An analysis of post-qualification training in the local accountancy profession

Abstract

Professional accountants are obliged by law to undertake Continuing Professional Education (CPE) activities to maintain and enhance the required knowledge and skills, as well as to keep themselves abreast with changes occurring in the dynamic accountancy field. Locally, the Accountancy Board has delegated the responsibility to regulate this matter to the Malta Institute of Accountants (MIA). In turn, the MIA is regulated by the International Accounting Education Standards Board (IAESB). This study attempts to analyze the training methods employed locally, by using a qualitative approach. A number of semi-structured interviews regarding this matter were held with representatives of different audit firms and the MIA. Training sessions are provided by a number of accountancy organizations, but firms are often unwilling to share ideas on their training methods, due to competition. Thus, this study might give an opportunity to firms to benchmark their methods. In its conclusions, this dissertation shows how big firms having more resources tend to plan their own in-house training programme, whilst other smaller firms prefer to send their employees to external sessions. Due to lack of appropriate planning, most organizations are undertaking a short-term approach to training, whereby they are being reactive rather than proactive. This study will recommend changes in the current systems, which could assist in improving the firms' standing in this competitive industry, keeping costs and benefits in mind.