Main crux of the decision taken and passed by Council for CPE Hours:
Back in 2003, ICAI set rules for CPE activities, and now, they’ve made some new rules in 2023.
These rules help members stay sharp in their professional skills and knowledge. The ICAI Council decided that members need to follow these rules, and if they don’t, there are consequences starting from the year 2025.
The Continuing Professional Education Committee (CPEC) a non-standing committee of the Council of the ICAI is entrusted with the task of setting strategic directions and overseeing CPE activities of Programme Organising Units (POUs), members, etc. under the directions of the Council. CPEC has always been working with a constructive thought process and empowers members through training and programmes with a very comprehensive CPE calendar.
With a view to enabling its members to maintain the requisite high quality standards in the professional services and the professional competence, the ICAI identified CPE as a major area of focus for the members and accordingly, in the year 2003, the ICAI had issued the Statement on Continuing Professional Education, 2003 prescribing the norms for undergoing CPE activities by the members and the mechanism to implement the same by POUs. CPE Statement 2003 was amended from time to time and is applicable till enforcement of CPE Statement, 2023.
To enable the members to remain in tandem with evolving requirements of business and economy; with contemporary global practices and also help them in development of their professional base, skills, and expertise, the Council of ICAI through CPE Committee regularly issues or amends CPE Advisories/Guidelines under Section 15 of the Chartered Accountants Act 1949.
Further, in exercise of the powers conferred by the section 15(2) (fa) of the Chartered Accountants Act 1949 as amended by the Chartered Accountants (Amendment) Act, 2022 (No. 12 of 22), the Council of ICAI at its 426th meeting had decided to issue “Statement on Continuing Professional Education, 2023” for undergoing CPE activities by the members and the mechanism to implement the same by POUs. This includes consequential provisions for non-compliance with CPE hours’ requirements applicable to various categories of members on yearly basis from Calendar Year 2024 onwards as decided by the Council of ICAI. These consequential provisions are applicable w.e.f. 1st January, 2025 for non-compliance arising from the Calendar Year 2024.
Detailed Statement on Continuing Professional Education, 2023 is hosted on ICAI portal and accessible at https://resource.cdn.icai.org/78720cpe63012.pdf
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