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CHARTERED ACCOUNTANTS and ASSOCIATE CHARTERED ACCOUNTANTS
TRAINING LOG
2007 Institute of Chartered Accountants of New Zealand This book is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission. Inquiries should be addressed to the publisher. First published January 2007 New Zealand Institute of Chartered Accountants 40 Mercer Street PO Box 11 342 Wellington New Zealand ISBN 1-877430-05-6
NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS
Welcome to the accounting profession

Welcome to the accounting profession and the practical application of the knowledge that you have gained in your academic studies. You are on the verge of a career where you can provide wide ranging and high quality professional advice, whether you are working in the public or corporate sectors or in public practice. There are opportunities, challenges and rewards ahead of you. I wish you well and look forward to welcoming you to full membership of the Institute in due course. Garry Muriwai, Chief Executive
Introduction to the training log

This training log has been prepared to help you understand the Institutes practical experience requirements for admission as a full member of the College of Chartered Accountants or the College of Associate Chartered Accountants. This training log explains the admissions policy of the New Zealand Institute of Chartered Accountants, the competencies you must demonstrate in your general and specic practical experience, the mentoring process, and the pathway you must follow to apply for admission as a Chartered Accountant or Associate Chartered Accountant. If you have any questions about the practical experience requirements or this training log, please contact Registry Services (registry@nzica.com). Bruce Bennett, General Manager Admissions
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TRAINING LOG FOR CHARTERED ACCOUNTANTS and ASSOCIATE CHARTERED ACCOUNTANTS

PART ONE OVERVIEW 1 1.0 Introduction 1.1 Admissions process 1 1 3 3 3 3 5 6 6 6 7 7 7 8 8 9 9 11 12 13 13 13 13 14 15 15 15 16
2.0 Overview of practical experience 2.1 Practical experience is a vital component of the admissions process 2.2 Detailed practical experience requirements 2.3 Practical experience requirements for the Chartered Accountants College 2.4 Practical experience requirements for the Associate Chartered Accountants College
3.0 Working with your Institute-registered mentor 3.1 Why have a mentor? 3.2 What to look for in a mentor 3.3 Finding a mentor 3.4 What mentors do 3.5 Establishing your relationship 3.6 Planning your specied practical experience 3.7 Monitoring and verifying competence 3.8 Changing workplace and mentors 3.9 Dispute resolution process
4.0 Roles and responsibilities of ATOs, mentors and trainees 4.1 About approved training organisations
5.0 Competence 5.1 What is competence? 5.2 The Institutes competence framework 5.3 Technical competencies 5.4 Non-technical competencies
6.0 Training plans 6.1 Why are training plans important? 6.2 Components of a training plan 6.3 Process in developing a training plan
7.0 Recording practical experience 8.0 Frequently asked questions
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PART TWO COMPETENCIES PART THREE FORMS
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PART ONE OVERVIEW

1.0 INTRODUCTION
This training log is intended to assist provisional members understand and complete the practical experience requirements to become a member of the New Zealand Institute of Chartered Accountants (the Institute) as either a Chartered Accountant (CA) or Associate Chartered Accountant (ACA). The Institute is New Zealands largest professional body. It represents the interests of nearly 29,000 members of the accounting profession, who work in New Zealand and in 91 other countries around the world. It has 17 branches, ofces in three countries, and a world-leading suite of professional accountancy designations. The Institute upholds the standards, policies and services of the profession to the highest levels. Its members are trusted and sought after worldwide. The Institutes admissions policy is geared towards high-calibre accounting professionals Chartered Accountants, Associate Chartered Accountants, or Accounting Technicians who are able to add value for their employers and clients as a result of the knowledge, skills and values they have developed through a rigorous and leading world-class education and development programme. To become a member of the Institute, you must successfully complete the Institutes education programme, including programmes of academic study, practical experience and professional competence. Practical experience is a vital component for qualifying as a Chartered Accountant or Associate Chartered Accountant. It provides the opportunity for you to apply the knowledge gained during your academic studies and develop professional skills that you can apply in a variety of situations.
1.1
Admissions process
Pathway to membership as a Chartered Accountant or Associate Chartered Accountant
Chartered Accountant Programme length Academic study programme Practical experience programme 7 years Four year, degree-level recognised programme at an approved tertiary education institution 12 months of general practical experience, 24 months of specied practical experience in an ATO with an Institute-registered mentor Professional Competence Examination 1 (PCE 1) Professional Accounting School (PAS) and Professional Competence Examination 2 (PCE 2)
Associate Chartered Accountant 5 years Bachelors degree from an approved tertiary education institution 12 months of general practical experience, 12 months of specied practical experience in an ATO with an Institute-registered mentor Professional Competence Examination 1 (PCE 1) Trainees seeking admission to the ACA professional competence programme in 2008 will be required to complete the new extended competence programme
Professional competence programme
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Admissions process
Start Here
Academic study programme
Apply for provisional membership
General practical experience 12 months of relevant accounting experience May be completed before, during or after completion of academic study
Submit your Certicate of General Practical Experience and notify the Institute of your mentor and ATO.
Specied practical experience 12 months In an ATO Under the guidance of an Institute-registered mentor
Professional Competence Examination 1 (PCE 1)
Specied practical experience 12 months (2nd year) In an ATO Under the guidance of an Institute-registered mentor
Professional Accounting School (PAS) Professional Competence Examination 2 (PCE 2)
Apply for full membership as an ACA
Apply for full membership as a CA
2.0 OVERVIEW OF PRACTICAL EXPERIENCE
2.1
Practical experience is a vital component of the admissions process
Your practical experience is a vital step towards qualication as a member of the Institute. It gives you the opportunity to: Build on your academic qualications by applying theoretical knowledge in practical situations Exercise, develop and apply specic professional skills and competencies that can be applied in a variety of situations, including: personal skills attributes of judgement initiative objectivity administrative ability ability to motivate and supervise others communication skills.
Your training programme should help you to: enhance your understanding of organisations, of how businesses work, and of work relationships be able to relate accounting work to other business functions and activities become aware of the environment in which accounting services are provided develop the appropriate professional values, ethics and attitudes in practical, real-life situations have an opportunity to work at progressive levels of responsibility.
2.2 Detailed practical experience requirements

The Institutes admissions policy prescribes different requirements for trainees seeking to qualify as either a Chartered Accountant or an Associate Chartered Accountant.
2.3
Practical experience requirements for the Chartered Accountants College
If you wish to become a Chartered Accountant, you are required to complete a minimum of: one year of general practical experience two years of specied practical experience.
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Your general practical experience may be gained: before, during or after completion of the academic component with no more than three employers with or without an Institute-registered mentor. Your specic practical experience is gained: after you have completed the academic component and one year of general practical experience ideally, while registered as a provisional member with the Institute with an Institute-registered mentor within an ATO.
Practical experience can be gained in all sectors public sector, corporate sector, public practice, and the academic environment. Experience can be gained in New Zealand or overseas. Your specied practical experience will usually be gained during full-time continuous employment with a single employer, but may be gained over a 48-month period with no more than three employers.
Content of experience The Institute has a competency framework which prescribes a range of competencies of differing levels across seven accounting functions. The level of competence to be achieved depends on which designation (Chartered Accountant or Associate Chartered Accountant) the trainee is seeking to gain. The accounting functions in which trainees can gain experience are: accounting information systems auditing external reporting nancial management insolvency and reconstructions management accounting taxation.
To become a Chartered Accountant, you must gain competencies in at least one of these areas to level 3, and to level 2 in another two areas. It is likely that one particular job or task you undertake will provide you with an opportunity to demonstrate competence in more than one area. Development of the required competencies may take longer than the minimum period of time stated in the Institutes policy; timeframes are indicative only. You cannot complete your specied practical experience in less than two years. It is also possible to gain practical experience in academic work. Please contact the Institute to conrm experience requirements in this area.
2.4
Practical experience requirements for the Associate Chartered Accountants College
If you wish to become an Associate Chartered Accountant, you are required to complete a minimum of: one year of general practical experience one year of specied practical experience.
The general practical experience may be gained: before, during or after completion of the academic component with no more than three employers with or without an Institute-registered mentor.
Your specic practical experience is gained: after the completion of the academic component and one year of general practical experience ideally, while registered as a provisional member with the Institute with an Institute-registered mentor within an ATO (or, in exceptional circumstances, under an approved training contract).
Practical experience can be gained in all sectors public sector, corporate sector, public practice, and the academic environment. Experience can be gained in New Zealand or overseas. The year of specied practical experience will usually be gained during full-time continuous employment with a single employer, but may be gained during full-time equivalent employment within a 36-month period with no more than three employers.
Content of experience To become an Associate Chartered Accountant you must gain competencies in at least two areas to level 2. It is likely that one particular job or task you undertake will provide you with an opportunity to demonstrate competence in more than one area. Development of the required competencies may take longer than the minimum period of time stated in the Institutes policy; these timeframes are indicative only. You cannot complete your specied practical experience in less than one year.
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3.0 WORKING WITH YOUR INSTITUTE-REGISTERED MENTOR

The Institute believes it is important that experienced members of the profession are involved in the training of prospective members. You must have an Institute-registered mentor for your specied practical experience. It is preferable that you also have an Institute-registered mentor for your general practical experience.
3.1
Why have a mentor?
Your mentor plays a vital role in monitoring your specied practical experience as being appropriate to prepare you as a future member of the Institute. The mentoring system is part of practical experience requirements to: ensure you have a designated member of the Institute from whom you can seek guidance and advice on matters relating to your practical experience ensure you have a member of the Institute involved throughout your practical experience process who can conrm you are meeting all the requirements ensure that, when you apply for membership, you have the necessary practical experience ensure that your practical experience is properly monitored, guided and veried formalise what is currently seen as best practice for provisional members gaining appropriate practical experience.
Ideally, your mentor will act as your professional role model and will exhibit a high level of professionalism at all times. In this document, the term mentor always means an Institute-registered mentor.
3.2
What to look for in a mentor
You are responsible for nding a mentor. Look for someone who: has sufcient standing in the organisation where you are working to undertake the responsibilities of mentor is based in the same organisation as you or has regular contact with the organisation is familiar with the Institutes Admission Policies meets the Institutes criteria for mentors is willing to share their knowledge and understanding is, or will apply to be, an Institute-registered mentor.
Your mentor does not need to have direct-line management responsibility for you. In many cases training will be provided by a range of people who you have professional relationships with. Look for a mentor who you nd approachable and with whom you will be able to discuss your work progress freely and honestly. Look for someone who will have time for you when you need it.
3.3
Finding a mentor
A mentor could be one of the following: Within your employing organisation direct manager senior executive or partner board members your organisations auditor or external accountant another Chartered Accountant or Associate Chartered Accountant who has regular contact with you and the organisation you work for.
Outside your employing organisation
If you wish to become a Chartered Accountant, you will need an Institute-registered mentor who is a Chartered Accountant. If you wish to become an Associate Chartered Accountant, your Institute-registered mentor should be either an Associate Chartered Accountant or a Chartered Accountant. You must advise Registry Services who your Institute-registered mentor is at the start of your specied experience.
3.4
What mentors do
Your mentor is responsible for: monitoring, guiding and reporting on your practical experience supporting you as you prepare for PCE 1, PAS and PCE 2 approving your record of experience regularly (at least every three months); this process will verify the accuracy of this training record checking that your practical experience meets the stated requirements of the Institute undertaking a personal interview at the end of your practical experience completing the Mentors Final Report for submission with your application for membership.
3.5
Establishing your relationship
Mentoring and developing the required competencies can only be successful if it is planned carefully and realistically in an objective and professional way. One of the key initial steps towards establishing an effective relationship is for you and your mentor to formally plan how the objectives of the mentoring programme can be achieved and to seek clarication of each others expectations. Once you have found someone to act as a mentor you should agree with that person on how they should exercise their responsibility. You should make arrangements for regular meetings, and discuss what arrangements can be made for any ad hoc meetings you need.
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Your rst meeting with your mentor is a useful time to agree clearly on: when and how often you will meet to review progress what you should each bring to meetings what style of mentoring will suit each of you what you should expect of each other the goals and outcomes from the relationship who is responsible for what the communication that needs to happen between you and your mentor.
You should reach a shared understanding about your expectations of each other. In particular, where the mentor is also your supervisor, you should discuss boundaries between management issues and mentoring issues.
3.6
Planning your specied practical experience
It is recommended you, together with your mentor and employer, develop a training plan for how you will meet the Institutes practical experience requirements. The training plan should link your job tasks to the Institutes competencies, outlined in this training log, ensuring you will be able to gain experience in the required number of areas to the required level. For more information about training plans, please refer to section 6.0 of this training log.
3.7
Monitoring and verifying competence
Your mentor is responsible for monitoring and verifying the experience you have gained and the competencies you have developed. Throughout the period of practical experience, you and your mentor should meet regularly to monitor and review the experience being gained and competence being developed against the training plan you have developed. You are responsible for retaining all records of your practical experience, and ensuring these are up-to-date. The competencies are prescribed at different levels, and you are required to develop all the competencies in your chosen areas to the appropriate level. The mentor should sign the training plan or other record to verify that you have achieved the required level of competence. You should provide one or two examples demonstrating how you have developed each competency, consistently and over time, throughout your period of specied practical experience. It is possible to demonstrate development of competency across a range of areas (technical and non-technical) through one project or piece of work. When your mentor is satised you have developed all the required competencies to the appropriate level, they will complete the Mentors Final Report. It is important that you maintain complete records of your practical experience, as the Institute may ask to see these when you submit your application for membership.
3.8
Changing workplace and mentors
Your period of practical experience would normally be completed in one organisation and with one mentor; however this may not always be possible. It is your responsibility to inform the Institute if you change your place of employment or your mentor, by advising Registry Services in writing. A change of mentor may be necessary under the following circumstances: your mentor ceases to be an Institute-approved mentor your mentor ceases to have regular contact with the organisation where your practical experience is being obtained you change jobs and continue your practical experience in another organisation it is agreed between you and the mentor that circumstances have changed and a more appropriate person should be appointed mentor. Examples may include: you changing departments, your mentor changing job responsibilities, or a new person more suitably qualied as a mentor beginning work in the organisation the relationship has broken down.
The previous mentor should complete an Interim Mentors Report, as well as ensuring all records regarding your period of practical experience, including your training plan, are completed and current. The Interim Report will need to be included with the Final Report when you apply for membership.
3.9
Dispute resolution process
If the mentoring relationship is not working satisfactorily for you and the mentor you should rst attempt to resolve the dispute in line with processes within your employing organisation. If there is an irreconcilable breakdown in the relationship, either party may wish to contact the Institute for assistance in resolving the problems. The Institutes dispute resolution process consists of the following steps: 1. The disputing parties, where possible, resolve the dispute between themselves. 2. If unsuccessful, the disputing parties attempt to resolve the dispute by way of mediation within the employing organisation. 3. If step 2 is unsuccessful, either party can contact the Institute for general advice on the dispute resolution procedure or for an interpretation of the Institutes requirements and specic advice on the resolution procedure. 4. Where the nature of the dispute involves a claim of unethical behaviour, the claimant will be advised by staff to engage in the Institutes formal complaints process and referred to the Professional Conduct division. 5. Both parties must agree in writing to the mediation process (Agreement to submit to mediation) and specically accept the Institute-appointed mediator who mediates on behalf of the Institute. The purpose of the appointment is to ensure impartiality in decision-making. (Note that mediation is an Institute service provided to members and provisional members free of charge.) 6. The mediator is required to take all reasonable steps to ensure that the rules of natural justice are observed in the conduct of the mediation. 7. The mediator is briefed by an appropriate Institute staff member on the dispute case and is asked to undertake face-to-face mediation and review any written documentation that is available to staff regarding the dispute.
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8. The mediator will give each party the opportunity to comment on the submissions and evidence of the other before reaching a decision.
On completion of steps 1 to 8, the disputing parties may decide to either enter step 1 again (and the subsequent steps), or solve their differences by engaging in an arbitration process with a suitably qualied arbitrator. The cost of the arbitration will be borne by the applicant(s), not the Institute.
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4.0 ROLES AND RESPONSIBILITIES OF ATOs, MENTORS, AND TRAINEES

There are three parties involved in the practical experience programme trainee, mentor and approved training organisation (ATO). The responsibilities of each party are set out below:
The trainee is responsible for: Finding a mentor and managing the relationship Keeping a record of the experience they have gained Developing the training plan in conjunction with the ATO and the mentor, taking responsibility for documenting the plan Ensuring the records of experience are signed off quarterly Completing the period of practical experience Advising the Institute of any change in their situation (for example, change of mentor or employer) Enrolling in the Professional Competence Programme, when appropriate Preparing for the Professional Competence Programme and successfully completing the PCE examinations.
The mentor is responsible for:
The ATO is responsible for:
Registering as a mentor before the Applying for ATO status before the commencement of the period of specied commencement of the period of practical experience specied practical experience Acting as a guide, coach and role model for the trainee Developing the training plan in conjunction with the trainee and the ATO Meeting regularly with the trainee to review experience gained and set objectives for the next period Helping transfer information to a new mentor, if required Completing a Mentors Interim Report if the trainee changes mentor and/or employer Supporting the trainee to prepare for the Providing for trainees to attend PAS. Professional Competence Programme and verifying experience gained for enrolment purposes Supporting the trainee through PAS and, on the completion of their specied practical experience, completing the Mentors Final Report to accompany the trainees application for admission Motivating and supporting trainees as they prepare for PCE 1 and PAS/PCE 2 Providing a range and depth of practical experience Developing the training plan in conjunction with the trainee and the mentor Providing an appropriate environment to support trainees through the admission process Running a formal performance appraisal process to monitor and review the trainees progress
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4.1
About approved training organisations
You are responsible for nding your own employment. You must complete your specied practical experience in an ATO. ATOs are organisations that have demonstrated to the Institute that they can offer trainees the range and depth of training and work experience and the appropriate professional environment in which to develop the competencies required to become a Chartered Accountant or an Associate Chartered Accountant. Completing your experience in an ATO is an assurance for you and the Institute that you are offered planned, supervised and relevant experience that meets the Institutes requirements. A large number of organisations from all sectors in New Zealand and overseas are ATOs. If your employer is not currently recognised as an ATO, it may be eligible to become one. The Institutes website www.nzica.com has more information about the criteria and role of an ATO. In exceptional circumstances where an employer of a provisional Associate Chartered Accountant is unable to become an ATO but can demonstrate it is able to provide sufcient experience to meet the admission requirements for the Associate Chartered Accountant College, the employer, trainee and mentor may enter into an approved training contract (ATC) with the Institute. For more information about the circumstances in which this may be allowed, please contact Registry Services (registry@nzica.com).
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5.0 COMPETENCE
This section outlines the competencies you are expected to develop through your period of practical experience.
5.1
What is competence?
For the purposes of the Institutes practical experience programme, competence is dened as:
The ability to perform the activities within an occupation to a dened standard, consistently and over time.
5.2
The Institutes competence framework
The Institute has developed a competence framework to dene the various levels of competence expected for admission to each College and of members operating in specialist roles after qualication. Level 1 - Foundation Level 2 Intermediate Working under supervision and carrying out tasks of a low level of risk and complexity using established processes. Makes judgements of quality using given criteria. Working as part of a team and carrying out some tasks independently, being responsible for the quality of own work. Exercises judgement within established parameters. Managing your own work and being responsible for the quality and quantity of the work you do. Exercises professional judgement. May be responsible for leading a team and managing certain functions.
Level 3 Senior
As a minimum, trainees seeking to become Accounting Technicians are expected to achieve practical experience to Level 1 (Foundation), trainees seeking to become an Associate Chartered Accountant will achieve practical experience to Level 2 (Intermediate), and those trainees seeking to become a Chartered Accountant will achieve practical experience to Level 3 (Senior). Within the competence framework, the Institute has developed a range of technical and non-technical competencies appropriate for each level.
5.3
Technical Competencies
Technical competencies are prescribed in seven key areas of accounting work: accounting information systems auditing external reporting nancial management insolvency and reconstructions management accounting taxation.
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To become a Chartered Accountant, you must gain all the competencies in at least one of these areas to level 3, and to level 2 in another two areas. It is likely that one particular job or task you undertake will provide you with an opportunity to demonstrate competence in more than one area. To become an Associate Chartered Account, you must gain all the competencies in at least two of the areas to level 2. It is likely that one particular job or task you undertake will provide you with an opportunity to demonstrate competence in more than one area. Structure The competencies include descriptions of tasks underlying each competency statement. These can be used as performance criteria to assess achievement against the competency statement. Provisional Chartered Accountant and Associate Chartered Accountant members are expected to achieve the majority of the tasks for each of their chosen areas at the required level.
5.4
Non-technical competencies
Provisional Chartered Accountant and Associate Chartered Accountant members are required to develop various non-technical competencies. These competencies are developed through the academic component and the professional competence programme, and developed and applied through the period of practical experience. These are generic competencies required by all accounting professionals, and include capabilities in: teamwork organisational skills research and evaluation decision making exercising ethical and professional behaviour communication and interpersonal skills.
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6.0 TRAINING PLANS

While training plans are not compulsory, it is highly recommended that you, together with your mentor and employer, develop a training plan at the beginning of your period of practical experience to plan how you will achieve the required competencies. A clear understanding of all parties authorities, responsibilities and accountabilities regarding practical experience and training, including the Institutes requirements, will benet everyone.
6.1
Why are training plans important?
A training plan is a roadmap to guide you through your period of practical experience. It will ensure you, your employer and your mentor have considered the Institutes requirements, and agreed how you will achieve the required competencies and other requirements for membership. The training plan sets goals and objectives, and gives indicative timeframes for these to be met. In developing the training plan, you need to consider: the competencies required for membership of the Institute the work objectives and requirements of your employer the training available through your employer your interests and intended career path.
The training plan should be reviewed and updated jointly with your mentor regularly (for example, every three months). Each time you and your mentor review the training plan you should jointly set more objectives to continue your progression.
6.2
Components of a training plan
There is no one standard format for a training plan; however the following guidance provides an outline of one style and format you may choose to use or adapt to your purposes. The training plan might include the following: competencies required by the Institute (technical and non-technical) how these competencies might be developed and achieved to the required level through different solutions (for example, work experience, on-the-job training, coaching, training courses, books, computer-based learning solutions) the support and resources required to develop each competency the priority and timeframe for the competency to be developed date for review of progress. The training plan may also incorporate your employers performance management system competencies, and other competencies required to full your longer-term career objectives.
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6.3

Process in developing a training plan

consider the work role and responsibilities of the trainee consider the programme of practical experience offered by their organisation consider the trainees interests and intended career path.
1. Choose the areas of competency to be developed:
2. Identify opportunities to engage in activities and tasks that will enable the development of individual competencies: consider other work opportunities available in the organisation consider what other training opportunities may be available through the organisation consider incorporation of the competency standards with the trainees development objectives within their organisations performance management system.
3. Assign timeframes for development of certain competencies (for example, break down objectives to quarterly goals): consider the employers priorities ensure sufcient time is allowed to develop competence consider if the scheduling of work tasks, roles and activities can be realistically accommodated within the employing organisation ensure activities are appropriately structured to build up to the required level of competence.
4. Identify what other supporting resources may be required for the development of each competency: consider what other resources are available within the organisation (for example, other staff, on-the-job training, coaching) consider external resources that might be required to support the development of competence (training courses, books, computer-based learning solutions).
5. Assign timeframes for when competency development is to be reviewed and assessed: consider project timeframes assign a tentative date for achieving competence.
6. Agree when the training plan is to be reviewed by the mentor and trainee: consider the timeframes identied for development of individual competencies consider how often the mentor and the trainee should meet to review progress.
More information about training plans, including examples, can be found at www.nzica.com
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7.0 RECORDING PRACTICAL EXPERIENCE

You must maintain a comprehensive and continuous record of all your practical experience. This is important to ensure you have a comprehensive reference source for you and your mentor to track and plan your progress against the Institutes practical experience requirements. It is your responsibility to maintain a record of your practical experience, and it is your mentors responsibility to verify the experience gained against the competencies set by the Institute. It is therefore important you and your mentor keep records in case of any discrepancies. This training log includes some forms to help you and your mentor track your progress towards completing the practical experience requirements. The information included in the forms will provide you with a reference source and material to justify your mentors nal recommendation regarding your admission to the Institute. The forms are intended to provide: Guidelines for you to document information your mentor might require in order to judge whether you have achieved the required standards, level of professionalism and experience in the competencies needed, to achieve admission to the Institute Guidelines to assist you to prepare for mentoring meetings A copy of the Mentors Final Report, which is required by the Institute to afrm the achievement of the required standards, level of professionalism and experience in the competencies needed. The records you keep should be in sufcient detail to justify how you have met the required competencies. Simply ticking off each competency is not sufcient you should keep records that describe the various tasks and activities you have completed to support achievement of each competency and the relevant elements and performance criteria. If you wish to use your own format to record the information the Institute may request, you may do so. Your organisation may have a comprehensive internal competence-based performance management system for managing individual performance. If this is the case, you and your mentor may prefer to use that system to record your progress. The Institute requires the record of your experience to be presented a legible and logical format, and requires your mentor to complete the Mentors Final Report on the form provided. Please ensure you retain your supporting records, as the Institute may request to see these when you apply for membership as a Chartered Accountant or an Associate Chartered Accountant.
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8.0 FREQUENTLY ASKED QUESTIONS

What is an Institute-registered mentor? A mentor guides you through your specied practical experience. Your mentor signs your Mentors Final Report at the end of your specied practical experience period and conrms you have achieved the required level of competency in your chosen areas of accounting. Your mentor must be registered with the Institute before your period of specied practical experience can commence.
What is an ATO? ATO stands for approved training organisation. An ATO is an organisation that has been approved by the Institute as offering the type of work experience that fulls the practical experience requirements for admission to the College of Chartered Accountants or the College of Associate Chartered Accountants.
What kind of general practical experience is the Institute looking for? General practical experience should be drawn from one or more of the core accounting areas (accounting information systems, auditing, external reporting, nancial management, insolvency and reconstructions, management accounting, and taxation). During your period of general practical experience you should be developing the following skills: technical skills for example, literacy, numeracy, IT prociency, and technical accounting skills analytical ability for example, problem identication, organising, analysing and interpreting information, and problem solving personal skills for example, initiative, independent and objective thinking, and self-learning skills business judgement for example, understanding relationships, integrating and synthesising knowledge, evaluation, professional judgement, and decision-making interpersonal skills for example, communication, negotiation and inuence, team work and leadership, and political acumen. After at least 12 months of general practical experience, it is expected that you have shown: the ability to apply theoretical knowledge to practical accounting and related issues the ability to communicate effectively, both orally and in writing an awareness of professional issues and problems an appreciation of the relationship between the Institutes disciplinary and professional structures and processes.
Can I gain my general practical experience with more than one employer? Yes. While it is more benecial for you to gain your general practical experience with one employer in continuous full-time employment, it is possible for you to gain your experience with up to three different employers. The total 12 months of general practical experience must be completed within 48 months. Your role must be of more than six weeks duration (full-time equivalent) for the Institute to consider it to contribute to your general practical experience.
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Who can verify my general practical experience? Details of your general practical experience should be provided on the Institutes Certicate of General Practical Experience, available from Registry Services or on the website. Your certicate should be completed and signed by your employer or supervisor. If your employer or supervisor is not a member of the Institute or a member of another recognised professional accounting body, you will need to have your certicate counter-signed by a full and current member of the Institute. This person must have knowledge of the duties you performed and be willing to verify your experience (for example, your organisations auditor). Immediate family members should not act as signatories.
When should I submit my Certicate of General Practical Experience? Your general experience will only be assessed when you are a provisional member of the Institute. However, you can submit your Certicate of General Practical Experience with your Provisional Membership Application.
When can I enrol in PCE 1? You may enrol in Professional Competence Examination 1 (PCE 1) after you have: been accepted as a provisional member of the Institute completed 12 months equivalent full-time general practical experience; and received a letter from the Institute conrming your eligibility to enrol in PCE 1.
When do I need to have a registered mentor? You need to have a registered mentor before commencing your specied practical experience. Having a mentor during your period of general practical experience will be benecial to you and add value to your experience; however it is not essential. Any experience gained before your mentor is registered with the Institute will be considered as general practical experience and will not count as specied practical experience.
There are no qualied accountants employed in my organisation. Who can be my mentor? Look for someone who has regular contact with you and your organisation to enable them to effectively work with you through your period of practical experience. Options include members of your organisations board of directors or its external accountant or auditor. In this situation it is vital that you and your mentor formally meet regularly and frequently, for example, monthly.
Which organisations can become ATOs? Organisations of all sizes and sectors that meet the ATO criteria may become an ATO. Organisations that cannot offer the range of experience required may establish arrangements with another organisation to ensure trainees are able to gain the appropriate experience for admission. In this type of situation documentation of such an arrangement must be supplied with the application.
Can organisations based outside New Zealand become ATOs? Yes. Their requirements and obligations are the same as those for New Zealand organisations.
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There are no Chartered Accountants employed in my organisation. Can it still become an ATO? It may be possible for your organisation to gain ATO status without having a Chartered Accountant on its staff. However, your organisation must have access to Chartered Accountants (or Associate Chartered Accountants in the case of provisional Associate Chartered Accountant trainees) who are able to register to act as mentors. An appropriately qualied accountant working for the organisations auditors or other Chartered Accountants could act as a mentor, but they need to become closely involved with the trainees work. It is also vital that there is someone (not necessarily an Institute member) within the organisation to take responsibility for the programme and be designated as the contact person with the Institute.
I wish to become an Associate Chartered Accountant, however my employer cannot become an ATO as it does not have three areas of accounting work available to me. What should I do? To become an ATO, an organisation must demonstrate it has available three areas of accounting for trainees (both Chartered Accountant and Associate Chartered Accountant) to gain experience in. To meet the practical experience requirements for admission to the Associate Chartered Accountant College, trainees are only required to gain experience in two areas. In exceptional circumstances where an employer of an Associate Chartered Accountant trainee is unable to become an ATO, but can demonstrate it is able to provide sufcient experience for a trainee to meet the admission requirements for the Associate Chartered Accountants College, the employer, trainee and mentor may enter into an approved training contract (ATC) with the Institute. All other requirements for the period of practical experience must be met. For further information, please contact Registry Services (registry@nzica.com).
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PART TWO COMPETENCIES

About the Institutes competency requirements
The Institute has developed a competence framework to dene the various levels of competence expected for admission to each College and for members operating in specialist roles after qualication. A competency framework focuses on work outcomes the tasks and functions normally carried out by accounting professionals in the workplace. Level 1 (Foundation) Level 2 (Intermediate) Level 3 (Senior) Minimum level expected for admission as an Accounting Technician Minimum level expected for admission as an Associate Chartered Accountant Minimum level expected for admission as a Chartered Accountant
A range of technical and non-technical competencies are prescribed for each level. Technical competencies are prescribed in seven areas of accounting: accounting information systems1 auditing external reporting nancial management insolvency and reconstructions management accounting taxation
This training log explains the competencies for Level 2 (Intermediate) and Level 3 (Senior) only.
Competency requirements to become a Chartered Accountant

To become a Chartered Accountant, you must develop all the technical competencies prescribed for one area to Level 3, and all the technical competencies prescribed for two other areas to Level 2. (Note, competencies for the accounting information systems area are prescribed only to Level 2, therefore you must select another area for your Level 3 competencies.) You must also develop all the non-technical competencies to Level 3.
1 Note, competence is only prescribed to Level 2 in this area. Trainees intending to become Chartered Accountants must choose another area for their senior, or Level 3, experience.
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Competency requirements to become an Associate Chartered Accountant

To become an Associate Chartered Accountant, you must develop all the technical competencies prescribed for two areas to Level 2. You must also develop all the non-technical competencies to Level 2.
Structure of competencies
Each of the technical competencies in the seven areas are supported by tasks which are indicative of the required tasks needed to demonstrate competence. To develop each competency, you would normally be expected to demonstrate you have met the majority of tasks supporting that competency. You will need to produce evidence for your mentor that you have done the work consistently and over time, and that your work meets the required levels prescribed in this training log.
Preparation
In your initial discussions with your mentor and employer, you should identify which areas you are likely to choose to develop competence in during your specied practical experience. From there, you can begin to develop your training plan. When you are given a job to do, check back and identify which competency and tasks could be covered. You may nd that tasks from more than one competency (both technical and non-technical) can be covered. It will take time to develop competence to the required level for admission, and you may need several development solutions to achieve the required level.
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ACCOUNTING INFORMATION SYSTEMS

Level 2 Competency
AIS 1 Apply appropriate information systems and tools to business and accounting problems
Use information systems to achieve a particular accounting outcome Use and apply relevant software (word processing, spreadsheets, databases, internet tools, presentation software, etc) to achieve a particular accounting outcome Understand and use accounting software.
AIS 2
Assist to assess accounting information systems and develop an organisations accounting information systems strategy
Identify, and assist to document, user needs Consider, and assist to document, costs and benets of proposed solutions Assist to evaluate effectiveness and efciency of accounting information systems Report on potential weaknesses in internal controls within accounting information systems.
AIS 3
Assist to design and manage accounting information systems installations and upgrades
Assist to identify and evaluate alternatives for accounting information systems packages Assist to design and manage, or advise on, system installations and upgrades Assist to design and implement accounting information systems using accounting software.
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AUDIT
Level 3 Competency
A 1 Plan the audit process
Establish the scope, objective and terms of reference of the audit Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and identify risk areas Identify and evaluate risks and business issues, and determine implications for the audit engagement Design and plan the required audit process, including documentation, applying relevant standards and regulatory requirements.
A 2
Implement audit procedures
Implement the audit process in relation to specic nancial representations and non-nancial representations Undertake appropriate research, and gather and evaluate audit evidence Prepare comprehensive audit working papers Establish effective working liaison with the relevant staff of the client organisation and ensure clear communication Report audit results in an appropriate form to relevant parties, using both oral and written communication.
A 3
Examine compliance
Gather data relating to the range of compliance requirements applicable to the organisation Evaluate evidence and the results of analysis Draw conclusions.
A 4
Prepare audit reports
Draft the audit report (audit opinion and the report to management) with regard to the scope and terms of reference of the audit, ethical and professional standards, and regulatory requirements Discuss and communicate audit ndings with client.
A 5
Manage the audit function
Plan resource needs for the audit Monitor project timelines and other performance indicators for the audit plan Participate in managing and counselling audit staff Participate in managing relationship with client.
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AUDIT
Level 2 Competency
A 1 Implement audit procedures
Understand the scope, objective and terms of reference of the audit Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and understand risk areas Become familiar with the audit plan Gather audit evidence and make preliminary evaluations Complete audit working papers Develop working liaison with the relevant staff of the client organisation Monitor project timelines and other performance indicators.
A 2
Assist to examine compliance
Gather data relating to a range of compliance requirements Form preliminary conclusions based on evidence gathered.
A 3
Be aware of audit reporting process
Contribute to the preparation of the audit report.
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EXTERNAL REPORTING
Level 3 Competency
ER 1 Apply accounting standards
Maintain awareness of relevant accounting standards and pronouncements Identify standards and pronouncements relevant to the individual task Apply relevant standards and pronouncements appropriately.
ER 2
Determine the external reporting policies and expectations of an entity
Identify critical reporting requirements (including any regulatory and other requirements) Assess user needs Develop a reporting timeline Develop a statement of objectives and service performance.
ER 3
Use and evaluate accounting and information systems
Review and analyse specications of information systems Review operation of information system and evaluate reliability of outputs Understand sources and methods of acquiring necessary inputs Maintain ability to operate information systems effectively and to evaluate outputs required.
ER 4
Prepare reports in accordance with requirements and policies
Select appropriate data and documentation Evaluate information systems required to provide input data for reliability, timeliness and completeness Develop, prepare and update reporting distribution lists.
ER 5
Participate in managing the external reporting function
Plan and allocate resources Plan and monitor project timelines Participate in managing staff.
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EXTERNAL REPORTING
Level 2 Competency
ER 1 Apply accounting standards
Identify standards and pronouncements relevant to the individual task Apply relevant standards and pronouncements appropriately.
ER 2
Understand the external reporting policies of an entity
Become familiar with the critical reporting requirements (including any regulatory and other requirements) Understand user needs Assist to develop a reporting timeline Contribute to the development of a statement of objectives and service performance.
ER 3
Use and evaluate accounting and information systems
Review and analyse specications of information systems Review operation of information systems and evaluate reliability of outputs Understand source and methods of acquiring necessary inputs Maintain ability to operate information systems effectively and to evaluate outputs required.
ER 4
Understand how to select appropriate data and documentation Understand the process of evaluating information systems required to provide input data Assist to develop and update reporting distribution lists.
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FINANCIAL MANAGEMENT
Level 3 Competency
FM 1 Analyse and advise on the nancial implications of an organisations strategy
Identify and collect relevant nancial and non-nancial data to analyse nancial position, performance and solvency Analyse relevant data using appropriate nancial and non-nancial indicators and benchmarks Identify and evaluate options for funding structures, investments, etc Report on the entitys situation in terms of strategy, operations, risk prole and possible options from both an operational and governance perspective.
FM 2
Develop an organisations nancial strategies
Analyse the organisations objectives, strategies and business plans in nancial terms Analyse present or projected nancial position Develop a risk strategy Develop nancial strategies.
FM 3
Participate in managing nancial risks for an organisation
Identify and measure current and potential risk exposures Develop policies and processes to manage risk exposures Draft reports for management.
FM 4
Participate in managing an organisations nancing operations
Participate in managing capital structures and liability portfolios Participate in managing surplus funds Participate in managing cash ow Draft reports for management.
FM 5
Participate in managing the treasury function
Plan and allocate resources Manage projects Participate in managing key relationships.
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Level 2 Competency
FM 1 Analyse and advise on the nancial implications of an organisations strategy
Identify and collect relevant nancial and non-nancial data to analyse nancial position, performance and solvency Analyse relevant data using appropriate nancial and non-nancial indicators and benchmarks Assist to identify and evaluate options for funding structures, investments, etc Assist to report on the entitys situation in terms of strategy, operations, risk prole and possible options from both an operational and governance perspective.
FM 2
Assist to develop an organisations nancial strategies
Analyse the organisations objectives, strategies and business plans in nancial terms Analyse present or projected nancial position Participate in developing a risk strategy Participate in developing nancial strategies.
FM 3
Participate in managing nancial risks for an organisation
Identify and measure current and potential risk exposures Participate in developing policies and processes to manage risk exposures.
FM 4
Implement an organisations nancing operations
Implement the capital structures and liability portfolios of an organisation Invest surplus funds Monitor cash ow Contribute to the preparation of reports for management.
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INSOLVENCY AND RECONSTRUCTIONS

Level 3 Competency
IR 1 Plan an insolvency or reconstruction engagement
Establish the scope, objective, stakeholders and terms of reference of an insolvency or reconstruction engagement Identify and assess the nature and activities of the subject organisation and its environment Design and plan the engagement, identifying skills and resources required Maintain appropriate documentation.
IR 2
Assess the commercial viability of an organisation
Assess the competitive position of the organisation Analyse the organisations nancial position Review the current and future environment of the organisation Evaluate the viability of the organisation.
IR 3
Identify strategic possibilities for the engagement
Identify options Evaluate options Make recommendations.
IR 4
Participate in managing the reconstruction of an organisation 2
Assist to develop a reconstruction plan Assist to plan and implement the reconstruction plan including denition of performance measures and monitoring tools Monitor performance on a continuing basis Assist to draft progress reports for stakeholders.
IR 5
Participate in liquidations and the winding up process when turnaround is not feasible
Examine all the alternatives Understand and apply legislation appropriate to the form of administration Assist to identify and realise assets Assist to settle creditors (relevant to the form of administration) Participate in preparing documentation relevant to negotiations with interested parties Participate in reporting on outcomes.
IR 6
Participate in managing the insolvency and reconstructions function
Participate in planning and allocating resources Participate in managing projects.
2 Note, it is acknowledged that some trainees may not have an opportunity to be involved in a reconstruction engagement during their period of specied practical experience. Therefore, trainees completing experience in the Insolvency and Reconstruction area to Level 3 who develop competencies IR 1, 2, 3, 5 and 6 but who are unable to develop the IR 4 competency will be considered to have met the practical experience requirements for admission to the College of Chartered Accountants.
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Level 2 Competency
IR 1 Assist in planning an insolvency or reconstruction engagement
Understand the scope, objective, stakeholders and terms of reference of an insolvency or reconstruction engagement Assist in identifying and assessing the nature and activities of the subject organisation and its environment Understand and be familiar with the engagement plan Maintain appropriate documentation.
IR 2
Assess the competitive position of the organisation Analyse the organisations nancial position Review the current and future environment of the organisation Assist to evaluate the viability of the organisation.
IR 3
Assist in identifying strategic possibilities for the engagement
Assist to identify options Assist to evaluate options Understand the recommendations made.
IR 4
Assist in managing the reconstruction of an organisation3
Become familiar with the reconstruction plan Assist to plan and implement the reconstruction plan and monitoring tools Assist to monitor performance.
IR 5
Assist in liquidations and the winding up process when turnaround is not feasible
Understand and apply legislation appropriate to the form of administration Assist to identify and realise assets Assist to report on outcomes.
3 Note, it is acknowledged that some trainees may not have an opportunity to be involved in a reconstruction engagement during their period of specied practical experience. Therefore, trainees completing experience in the Insolvency and Reconstruction area to Level 2 who develop competencies IR 1, 2, 3, and 5 but who are unable to develop the IR 4 competency will be considered to have met the practical experience requirements for admission.
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MANAGEMENT ACCOUNTING
Level 3 Competency
MA 1 Plan and monitor business performance
Participate in developing strategy for the organisation, including nancial and non-nancial objectives and performance measures Participate in the business planning process Understand the key strategies/drivers of the organisation.
MA 2
Design, implement and review performance measurement and control systems
Assist to develop performance measures and indicators Participate in designing, implementing and reviewing control systems to monitor nancial and non-nancial performance Conduct sensitivity analyses and other techniques to review performance measurement systems.
MA 3
Prepare budgets, report nancial performance and prepare forecasts
Participate in preparing budgets Report nancial performance against budget, including variance analysis Participate in the preparation of forecasts of nancial performance Evaluate scal risks in the forecast.
MA 4
Undertake project appraisals and project management
Analyse the cash ow and nancing implications of a proposed project Select appropriate appraisal techniques and apply to the available information Analyse results, including impacts of non-nancial factors, risk and ination, and prepare a cost benet analysis Develop a project implementation plan Monitor project implementation.
MA 5
Participate in managing the management accounting function
Plan and allocate resources Manage management accounting work and projects Manage relationships within the organisation.
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Level 2 Competency
MA 1 Participate in planning and monitoring business performance
Contribute to developing nancial and non-nancial objectives and performance measures Participate in the business planning process.
MA 2
Implement performance measurement and control systems
Become familiar with performance indicators set for the organisation Assist to assess compliance with control systems.
MA 3
Participate in the preparation of budgets, reporting nancial performance and preparation of forecasts
Participate in preparing budgets Calculate and analyse variances between budget and actual results Provide information for management Participate in the preparation of forecasts of nancial performance.
MA 4
Participate in conducting project appraisals
Participate in analysing cash ow and nancing implications of a proposed project Complete cost benet analyses Assist to develop a project implementation plan.
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TAXATION
Level 3 Competency
TA 1 Analyse the entitys tax prole
Identify, analyse and advise on tax compliance and ling requirements Advise management on applicable new tax legislation on an ongoing. basis
TA 2
Participate in developing an entitys tax strategy
Identify, analyse and advise on specic tax planning and structuring opportunities Analyse tax consequences of transactions and business opportunities Plan the timing of tax liabilities.
TA 3
Prepare and le returns in accordance with legal requirements
Determine tax liabilities Advise on tax compliance requirements Prepare and le returns and agree to tax assessments.
TA 4
Support, defend and negotiate tax positions
Analyse and respond to assessments Prepare information to support objections, appeals and litigation.
TA 5
Participate in managing the taxation function
Plan and allocate resources Manage tax work and tax projects Participate in managing key relationships and networks.
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TAXATION
Level 2 Competency
TA 1 Understand the entitys tax prole
Assist to identify and analyse tax compliance and ling requirements Develop awareness of new tax legislation and signicant legal decisions.
TA 2
Understand the entitys tax strategy
Assist to identify and analyse specic tax planning and structuring opportunities Assist to analyse tax consequences of transactions and business opportunities Assist to plan timing of tax liabilities.
TA 3
Determine tax liabilities Advise on tax compliance requirements Assist to prepare and le returns and agree to tax assessments.
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NON-TECHNICAL COMPETENCIES
Level 3 Competency
NT 1 Teamwork
Work with others and in teams Demonstrate leadership.
NT 2
Organisational skills
Plan, organise and monitor activities Organise and delegate tasks Use information technology effectively
NT 3
Research and evaluation
Research, analyse and evaluate information Apply mathematical ideas and techniques Maintain a current awareness of the legal, regulatory and economic environment of business.
NT 4
Decision making
Solve problems, propose solutions and make decisions Exercise appropriate professional judgement and discernment.
NT 5
Exercising ethical and professional behaviour
Consistently demonstrate personal integrity, professional values, ethical conduct and motivation Adhere to the fundamental principles of the Code of Ethics Adhere to appropriate standards and statutes.
NT 6
Communication and interpersonal skills
Communicate ideas and information effectively and efciently, verbally and in writing Demonstrate effective negotiation skills Identify and meet the needs of internal and external clients or stakeholders.
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Level 2 Competency
NT 1 Teamwork
Work with others and in teams.
NT 2
Plan, organise and monitor activities Use information technology effectively.
NT 3
Research and evaluation
Research, analyse and evaluate information Apply mathematical ideas and techniques Maintain a current awareness of the legal, regulatory and economic environment of business.
NT 4
Decision making
Solve problems, propose solutions and make decisions.
NT 5
Consistently demonstrate personal integrity, professional values, ethical conduct and motivation Adhere to the fundamental principles of the Code of Ethics Adhere to appropriate standards and statutes.
NT 6
Communicate ideas and information effectively and efciently, verbally and in writing Demonstrate effective negotiation skills Identify and meet the needs of internal and external clients or stakeholders.
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PART THREE FORMS
About the forms
39
Formal training and/or professional development record Training diary Training plan
Summary of competencies Accounting information systems Auditing External reporting Financial management Insolvency and reconstruction Management accounting Taxation Non-technical competencies
41 42 43
44
44 45 48 52 56 60 64 67 71 73
Mentors Final Report Mentors Interim Report
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ABOUT THE FORMS
The forms provided are to help you and your mentor track your progress towards completing the practical experience requirements. You do not have to use these forms if you have another system of tracking your progress. However, these forms provide a simple tracking tool, making it easier for your and your mentor to monitor and track progress. The only form you and your mentor are required to submit with your application for membership is the Mentors Final Report form.
Formal training and/or professional development record This is intended to help you keep a record of any formal training you undertake off the job while completing your practical experience.
Training diary Use this form to record your practical experience to support how you are progressing with your day-to-day responsibilities and in meeting the goals and objectives in your training plan. You should update your training diary regularly (at least monthly), and take it to your meetings with your mentor. This record will provide the basis for monitoring your progress. Your training diary should clearly show the: areas of work in which you have gained experience work activities that have contributed to that experience level at which the activities have been carried out.
You should also note any particular issues or sections of your work that have been challenging or have raised specic ethical or professional issues. This will help you and your mentor focus on key areas of your professional development. When you and your mentor discuss your achievements you should take particular account of: experience you have achieved since the previous meeting areas of experience you had planned to achieve but did not complete what would have helped you to gain that experience areas of work in which you have achieved the appropriate level of competence areas that need further development before you achieve an appropriate standard.
You can then use this information to update your training plan, as necessary.
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Training plan Your training plan should be developed at the beginning of your period of practical experience to plan how you will achieve the required competencies. A training plan is an important roadmap to assist you through your period of practical experience. The training plan sets goals and objectives, and assigns indicative timeframes when these will be met. The training plan should be formally reviewed and updated jointly with your mentor regularly (for example, every three to six months). Each time you and your mentor review the training plan you should jointly set more objectives to continue your progression.
Summary of competencies The summary of competencies for each area of work is designed to provide a quick checklist of your progress. It outlines the content required in your experience, and also records that you are achieving the standards expected.
Mentors Final Report

Your mentor completes this report when you have reached the required levels of competency. The nal report must be completed following a personal interview between you and your mentor. The key elements of the Mentors Final Report are: The date of your nal interview with your mentor prior to completion of the nal report A brief summary of the mentoring process as it relates to your practical experience (including comments from any previous mentors) Verication of the practical experience you have gained Your mentors opinion on whether or not you meet the requirement for admission to the appropriate college.
The nal report must accompany your application for membership. You should retain a copy for your records.
Mentors Interim Report

Your mentor should complete this form if your mentoring relationship ends before you have completed your period of specied practical experience. This report should be completed following a personal interview between you and your mentor when your mentoring relationship ends. The key elements of the Mentors Interim Report are: The date of your nal interview with your mentor A brief summary of the mentoring process as it relates to your practical experience Verication of the individual competencies developed and the practical experience you have gained up to that time.
The interim report should then be passed to your new mentor and should also be submitted with your application for membership, together with the mentors nal report. You should retain a copy for your records.
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FORMAL TRAINING AND/OR PROFESSIONAL DEVELOPMENT RECORD

Name Institute ID.
Example only - this information should be recorded by the Provisional Member

The purpose of this form is for the provisional member to record and describe the training courses and development they have pursued towards their professional development, eg internal training courses, technical courses, computer based training modules, etc.
Date
Title, description and objectives
Time spent
Competency *
Mentor sign off
* Please refer to the Part 2: Competencies, and indicate which area of accounting and unit or element the training initiative corresponds to.
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TRAINING DIARY
Use this form to record your practical experience and to record how you are progressing with your day-to-day responsibilities and how these contribute to the development of your chosen competencies. You should update this form regularly (at least monthly) and take it to your meetings with your mentor.
Date
Tasks undertaken and areas of responsibility
Competencies covered
Notes
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TRAINING PLAN
Your training plan should be developed at the beginning of your period of practical experience to plan how you will achieve the required competencies. The training plan should be formally reviewed and updated jointly with your mentor regularly (for example, every three to six months). Each time you and your mentor review the plan, you should jointly set more objectives to continue your development.
Trainees name: Training plan for quarter:
Position:
Mentors name: Supervisors name (if different):
Competencies chosen:
(Level (Level (Level
) ) )
Competency ref
Development solution
Other support/ resources required
Review date
Final completion date (projected)
Notes
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SUMMARY OF COMPETENCIES
ACCOUNTING INFORMATION SYSTEMS

Level 2 competency
AIS 1
Apply appropriate information systems and tools to business and accounting problems
Mentor Initials Date
Use information systems to achieve a particular accounting outcome Use and apply relevant software (word processing, spreadsheets, databases, internet tools, presentation software, etc) to achieve a particular accounting outcome Understand and use accounting software AIS 2 Assist to assess accounting information systems and develop an organisations accounting information systems strategy
Identify, and assist to document, user needs Consider, and assist to document, costs and benets of proposed solutions Assist to evaluate effectiveness and efciency of accounting information systems Report on potential weaknesses in internal controls within accounting information systems AIS 3 Assist to design and manage accounting information systems installations and upgrades
Assist to identify and evaluate alternatives for accounting information systems packages Assist to design and manage, or advise on, system installations and upgrades Assist to design and implement accounting information systems using accounting software
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AUDIT
Level 3 competency
A 1
Plan the audit process

Establish the scope, objective and terms of reference of the audit Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and identify risk areas Identify and evaluate risks and business issues, and determine implications for the audit engagement Design and plan the required audit process, including documentation, applying relevant standards and regulatory requirements
A 2

Implement the audit process in relation to specic nancial representations and non-nancial representations Undertake appropriate research, and gather and evaluate audit evidence Prepare comprehensive audit working papers Establish effective working liaison with the relevant staff of the client organisation and ensure clear communication Report audit results in an appropriate form to relevant parties, using both oral and written communication
A 3
Examine compliance
Gather data relating to the range of compliance requirements applicable to the organisation Evaluate evidence and the results of analysis Draw conclusions
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A 4
Prepare audit reports

Draft the audit report (audit opinion and the report to management) with regard to the scope and terms of reference of the audit, ethical and professional standards, and regulatory requirements Discuss and communicate audit ndings with client A 5 Manage the audit function
Plan resource needs for the audit Monitor project timelines and other performance indicators for the audit plan Participate in managing and counselling audit staff Participate in managing relationship with client
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AUDIT
Level 2 competency
A 1

Understand the scope, objective and terms of reference of the audit Become familiar with the nature and activities of the client organisation, including information systems, relevant documentation and results of previous audits or reviews; and understand risk areas Become familiar with the audit plan Gather audit evidence and make preliminary evaluations Complete audit working papers Develop working liaison with the relevant staff of the client organisation Monitor project timelines and other performance indicators A 2 Assist to examine compliance
Gather data relating to a range of compliance requirements Form preliminary conclusions based on evidence gathered A 3 Be aware of the audit reporting process
Contribute to the preparation of the audit report
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EXTERNAL REPORTING
Level 3 competency
ER 1
Apply accounting standards

Maintain awareness of relevant accounting standards and pronouncements Identify standards and pronouncements relevant to the individual task Apply relevant standards and pronouncements appropriately ER 2 Determine the external reporting policies and expectations of an entity
Identify critical reporting requirements (including any regulatory and other requirements) Assess user needs Develop a reporting timeline Develop a statement of objectives and service performance ER 3 Use and evaluate accounting and information systems
Review and analyse specications of information systems Review operation of information system and evaluate reliability of outputs Understand source and methods of acquiring necessary inputs Maintain ability to operate information systems effectively and to evaluate outputs required
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ER 4

Select appropriate data and documentation Evaluate information systems required to provide input data for reliability, timelines and completeness Develop, prepare and update reporting distribution lists
ER 5
Participate in managing the external reporting function

Plan and allocate resources Plan and monitor project timelines Participate in managing staff
TRAINING LOG
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EXTERNAL REPORTING
Level 2 competency
ER 1
Apply accounting standards

Identify standards and pronouncements relevant to the individual task Apply relevant standards and pronouncements appropriately
ER 2
Understand the external reporting policies of an entity

Become familiar with the critical reporting requirements (including any regulatory and other requirements) Understand user needs Assist to develop a reporting timeline Contribute to the development of a statement of objectives and service performance ER 3 Use and evaluate accounting and information systems
Review and analyse specications of information systems Review operation of information systems and evaluate reliability of outputs Understand source and methods of acquiring necessary inputs Maintain ability to operate information systems effectively and to evaluate outputs required
50
ER 4

Understand how to select appropriate data and documentation Understand the process of evaluating information systems required to provide input data Assist to develop and update reporting distribution lists
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Level 3 Competency
FM 1
Analyse and advise on the nancial implications of an organisations strategy

Identify and collect relevant nancial and non-nancial data to analyse nancial position, performance and solvency Analyse relevant data using appropriate nancial and non-nancial indicators and benchmarks Identify and evaluate options for funding structures, investments, etc Report on the entitys situation in terms of strategy, operations, risk prole and possible options from both an operational and governance perspective FM 2 Develop an organisations nancial strategies
Analyse the organisations objectives, strategies and business plans in nancial terms Analyse present or projected nancial position Develop a risk strategy Develop nancial strategies FM 3 Participate in managing nancial risks for an organisation
Identify and measure current and potential risk exposures Develop policies and processes to manage risk exposures Draft reports for management
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FM 4
Participate in managing an organisations nancing operations

Participate in managing capital structures and liability portfolios Participate in managing surplus funds Participate in managing cash ow Draft reports for management
FM 5
Participate in managing the treasury function

Plan and allocate resources Manage projects Participate in managing key relationships
TRAINING LOG
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Level 2 Competency
FM 1
Analyse and advise on the nancial implications of an organisations strategy

Identify and collect relevant nancial and non-nancial data to analyse nancial position, performance and solvency Analyse relevant data using appropriate nancial and non-nancial indicators and benchmarks Assist to identify and evaluate options for funding structures, investments, etc Assist to report on the entitys situation in terms of strategy, operations, risk prole and possible options from both an operational and governance perspective
FM 2
Assist to develop an organisations nancial strategies

Analyse the organisations objectives, strategies and business plans in nancial terms Analyse present or projected nancial position Participate in developing a risk strategy Participate in developing nancial strategies FM 3 Participate in managing nancial risks for an organisation
Identify and measure current and potential risk exposures Participate in developing policies and processes to manage risk exposures
54
FM 4
Implement an organisations nancing operations

Implement the capital structures and liability portfolios of an organisation Invest surplus funds Monitor cash ow Contribute to the preparation of reports for management
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Level 3 Competency
IR 1
Plan an insolvency or reconstruction engagement

Establish the scope, objective, stakeholders and terms of reference of an insolvency or reconstruction engagement Identify and assess the nature and activities of the subject organisation and its environment Design and plan the engagement, identifying skills and resources required Maintain appropriate documentation
IR 2

Assess the competitive position of the organisation Analyse the organisations nancial position Review the current and future environment of the organisation Evaluate the viability of the organisation IR 3 Identify strategic possibilities for the engagement
Identify options Evaluate options Make recommendations
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IR 4
Participate in managing the reconstruction of an organisation

Assist to develop a reconstruction plan Assist to plan and implement the reconstruction plan including denition of performance measures and monitoring tools Monitor performance on a continuing basis Assist to draft progress reports for stakeholders IR 5 Participate in liquidations and the winding up process when turnaround is not feasible
Examine all the alternatives Understand and apply legislation appropriate to the form of administration Assist to identify and realise assets Assist to settle creditors (relevant to the form of administration) Participate in preparing documentation relevant to negotiations with interested parties Participate in reporting on outcomes
IR 6
Participate in managing the insolvency and reconstructions function

Participate in planning and allocating resources Participate in managing projects
TRAINING LOG
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Level 2 Competency
IR 1
Assist in planning an insolvency or reconstruction engagement

Understand the scope, objective, stakeholders and terms of reference of an insolvency or reconstruction engagement Assist in identifying and assessing the nature and activities of the subject organisation and its environment Understand and be familiar with the engagement plan Maintain appropriate documentation
IR 2

Assess the competitive position of the organisation Analyse the organisations nancial position Review the current and future environment of the organisation Assist to evaluate the viability of the organisation IR 3 Assist in identifying strategic possibilities for the engagement
Assist to identify options Assist to evaluation options Understand the recommendations made
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IR 4
Assist in managing the reconstruction of an organisation

Become familiar with the reconstruction plan Assist to plan and implement the reconstruction plan and monitoring tools Assist to monitor performance
IR 5
Assist in liquidations and the winding up process when turnaround is not feasible
Understand and apply legislation appropriate to the form of administration Assist to identify and realise assets Assist to report on outcomes
TRAINING LOG
59
Level 3 Competency
MA 1
Plan and monitor business performance

Participate in developing strategy for the organisation, including nancial and non-nancial objectives and performance measures Participate in the business planning process Understand the key strategies/drivers of the organisation MA 2 Design, implement and review performance measurement and control systems
Assist to develop performance measures and indicators Participate in designing, implementing and reviewing control systems to monitor nancial and non-nancial performance Conduct sensitivity analyses and other techniques to review performance management systems MA 3 Prepare budgets, report nancial performance and prepare forecasts
Participate in preparing budgets Report nancial performance against budgets including any variance analysis Participate in the preparation of forecasts of nancial performance Evaluate scal risks in the forecast
60
MA 4
Undertake project appraisals and project management

Analyse the cash ow and nancing implications of a proposed project Select appropriate appraisal techniques and apply to the available information Analyse results, including impacts of non-nancial factors, risk and ination, and prepare a cost benet analysis Develop a project implementation plan Monitor project implementation
MA 5
Participate in managing the management accounting function

Plan and allocate resources Manage management accounting work and projects Manage relationships within the organisation
TRAINING LOG
61
Level 2 Competency
MA 1
Participate in planning and monitoring business performance

Contribute to developing nancial and non-nancial objectives and performance measures Participate in the business planning process MA 2 Implement performance measurement and control systems
Become familiar with performance indicators set for the organisation Assist to assess compliance with control systems MA 3 Participate in the preparation of budgets, reporting nancial performance and preparation of forecasts
Participate in preparing budgets Calculate and analyse variances between budget and actual results Provide information for management Participate in the preparation of forecasts of nancial performance
62
MA 4
Participate in conducting project appraisals

Participate in analysing cash ow and nancing implications of a proposed project Complete cost benet analyses Assist to develop a project implementation plan
TRAINING LOG
63
TAXATION
Level 3 Competency
TA 1
Analyse the entitys tax prole

Identify, analyse and advise on tax compliance and ling requirements Advise management on applicable new tax legislation on an ongoing basis TA 2 Participate in developing an entitys tax strategy
Identify, analyse and advise on specic tax planning and structuring opportunities Analyse tax consequences of transactions and business opportunities Plan the timing of tax liabilities TA 3 Prepare and le returns in accordance with legal requirements
Determine tax liabilities Advise on tax compliance requirements Prepare and le returns and agree to tax assessments
TA 4
Support, defend and negotiate tax positions

Analyse and respond to assessments Prepare information to support objections, appeals and litigation
64
TA 5
Participate in managing the taxation function

Plan and allocate resources Manage tax work and tax projects Participate in managing key relationships and networks
TRAINING LOG
65
TAXATION
Level 2 Competency
TA 1
Understand the entitys tax prole

Assist to identify and analyse tax compliance and ling requirements Develop awareness of new tax legislation and signicant legal decisions TA 2 Understand the entitys tax strategy
Assist to identify and analyse specic tax planning and structuring opportunities Assist to analyse tax consequences of transactions and business opportunities Assist to plan timing of tax liabilities
TA 3

Determine tax liabilities Advise on tax compliance requirements Assist to prepare and le returns and agree to tax assessments
66
Level 3 Competency
NT 1
Teamwork
Work with others and in teams Demonstrate leadership NT 2 Organisational skills

Plan, organise and monitor activities Organise and delegate tasks Use information technology effectively NT 3 Research and evaluation
Research, analyse and evaluate information Apply mathematical ideas and techniques Maintain a current awareness of the legal, regulatory and economic environment of business NT 4 Decision making
Solve problems, propose solutions and make decisions Exercise appropriate professional judgement and discernment
TRAINING LOG
67
NT 5

Consistently demonstrate personal integrity, professional values, ethical conduct and motivation Adhere to the fundamental principles of the Code of Ethics Adhere to appropriate standards and statutes
NT 6

Communicate ideas and information effectively and efciently, verbally and in writing Demonstrate effective negotiation skills Identify and meet the needs of internal and external clients or stakeholders
68
Level 2 Competency
NT 1
Teamwork
Work with others and in teams
NT 2
Plan, organise and monitor activities Use information technology effectively NT 3 Research and evaluation
Research, analyse and evaluate information Apply mathematical ideas and techniques Maintain a current awareness of the legal, regulatory and economic environment of business NT 4 Decision making
Solve problems, propose solutions and make decisions
TRAINING LOG
69
NT 5

Consistently demonstrate personal integrity, professional values, ethical conduct and motivation Adhere to the fundamental principles of the Code of Ethics Adhere to appropriate standards and statutes
NT 6

Communicate ideas and information effectively and efciently, verbally and in writing Demonstrate effective negotiation skills Identify and meet the needs of internal and external clients or stakeholders
70
MENTORS FINAL REPORT
Name of provisional member:
Institute ID: Intended College:
Date of nal interview:
Period of experience:
from
to
Declaration: The mentoring relationship between and myself has included the following (give a brief outline of meetings held, objectives set and achievements):
I verify that this applicant has attained the required level of competence in the following technical areas (please initial the areas that apply):
Area of accounting
Accounting information systems Auditing External reporting Financial management Insolvency and reconstructions Management accounting Taxation
Level (insert Level 2 or 3 as appropriate)
TRAINING LOG
71
I also verify that this applicant has attained the required level of competence in the following non-technical areas:
Competency
Teamwork Organisational skills Research and evaluation Decision making Exercising ethical and professional behaviour Communication and interpersonal skills
In my opinion the content and level of practical experience undertaken in this programme fulls the practical experience requirements for admission to the College of Chartered Accountants/College of Associate Chartered Accountants (delete as appropriate).
I verify that in my opinion this person is suitable for full admission to the College of Chartered Accountants/College of Associate Chartered Accountants (delete as appropriate). This endorsement applies to the practical experience component of the admission requirements and is not to be used as a general reference.
Mentor signature: Mentor name: Institute ID:
Date:
72
MENTORS INTERIM REPORT
Name of provisional member: Institute ID: Intended College: Date of last interview: Period of experience: from to
Declaration: The mentoring relationship between and myself has included the following (give a brief outline of meetings held, objectives set and achievements):
I verify that this applicant has attained competence in the following technical areas (please initial the areas that apply) to date:
Area of accounting
Accounting information systems
Competency Level 3
Competency Level 2
AIS 1 Apply appropriate information systems and tools to business and accounting problems AIS 2 Assist to assess accounting information systems and develop an organisations accounting information systems strategy AIS 3 Assist to design and manage accounting information systems installations and upgrades
TRAINING LOG
73
Area of accounting
Auditing
Competency Level 3
A 1 Plan the audit process A 2 Implement audit procedures A 3 Examine compliance A 4 Prepare audit reports A 5 Manage the audit function
Competency Level 2
A 1 Implement audit procedures A 2 Assist to examine compliance A 3 Be aware of the audit reporting process
External reporting
ER 1 Apply accounting standards ER 2 Determine the external reporting policies and expectations of an entity ER 3 Use and evaluate accounting and information systems ER 4 Prepare reports in accordance with requirements and policies ER 5 Participate in managing the external reporting function
ER 1 Apply accounting standards ER 2 Understand the external reporting policies of an entity ER 3 Use and evaluate accounting and information systems ER 4 Prepare reports in accordance with requirements and policies
Financial management
FM 1 Analyse and advise on the nancial implications of an organisations strategy FM 2 Develop an organisations nancial strategies FM 3 Participate in managing nancial risks for an organisation FM 4 Participate in managing an organisations nancing operations FM 5 Participate in managing the treasury function
FM 1 Analyse and advise on the nancial implications of an organisations strategy FM 2 Assist to develop an organisations nancial strategies FM 3 Participate in managing nancial risks for an organisation FM 4 Implement an organisations nancing operations
74
Area of accounting
Insolvency and reconstructions
Competency Level 3
IR 1 Plan an insolvency or reconstruction engagement IR 2 Assess the commercial viability of an organisation IR 3 Identify strategic possibilities for the engagement IR 4 Participate in managing the reconstruction of an organisation IR 5 Participate in liquidations and the winding up process when turnaround is not feasible IR 6 Participate in managing the insolvency and reconstructions function
Competency Level 2
IR 1 Assist in planning a review or reconstruction engagement IR 2 Assess the commercial viability of an organisation IR 3 Assist in identifying strategic possibilities for the engagement IR 4 Assist in managing the reconstruction of an organisation IR 5 Assist in liquidations and the winding up process when turnaround is not feasible
Management accounting
MA 1 Plan and monitor business performance MA 2 Design, implement and review performance measurement and control systems MA 3 Prepare budgets, report nancial performance and prepare forecasts MA 4 Undertake project appraisals and project management MA 5 Participate in managing the management accounting function
MA 1 Participate in planning and monitoring business performance MA 2 Implement performance measurement and control systems MA 3 Participate in the preparation of budgets, reporting nancial performance and preparation of forecasts MA 4 Participate in conducting project appraisals
Taxation
TA 1 Analyse the entitys tax prole TA 2 Participate in developing an entitys tax strategy TA 3 Prepare and le returns in accordance with legal requirements TA 4 Support, defend and negotiate tax positions TA 5 Participate in managing the taxation function
TRAINING LOG
TA 1 Understand the entitys tax prole TA 2 Understand the entitys tax strategy TA 3 Prepare and le returns in accordance with legal requirements
75
I also verify that this applicant has attained the required level of competence in the following non-technical areas:
Competency
Teamwork Organisational skills Research and evaluation Decision making Exercising ethical and professional behaviour Communication and interpersonal skills
This endorsement applies to the practical experience component of the admission requirements and is not to be used as a general reference.
Mentor signature: Mentor name: Institute ID:
Date:
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CHARTERED ACCOUNTANTS and ASSOCIATE CHARTERED ACCOUNTANTS

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

Welcome to the accounting profession

Introduction to the training log

TRAINING LOG FOR CHARTERED ACCOUNTANTS and ASSOCIATE CHARTERED ACCOUNTANTS

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

7.0 Recording practical experience 8.0 Frequently asked questions

PART TWO COMPETENCIES PART THREE FORMS

PART ONE OVERVIEW

Pathway to membership as a Chartered Accountant or Associate Chartered Accountant

Professional competence programme

Academic study programme

Apply for provisional membership

Professional Competence Examination 1 (PCE 1)

Professional Accounting School (PAS) Professional Competence Examination 2 (PCE 2)

Apply for full membership as an ACA

Apply for full membership as a CA

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

2.0 OVERVIEW OF PRACTICAL EXPERIENCE

Practical experience is a vital component of the admissions process

2.2 Detailed practical experience requirements

Practical experience requirements for the Chartered Accountants College

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

Practical experience requirements for the Associate Chartered Accountants College

3.0 WORKING WITH YOUR INSTITUTE-REGISTERED MENTOR

Why have a mentor?

What to look for in a mentor

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

Outside your employing organisation

Establishing your relationship

Planning your specied practical experience

Monitoring and verifying competence

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

Changing workplace and mentors

Dispute resolution process

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

4.0 ROLES AND RESPONSIBILITIES OF ATOs, MENTORS, AND TRAINEES

The mentor is responsible for:

The ATO is responsible for:

About approved training organisations

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

The Institutes competence framework

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

6.0 TRAINING PLANS

Why are training plans important?

Components of a training plan

Process in developing a training plan

1. Choose the areas of competency to be developed:

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

7.0 RECORDING PRACTICAL EXPERIENCE

8.0 FREQUENTLY ASKED QUESTIONS

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

PART TWO COMPETENCIES

Competency requirements to become a Chartered Accountant

Competency requirements to become an Associate Chartered Accountant

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

ACCOUNTING INFORMATION SYSTEMS

Implement audit procedures

Prepare audit reports

Manage the audit function

NEW ZEALAND INSTITUTE OF CHARTERED ACCOUNTANTS

Assist to examine compliance