I am aware that many of you are working to put plans in place for alternatives to invigilated exams and need clarity from ICAEW with regards your accreditation status.
As you may know we have been consulting with our main regulator (the FRC) to understand their position before issuing any guidance. Our approach is to ensure that any change to our rules is sanctioned by our regulators in order to ensure all ACA students afforded CPL retain eligibility for the UK auditor qualification.
The FRC have now outlined their position. They are keen to emphasise that the quality of the chartered accountancy and audit qualifications remains paramount. In their opinion written exams forming a substantial part of the assessment of university students is important, stating that such exams provide an assessment of a student’s own work and understanding of a subject and are a more rigorous test than course work. However, in these exceptional circumstances a pragmatic solution is required.
They agree that exemptions may be granted (temporarily) for university qualifications where less than 50% of the marks awarded for a degree module are by written invigilated exam on the following conditions:
I’m sure that this is welcome news and we are grateful to the FRC for this flexibility and the speed with which it has reached its decision.
ICAEW as an RQB has a responsibility to continue monitor syllabus coverage and assessment. In order to facilitate this I would request that a representative from each accredited institution provides an outline of the form of assessment to replace the planned invigilated exams for each accredited module. Our preference would be for the planned exams to be issued to students remotely and returned under timed conditions for marking.
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