuing Professional Development standard will apply to them, so we have developed some sample plans for members working in various positions.
Below you will find some examples of the kinds of PD that will qualify for CAs in public practice, industry, academia and the public sector.
Please note these are not intended to be all inclusive but are provided for illustrative purposes.
If you have questions, please contact Shirley Sommer, CA, Registrar.
New Minimum PLI Requirements
The new minimum PLI limits, which apply to all members in public practice, are:
- $1 million where one member practises public accounting;
- $1.5 million where two or three members practise public accounting;
- $2 million where four or more members practise public accounting.
Many members in small, medium and large firms, who already carry coverage at or above the new levels, will be unaffected by the changes. For those who need to increase their coverage, it is anticipated that base premium costs for minimum coverage would increase by no more than $36 per month.
The effective date of the new PLI limits for Manitoba members is for all new policies and renewals after October 1, 2006.
For More Information
Click on the following links to view the selected documents:
April/May Folio: A Message from the President
April/May Folio: Additional Questions and Answers
Special Edition of Folio
Proposed New Minimum CPD Requirements Fact Sheet
Proposed New Minimum PLI Requirements Fact Sheet
Frequently Asked Questions
Background Paper: The Drivers of Change
Special Edition Folio Article: Upholding the Public Trust - A Priority for our Profession
Special Edition Folio Article: Task Force Reviewing PD & Liability Insurance Requirements
Letter from the President
June 9, 2006
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