Knowledge of Fasset and Skills Development

Fasset is the Finance and Accounting Services Sector Education and Training Authority. The finance and accounting services sector is particularly important because it is the largest employer of people with financial management, accounting, and auditing skills. In 2012 more than 135 000 people worked in the sector.

The definition of this sector differs in the different data sources available, as well as in different environments. In the national accounts and in employment surveys conducted by Statistics South Africa (such as the Labour Force Survey (LFS)) the sector includes real estate activities and an array of other business services such as labour brokerages, information technology services, legal services, and engineering and architectural services.

The Financial and Accounting Services Sector refers to the organisations served by Fasset. This sector includes: investment entities and trusts and company secretary services; stock broking and financial markets; financial development organisations; accounting, bookkeeping, auditing and tax services; business and management consulting services; the South African Revenue Service; the national and provincial treasuries; and other activities auxiliary to financial intermediation, such as debt collection.

The Work of SETAs

• Determine the vision and mission of the Seta
• Develop and adapt the sector’s skill strategy
• Set strategic targets in line with national policies and priorities, national sectoral priorities and sub-sectoral or chamber priorities
• Enter signed agreements on targets for delivery with chambers or sub-sectors
• Monitor and evaluate the implementation of strategies and the achievement of targets
• Assume accountability in terms of the Skills Development Act, the Skills Development Levies Act, Public Finance Management Act and the SAQA Act
• Quality assure education and training providers via an Education and Training Quality Assurance body
• Be responsible for Learnerships

Relevant Legislation

• Skills Development Act (Act 97 of 1998)
• Skills Development Levies Act (Act no 9 of 1999)

Purpose of the Skills Development Act

The short supply of skilled staff is a serious obstacle to the competitiveness of industry in South Africa. The levy grant scheme aims to expand the knowledge and competencies of the labour force resulting in improvements in employability and productivity. This is achieved through new approaches to planning for training, learning programmes, incentives and an improved employment service. If you participate fully in the scheme you will reap the benefits of a better skilled and more productive workforce.

Source: http://www.patc.co.za/

Let’s get straight to the point. Continuing Professional Development (CPD) is one of the most important components of a successful finance career today. Gone are the days of the once – off qualification. The accounting industry is rapidly evolving and advancing and so are its systems- new workflow structures, cloud computing, cybersecurity! Not to mention the possibility of future robo- accountants! Keeping your knowledge current and up- to- date in this transformative landscape is not only beneficial, it is imperative.

So what is CPD? CPD refers to the practice of tracking and documenting the skills, knowledge and experience you gain both formally and informally as you work, beyond any initial training. And it is a requirement of ICBA membership.

With this in mind, here is a guide to earning those all – important CPD points. Don’t worry- it’s super easy!

1. Attend Events

 Leave the corner cubicle and get out of the office! Attending informative workshops, seminars and conferences is a great way to earn CPD points, network with industry leaders and stay abreast of current accounting developments. The ICBA has a full line up of events plotted on our calendars every month, ranging in topics from compliance and legislation to payroll and business tax. These events run nationwide. Get out your diaries and pencil in some events close to you, or choose your favourites- some of them are even discounted for ICBA members. Light-bulb moments ahead!

2. Watch Webinars

 Think webinars are just for IT geeks? Think again! Career advancement is just a click a way. Webinars are one of the easiest ways to earn CPD points from the comfort of your own home or office – all you need is a WIFI connection and a calendar invite. Dates are communicated via our Facebook page or alternatively, you can view our events calendar on our website. PLUS! ICBA Webinars are free for members. Next time you see that calendar reminder- don’t be too quick to dismiss it!

3. Self -Study to Success

 Knowledge is power and self – study is your ticket! Reading relevant, interesting articles and professional journals in your own time is acutely beneficial and can all tally up in the end. Resources can be found in our website News section or on a multitude of accounting and bookkeeping specific websites. Even reading the ICBA newsletter counts as 0,5 CPD points. The newsletter is jam packed with informative content for you to enjoy. To subscribe to this newsletter, please email the ICBA with your ICBA reference number. Happy Studying!

Done and dusted. See- earning CPD points isn’t difficult and can be fun! Want to learn more about earning CPD points? Visit https://www.icba.org.za/cpd/  or contact us at https://www.icba.org.za/contact-us/

Please Note!
ICBA members must use the ICBA’s CPD Tracking Form to record their learning. You will need to show this to the ICBA when you apply to renew your membership. Furthermore, please note you earn 1 CPD point for each hour of learning you complete and Members must earn at least 20 CPD points every year.