What is CIMA Professional Development (CPD) and what are the requirements?
CPD is CIMA Professional Development. All members and Members in Practice living and working in the UK are required to maintain and record a commitment to CPD, for their benefit. It is there to make sure that CIMA members are up to date with the technical and practical developments that are happening to their industry. I wish to become a Registered Auditor and wish to be regulated by another body e.g. ACCA without becoming a member of that body. Can I do this?
No. You can become a member of another body, but all have exacting requirements of additional examinations and supervised training in an audit office for a number of years before audit recognition can be given. CIMA members are allowed to sign off the accounts of companies with turnovers up to GBP5.6m as examiners (not auditors), but not beyond. External audit is not covered by CIMA's qualification; any member who wishes to move into this field can only do so by virtue of membership of another more appropriate body. Please note that none of these bodies will simply reciprocate membership, and that qualification to perform audit usually involves several years' practical experience in an audit firm, as well as taking examinations. What is a Continuity Arrangement and why do I need it/how do I create one?
Council Regulation 7 has made continuity arrangements mandatory for all Members in Practice who will be required to provide basic details of their continuity arrangement(s) and ensure they are renewed adequately. A continuity arrangement is an agreement between a Member in Practice and another practitioner/practice so that if anything happens to the Member in Practice (incapacity, disability, death), their clients will be looked after by the other practitioner/practice as required. We do not provide a template due to liability issues so it is best to get legal advice on how to do this but further information is available on the continuity arrangements page. In extreme circumstances, the Professional Standards Department may review and inform individuals if they need to adhere to the requirements or can adapt them but only in certain situations. What is Professional Indemnity Insurance (PII) and why do I need it/where do I obtain it?
Council Regulation 7 has made PII mandatory for all Members in Practice who will be required to provide basic details of their PII during registration and ensure it is renewed adequately. Can I use the CIMA logo?
No. Only Practicing Certificate holders can use the specially modified Practicing Certificate Holder logo (PCHL) and only if the Practicing Certificate holder has signed the Specific License Agreement (SLA). How do I apply for a Practicing Certificate?
If you are a registered Member in Practice and have more than a year of practice experience you may be eligible to apply for the CIMA Practicing Certificate. Please visit Part C: Practicing Certificate Information to download an application form and for further guidance on the requirements. Does CIMA provide Client validation letter templates?
We do not provide templates for client validation letters. I have a dispute with my employer. Can CIMA assist me?
CIMA does not advise or otherwise get involved in disputes between employers and employees. You should ensure that you are complying with the CIMA Code of Ethics at all times.
Further information on your rights as an employee is available from the Department of Trade and Industry and your local Citizens Advice Bureau. For low-cost advice on any aspect of UK law, members can free phone LAW Express as part of their member benefits. What publications are available to CIMA members/students?
CIMA’s Technical Information Service (TIS) is able to respond to members or students who request available publications. The publications available to CIMA members include the journals Financial Management (CIMA’s print journal sent by post to members) and Insight (an electronic journal with a technical bias) which can be accessed from the Newsletters section. There is also a quarterly Members in Practice newsletter which is sent automatically to all registered Members in Practice. I would like a letter confirming my CIMA membership. Where can I obtain one?
Please send details of your request, accompanied with your contact ID to CIMA Contact at:
Telephone : +44 (0)20 8849 2251
Email : cima.contact@cimaglobal.com Does CIMA have a trade union to represent its members/students?
CISA applications are located at http://www.isaca.org/CISAapp. Please be aware that there are two different applications available depending upon the year that you passed the exam. Does CIMA still provide copies of Financial Reporting Standards (FRSs) for free?
CIMA no longer issues free copies of Financial Reporting Standards (FRSs). Each time the Accounting Standards Board issues new standards, a notice goes into Financial Management and onto the CIMA website. Can I perform an audit?
The audit exemption thresholds were increased in 2004 (SI 2004, No 16, Companies Act 1985) and allow CIMA members to prepare accounts for audit for small enterprises. They can sign off accounts for sole traders, partnerships and limited companies up to GBP5.6m annual turnover, as long as it has opted out of having its accounts audited, and charities up to GBP90,000 annual turnover. Under the Companies Act 1985 (Audit Exemption) Regulations 1994 there is no requirement for companies with annual turnover below GBP350,000 to have their annual accounts audited, and this has, since 26 July 2000, been extended to GBP1m. CIMA members can therefore prepare and provide a report of the accounts for any organization with a turnover of under GBP1m, on the direction of a company’s board. CIMA is recognized as one of the six members of the Consultative Committee of Accountancy Bodies but our qualification does not include audit training. CIMA’s Code of Ethics warns that members should not undertake work which is beyond their competence, and Members in Practice wishing to provide such reports are strongly advised to undergo relevant training. Can CIMA provide information about its members/students to third-parties/potential clients?
If the member concerned has authorized the Institute to do so, in writing, we should normally be able to confirm his qualification and standing as a member, to a third party - this is currently done by CIMA Contact. Members in Practice information shown on the CIMA website is available to the public as allowed by the member. Any other information we may hold is subject to Data Protection law.