The document summarizes a workshop on developing a professional qualification (PQ) to comply with the International Federation of Accountants' Statement of Membership Obligations No. 2 (SMO2). It discusses challenges and key elements in developing the eight pillars of a PQ, including technical competence, assessment, work experience, and professional development/ethics. It notes ICAEW has helped develop PQs in over a dozen countries. The workshop emphasized that developing a compliant national PQ requires significant resources but has benefits, and working with other organizations can help with implementation.

1. AFA Workshop on SMO 2
8 NOVEMBER 2021

2. Today’s presenters from ICAEW
Stephen Lamdin
• Senior Consultant with ICAEW’s
International Capacity Building
(ICB) team
Jon Hooper
• Senior Manager in ICAEW’s
ICB team

3. Where have we helped develop a PQ?
• Bangladesh
• Botswana
• Cambodia
• Ghana
• Kyrgyzstan
• Lesotho
• Malawi
• Myanmar
• Nepal
• Nigeria
• Tanzania
• Zambia
• Zimbabwe

4. Eight pillars of a Professional Qualification

5. Technical Competence (IES2)
• Challenges:
1. Credits for prior learning
2. National relevance
3. Keeping up to date
4. Authoring
5. Teachers
6. Teaching in a digital age
• Key elements:
Competency Based
Internationally Recognised
Learning Materials
Quality Tuition

6. Qualification ladder

7. Assessment IES6
• Challenges:
1. Finding examiners
2. Pass Rates (IES1)
3. Case Study
4. Examining in a digital age
• Key elements:
High Quality examiners:
 Technically competent
 Willing to engage in the review process
 Modern processes
Strong Governance
Entry and Exit points

8. Work experience (IES5)
• Challenges:
1. Recording
2. Employer involvement
• Key elements:
Determining requirements:
 Where?
 How much?
 What work?
Policing

9. Professional Development/Ethics
• Challenges:
1. Creating a skills scheme
2. How do you cover ethics
3. Recruiting employers
• Key elements:
Professional Skills (IES3)
Ethics (IES4):
 In exams
 In practical experience

10. Maturity Model: Professional Qualification
• Part of the Maturity Model
Guidance Series for professional
accountancy organisations
focusing on the development of a
professional qualification
• Written by ICAEW for the
Confederation of Asian and Pacific
Accountants (CAPA)
• Due to be published in Q4 2021

11. Summary
• Developing a national PQ to comply with SMO2 is not to be undertaken lightly
• Requires significant resources and costs... but significant benefits
• The larger you are the easier it is
• Working with a third party or regional grouping can help

12. icaew.com
 ICAEW 2020
ICAEW 2021