Amendment to Training Agreement Icaew

Amendment to Training Agreement ICAEW: What You Need to Know

The Institute of Chartered Accountants in England and Wales (ICAEW) has recently made an amendment to its training agreement, which affects both students and employers. The amendment aims to provide clarity and transparency regarding the responsibilities of both parties during the training period.

Here’s what you need to know about the amendment to the training agreement ICAEW:

1. Timeline

The amendment will be effective from 1 July 2021, and will apply to all training agreements signed on or after this date.

2. Responsibilities of Students

Under the amended training agreement, students are required to:

– maintain competence and work towards the objectives of the training agreement

– attend training sessions and complete all required assignments

– comply with the ICAEW’s code of ethics and professional conduct

– adhere to the record-keeping requirements related to the training period

– inform their employer of any changes to their personal details, such as a change in address or marital status

3. Responsibilities of Employers

Employers have the following responsibilities under the amended training agreement:

– provide appropriate training and supervision to the student

– adhere to the ICAEW’s code of ethics and professional conduct

– comply with all relevant laws and regulations

– provide timely and constructive feedback to the student regarding their performance

– maintain accurate records of the student’s training and progress

4. Termination of the Agreement

The amended training agreement sets out the circumstances under which the agreement may be terminated. Students may terminate the agreement if their employer breaches the terms of the agreement, or if they are unable to continue with the training due to illness or disability. Employers may terminate the agreement if the student breaches the terms of the agreement, or if they no longer meet the requirements for the training.

5. Additional Clauses

The amended training agreement also includes additional clauses related to confidentiality, intellectual property, and data protection.

Conclusion

The amendment to the training agreement ICAEW provides clarity and transparency regarding the responsibilities of both students and employers during the training period. It aims to ensure that students receive proper training and supervision, while employers have clear guidelines to follow when providing training to their employees. All students and employers signing training agreements after July 1, 2021, should carefully review the new agreement and make sure they understand and comply with the requirements.