Executive Council President Julian Rolle First Vice President Zelma Wilson Second Vice President Lynden Maycock Secretary Lambert Longley Asst. Secretary Jasmine Davis Treasurer Reece Chipman Asst. Treasurer Candice Murton
CPE is continuing professional education measured by the hour and aims to ensure that the members and licensees remain knowledgeable in relation to the profession. It is governed by The Public Accountants Act, 1991 (Act No. 8 of 1991) and specifically the Public Accountants (Continuing Professional Education) Regulations, 1994 as published by the Official Gazette January 27, 1994.
This guide aims to help to answer some frequently asked questions. For further details, the above Act should be referred to.
1. Question: What courses qualify for CPE?
Answer: According to paragraph 4 (1) CPE is any sponsored course or other course and includes courses or seminars concerning accounting, auditing, management, marketing, finance, law, communication, ethics, quantitative methods, behavioural sciences and statistics or any course or seminar that assists in the development or maintenance of professional organization.
However, it must be duly noted that in accordance with paragraph 4 (2) the Council shall determine whether a course or seminar is acceptable as CPE and this decision is final.
BICA is currently in the process of publishing an approved CPE Vendor list to aid in the efficient approval of CPE courses and seminars.
2. Question: What are the required CPE hours for licensees and members?
Answer: According to paragraph 5 (1) and (2) licensees are required to complete a minimum of 20 hours, with a minimum of 7 hours provided by a course or seminar held by BICA within a calendar year and 50 hours in a reporting period. Members, as according to paragraph 5 (2), are required to have a minimum of 7 hours provided by a BICA sponsored event and 40 hours in a reporting period.
In addition, in accordance with paragraph 8 (1), the number of hours claimed for a course may in no case exceed the actual number of hours that the person is in attendance at the course.
3. Question: What records of CPE must be maintained?
Answer: The Act in paragraph 9 (1) requires that the person must certify their attendance by completing the Schedule (a copy to be found in the Act) and submit the evidence of attendance to the CPE Committee no later than 30 days after the end of the reporting period. Also they must retain, for the duration of the reporting period immediately following the reporting period they relate, copies of any other supporting documentation evidencing attendance.
4. Question: Are there any exemptions to the CPE requirements?
Answer: Yes. Paragraph 10 (1) allows persons fitting certain criteria to apply in writing, before the expiration of the reporting period to the Council for total or partial exemption from CPE requirements and must submit appropriate evidence to support this application. The criteria are:
a) persons residing outside the Bahamas for no less than 6 months of a calendar year;
b) persons attaining the age of sixty and is no longer engaged in gainful employment; and
c) persons having undergone exceptional circumstances.
Again, the decision of the Council shall be final.
5. Question: What penalties are incurred for failure to comply with CPE hours?
Answer: As regulated by paragraph 12 any person failing to comply with these regulations shall be deemed to be guilty of professional misconduct under Section 20(1)(i) of the Act and the provisions of Section 23 of the Act shall apply with the necessary modifications.
