If you are a member in a statutory director role you have obligations under the revised CPD Regulations, even if that role is not in accountancy and finance. Read this case study to find out more.
Tristan Engels has been a member for 17 years. He left the accountancy profession a few years ago to set up a music academy. He now runs the business as a VAT registered company in which he is a director. He employs 15 teaching staff and his company has an annual turnover of 2m.
Tristan is unsure whether he is exempt from the CPD Regulations and works through the CPD self-assessment tool to clarify his understanding.
Although Tristan is no longer in an accountancy and finance related role, he has legal and financial responsibilities as a statutory director of a company which is not a micro entity, which means he is required to complete a minimum number of CPD hours by the CPD Regulations.
Tristan falls into not-in-practice CPD category 3 and is required to undertake 20 hours of CPD annually, of which five hours must be verifiable .
Tristan is also required to keep records and make them available to ICAEW on request.
A micro entity is a company that meets two out of the following three criteria: turnover less than 632,000; net assets less than 316,000; and fewer than 10 employees.
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