In order to bring SPAC public practice standards fully in line with other accounting bodies,
practicing members are required to strictly observe the following:
The public practice program will be divided into 3 parts:
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Error and Omission Insurance
This is mandatory for practitioner: Details of the Insurance Brokers
under-writing the E. & O. risks appears on the Society’s website.
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Professional Development
40 credit hours for each and every calendar year cycle, from January 01 to December 31. Members who would complete an
appropriate course in any community college will qualify. The area of studies includes Accounting, law, finance, tax, etc.
The above requirements become effective from January 01, 2009. This would allow members to become familiar with the new program.
The program would become mandatory within 12 months.
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Practice Program
This program will include practice requirements. Practitioner’s activities in public practice. The preparation of
Financial Statements and Working Papers.
The program commences January 01, 2009. 8 to 24 months shall serve as a grace period for familiarization of requirements before
the peer review program is introduced. Amendments would be made to By-Laws to enforce the mandatory requirements of the program.
The focus is on members in public practice. A Mentoring Program for new entrants entering into public practice shall be introduced in due course.
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