Using the Assurance track in the Skills Framework for Accountancy as a point of reference, the ISCA SMP LRM comprises a series of competencies which prescribe the skill sets, and hence the related learning needs, required by the various levels of audit professionals in SMPs, based on their experiences. These skills and competencies can be broadly categorised into two main groups - Technical and Generic - as shown in the table below:

WHO IS IT FOR? 

The following groups of personnel will find the ISCA SMP LRM useful:

1) Public Accountants (i.e. Partners, Directors) / HR professionals - to assist them in charting the training programmes of their audit staff to fulfill their professional development needs.

Under SSQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, the continuing competence of a firm’s personnel depends to a significant extent on an appropriate level of continuing professional development so that the personnel maintain their knowledge and capabilities. Effective policies and procedures emphasise the need for continuing training for all levels of firm personnel, and provide the necessary training resources and assistance to enable personnel to develop and maintain the required competence and capabilities.

2) Audit staff - to identify the necessary skills and competencies required for the external audit job function and assess the relevant learning opportunities to meet those needs.

PROFICIENCY LEVEL 

The ISCA SMP LRM defines the skills and training needed for four proficiency levels - Foundational, Intermediate, Advanced and Expert. The diagram below explains the differences between the four levels, in terms of key responsibilities and number of years of experience.