IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT

Specification Version 1 27/04/2005 2 1 INTRODUCTION The overall aim of the qualification is to accredit the knowledge and skills of candidates relevant to the fundamentals of financial management relating to the small enterprise. Within the qualification, candidates have the opportunity to develop their knowledge and skills associated with the key financial management tasks to be performed by those operating small firms. Specifically, they should be able to perform tasks relating to the keeping of records, VAT, payroll, the preparation and interpretation of final accounts, taxation and the Inland Revenue, costing and pricing of products, management of working capital and financial planning and control.<br><br> To be awarded the qualification, candidates are required to successfully demonstrate their competence in the satisfactory completion of seven externally set and internally assessed assignments plus one assignment that is both externally set and assessed. Each assignment is linked to one of the eight Units 3 each of which is mandatory if a candidate wishes to gain the full award. Being unitised, candidates may decide that they wish to complete and achieve a pass in some but not all of the eight units.<br><br> Upon payment of the relevant published fee, such candidates may apply for a Certificate of Achievement for those Units that they have achieved (passed). The qualification provides knowledge, understanding and skills relevant to the NVQs in Accounting at Levels 2, 3 and 4. 2 AIMS In summary, the qualification aims to enable candidates to: 1 Develop an understanding of fundamental, financial management activities.<br><br> 2 Develop the skills to perform some of the routine, financial record-keeping tasks. 3 Develop the skills to perform a range of key financial management tasks. 4 Understand the importance of accuracy in performing financial record-keeping and management tasks.<br><br> 5 Upon completion, progress in their learning to further develop their knowledge, understanding and skills. 3 TARGET GROUP The IAB Level 3 Diploma in Small Business Financial Management, is specifically designed to appeal to those who are already, or are aspiring to become, owner- managers or to those who are responsible for keeping the financial records of a small business. The qualification is primarily designed for the following candidates: 1 Those who are new to financial management and who wish to acquire the essential skills and knowledge required to perform the key financial tasks involved in operating a small business.<br><br> 2 Those who are already employed in record-keeping or allied roles in a small business and who wish to ensure that they have a firm foundation to perform financial management tasks. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 3 3 Those preparing for or undertaking NVQ at Level 2, 3 and 4 in Business Planning/Development or Accounting and who wish to underpin these with a thorough grounding in the fundamental knowledge, understanding and skills associated with the record-keeping and financial management inherent in operating a small business. 4 STATEMENT OF LEVEL This qualification has been designed to assess the knowledge and skills of managing the finances of small businesses at Level 3 of the National Qualifications Framework.<br><br> 5 ENTRY REQUIREMENTS There are no formal entry requirements for this qualification. It is advisable for candidates to have ability in both arithmetic and English at Level 2 prior to embarking on study for this qualification. Holders of the IAB qualifications identified below, or their equivalents, are granted APL/exemptions from the following Units of the IAB Level 3 Diploma in Small Business Financial Management: Unit Number IAB qualification allowed APL/exemption 1 IAB Level 2 Certificate in Book-keeping 2 IAB Level 2 Certificate in Book-keeping 3 IAB Level 3 Certificate in Manual Payroll 4 IAB Level 3 Certificate in Book-keeping 6 PROGRESSION The qualification has been designed to provide the essential knowledge, understanding and skills required to complement and enable candidates to progress to other related qualifications at Levels 2, 3 and 4 of the National Qualifications Framework.<br><br> The qualification will provide a basis for progression to the IAB Level 3 Certificate in Book-keeping and IAB Level 3 Diploma in Accounting and Advanced Book-keeping. It will also provide progression to the NVQs in Business Planning/Development and Accounting at Levels 2, 3 and 4. As there is no significant overlap between this and other IAB qualifications there is no restriction, for reason of overlap, on candidates being registered concurrently for other IAB awards (i.e.<br><br> multiple entry is permitted) 7 THE STRUCTURE OF THE QUALIFICATION The qualification is divided into eight units each with identified Learning Outcomes. To gain the full award, candidates are required to successfully demonstrate their competence in the satisfactory completion of seven externally set and internally assessed assignments plus one assignment that is both externally set and assessed. Each assignment is linked to one of the eight Units 3 each of which is mandatory if a candidate wishes to gain the full award.<br><br> Being unitised, candidates may decide that they wish to complete and achieve a pass in some but not all of the IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 4 eight units. Upon payment of the relevant published fee, such candidates may apply for a Certificate of Achievement for those Units that they have achieved (passed). Teachers/trainers may address the Units in any order but should ensure that learning programmes are designed to meet the needs of individual candidates.<br><br> It is considered that this qualification has a 8notional 9 estimate of 60 Guided Learning Hours (GLH). It is 8notional 9 because the actual GLH of courses must take into account the specific needs of the individual candidates for the qualification and the mode of training provision. For example, candidates who are new to book-keeping and the financial management of small firms, may need significantly more GLH as opposed to those with some experience who may need less.<br><br> Teachers/trainers should use their professional judgement in assessing the needs of candidates and deciding the GLH to be provided. 8 ASSESSMENT AND GRADING All Units have an associated, practical assignment, each one being externally set by the IAB. Each of the first seven Units will be internally marked by centres.<br><br> The IAB will provide centres with the assignment briefs upon registration of candidates. The assignment for Unit 8 is to be produced by candidates under time constrained (two hours) and invigilated conditions. Candidates are permitted to have access to books and notes when completing the assignment for Unit 8 (i.e.<br><br> 8open book 9) but are not permitted to communicate with any other person other than the invigilator. Centres are to mark the assignments for the first seven Units in accordance with the published IAB guidance. After completion of the marking, assignments are to be submitted to the IAB which will then perform a moderation of the marking to ensure that national standards are applied.<br><br> A minimum of one assignment of each and every candidate will be selected for moderation. Upon payment of the relevant published fee, those candidates whose assignments are assessed and moderated as below the standard required for a pass to be awarded, are able to attempt further (different) assignments and be re-assessed. All assignments produced by candidates for Unit 8 will be externally marked by the IAB in addition to being externally set.<br><br> All assignments will be directly related to the learning outcomes of the Units with which they are associated. Over time (i.e. several series of assignments), the assignments will cover all of the learning outcomes of Units.<br><br> A single series of assignments will explicitly cover at least 75% of the learning outcomes of the qualification. In completing their assignments, candidates will be required to carry out all tasks accurately and in keeping with book-keeping and financial management practice in the context of a small business. Assessment criteria will reflect these requirements.<br><br> In order to achieve a Pass, candidates will be required to achieve the minimum criteria for a pass associated with each assignment. Results will be graded Pass or Fail only. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 5 9 CERTIFICATION Candidates who achieve a Pass grade in each of the Assignments of the eight mandatory Units, will be awarded the IAB Level 3 Diploma in Small Business Financial Management.<br><br> Certificates of achievement will be awarded upon request and payment of the appropriate fee, to those candidates who achieve pass grades in less than all eight Assignments. Candidate registration lasts for up to three years. 10 NATIONAL OCCUPATIONAL STANDARDS IN BUSINESS START- UP/DEVELOPMENT AND ACCOUNTING SIGN-POSTING A sign-posting map is provided at the end of the specification (Appendix 2), demonstrating the links between this qualification and the knowledge and understanding requirements of the NVQs in Business Start-Up/Development and Accounting at Levels 2, 3 and 4.<br><br> 11 KEY SKILLS LINKS During their study towards the qualification, candidates may have opportunities to develop the knowledge and skills necessary to produce some of the evidence required for the Level 3 for the following Key Skills: " Communication " Working with Others " Application of Number " Information Communication Technology " Improving Own Learning and Performance " Problem Solving See also the mapping grid presented in Appendix 1 for more details of possible opportunities for developing Key Skills. 12 SPIRITUAL, MORAL, ETHICAL, SOCIAL AND CULTURAL VALUES Tutors preparing candidates would have opportunities to introduce relevant ethical, social and moral values throughout a course leading to this qualification. Of specific relevance would be matters of honesty and integrity, probity and confidentiality of information.<br><br> These underpin all Units and particularly Units 2, 3 and 5. In addition, the IAB Framework for Regulation and Code of Best Practice (provided at Appendix 2) also underpin all Units of the qualification. 13 HEALTH AND SAFETY ISSUES, ENVIRONMENTAL ISSUES AND EUROPEAN DEVELOPMENTS There is no specific coverage of these issues within the qualification.<br><br> IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 6 14 REASONABLE ADJUSTMENTS FOR CANDIDATES WITH PARTICULAR REQUIREMENTS The IAB and IAB Accredited Centres are required to ensure that candidates with particular assessment needs are not disadvantaged and that appropriate arrangements are made to meet their assessment needs. The procedure to make an application for arrangements to meet a candidate 9s specific needs is detailed in the IAB Centre Handbook. 15 ENQUIRIES AND APPEALS The IAB and IAB Accredited Centres are required to process all enquiries and appeals in accordance with the IAB established procedures.<br><br> 16 UNITS AND LEARNING OUTCOMES Unit 1: Recording business financial transactions ( Accredited Number: T/102/2734) Learning Outcomes: By the end of this Unit, the candidate should be able to: 1.1 Process receipts and payments. i.e. Receive and make payments in cash (notes and coins), cheques and by standing order and direct debit (including completion of cheques and bank paying-in slips) .<br><br> 1.2 Enter records in an analysed cash book for both cash and bank entries. i.e. Process transactions through a columnar/ analysed cash book.<br><br> Balance off the cash book, bringing down the cash and bank balance. 1.3 Check invoices received against orders. i.e.<br><br> Check an invoice received against relevant source information and check invoice calculations for arithmetical accuracy. 1.4 Produce quotations and invoices. i.e.<br><br> Prepare quotations and sales invoices from relevant source documentation and information. 1.5 Record debtors and creditors. i.e.<br><br> Keep records of all debts owed to and by a business and be able to calculate total debts outstanding (both total debtors and total creditors). IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 7 1.6 Reconciliation of suppliers 9 statements. i.e.<br><br> Reconcile a statement of account received from a trade creditor with relevant source documentation (products ordered and received, supplier invoices received) and the cash book. 1.7 Prepare a bank reconciliation statement. i.e.<br><br> Account for time lag differences between the cash book bank account postings and the bank statement postings. Update the cash book bank balance for time lag differences following reconciliation. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 8 Unit 2: Value Added Tax calculations and returns ( Accredited Number: A/102/2735) Learning Outcomes: By the end of this Unit the candidate should be able to: 2.1 Understand and apply the current rules and rates of VAT.<br><br> i.e. Understand the effect of the basic retail schemes and the rules relating to the different rates of VAT, exempt and zero rating of goods and services, flat rate scheme for small businesses and annual accounting. 2.2 Calculate Value Added Tax (VAT).<br><br> i.e. Calculate both VAT output tax and VAT input tax (in accordance with current VAT rules) from gross figures (VAT inclusive amounts). Know how to deal with cash discounts and trade discounts in respect to VAT and be able to demonstrate this by producing invoices involving VAT.<br><br> 2.3 Set up and maintain VAT records. i.e. Keep records of transactions involving VAT, to provide adequate and accurate source information for the completion of VAT returns.<br><br> 2.4 Complete quarterly VAT returns on both the cash and credit basis. i.e. Complete VAT returns using records of VAT transactions to calculate the necessary entries.<br><br> IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 9 Unit 3: Completing PAYE documents ( Accredited Number: F/102/2736) Learning Outcomes: By the end of this Unit the candidate should be able to: 3.1 Calculate gross wages from either time records or a productivity scheme. i.e. Understand what constitutes Gross Pay for Income Tax and National Insurance.<br><br> Be able to calculate Gross Pay for the week, month or year based on: Annual Salary, Basic weekly or monthly pay, Overtime, from information on timesheets or clock/swipe cards, Shift pay, Unsocial hours supplement, Performance related pay. 3.2 Make the correct calculations and entries for statutory sick pay and statutory maternity pay. i.e.<br><br> Understand SSP and SMP are paid bythe employer. Know the basic rules of entitlement. Apply the weekly rates payable.<br><br> Know the rules that apply to reclaiming SSP, SMP and NIC compensation on SMP from the Inland Revenue. Understand which employers are entitled to cSmall Employers Relief d. Be able to calculate: SSP to be paid, SSP to be reclaimed if appropriate, SMP to be paid, SMP to be reclaimed if appropriate, SMP and compensation to be reclaimed if appropriate.<br><br> 3.3 Calculate the correct cash to draw from the bank (if wages are being paid in cash). i.e. Prepare a Coin Analysis 3 to calculate denominations of notes and coins required to make up pay packets.<br><br> 3.4 Complete a P11 working sheet and P30B forms to show both Income Tax and National Insurance deductions. i.e. Extract information from, and reconciliation of, weekly/monthly working sheets to produce P11 9s.<br><br> Know the deadlines, requirements and the procedures for monthly and quarterly payments to the Collector of Taxes and be able to complete form P30B. 3.5 Complete forms P60 and P45. i.e.<br><br> Extract information from weekly/monthly working sheets to produce P60 9s for each employee and P45 9s for leavers. 3.6 Identify and compare the relative advantages and disadvantages of paying wages by the BAC System or by cheque. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 10 Unit 4: Final Accounts and their interpretation ( Accredited Number: J/102/2737) Learning Outcomes: By the end of this Unit the candidate should be able to: 4.1 Make adjustments to total expenses and purchases of assets.<br><br> i.e. Make adjustments for: Stock valuation, depreciation of fixed assets (using the straight line and reducing balance methods), prepayments and accruals and bad debts. 4.2 Prepare a trading and profit and loss account and balance sheet for a small business (sole trader).<br><br> i.e. Using information from financial records, prepare in vertical format a Trading and Profit and Loss account and Balance Sheet for a sole trader. 4.3 Understand the distinctions between gross profit, net profit and cash in hand.<br><br> i.e. Understand the important distinctions between gross and net profit and profit and cash in hand. Be able to explain the significance of these distinctions for a business.<br><br> 4.4 Be able to calculate and use basic liquidity and profitability ratios to assess the performance of a small business. i.e. Make ratio calculations in respect of profitability and liquidity.<br><br> Appraise and comment on the performance of a business following a ratio analysis exercise. Understand the limitations of ratio analysis for assessing the current and future potential performance of a business. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 11 Unit 5: The small business and the Inland Revenue ( Accredited Number: L/102/2738) Learning Outcomes: By the end of this Unit the candidate should be able to: 5.1 Be familiar with the main business expenses that are not allowable for income tax purposes.<br><br> i.e. Identify those items of expenditure which cannot be included in a self- assessment return e.g. expenditure or portions of such which are personal rather than 8necessarily incurred in the course of duty 9.<br><br> 5.2 Understand and be able to calculate Capital Allowances. i.e. Calculate Capital Allowances (at both 25% and 100% levels) for the purpose of making the appropriate entries in a self-assessment return.<br><br> 5.3 Calculate the figures required for the completion of a self-assessment tax return. i.e. Calculate the required entries for a self-assessment tax return (including turnover for tax purposes), where the small business (sole trader) is the single source of income.<br><br> 5.4 Calculate the tax payable by an individual who is a sole trader. i.e. Using the entries made in a self-assessment return and the Inland Revenue Calculation Guide, calculate the tax payable where the small business (sole trader) is the single source of income.<br><br> 5.5 Be familiar with the concepts of limited liability and incorporation. i.e. Explain the concept of limited liability and the legal status of a limited company.<br><br> Understand that a company has its own tax liability. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 12 Unit 6: Costing and pricing the product ( Accredited Number: R/102/2739) Learning Outcomes: By the end of this Unit the candidate should be able to: 6.1 Calculate total production, administration, selling and distribution costs. i.e.<br><br> Identify the costs involved in producing a product including an apportionment of overheads. 6.2 Distinguish between fixed and variable costs. i.e.<br><br> Understand the distinctions between the concepts of fixed and variable costs and be able to identify examples of each. 6.3 Carry out simple break-even analysis. i.e.<br><br> Calculate sales volume necessary to match total costs. Use break-even analysis to make investment, pricing and purchasing decisions. 6.4 Know how to calculate a selling price by using the mark-up or the margin.<br><br> 6.5 Be aware of the difference between chargeable hours and total hours worked. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 13 Unit 7: Managing working capital ( Accredited Number: J/102/2740) Learning Outcomes: By the end of this Unit the candidate should be able to: 7.1 Calculate the level of working capital in a business. i.e.<br><br> Identify current assets and liabilities and calculate the working capital. 7.2 Identify and explain the dangers of over trading. i.e.<br><br> Identify and explain the potential risks presented by low or negative levels of working capital. 7.3 Understand the effects on cash flow of external and internal events and actions. i.e.<br><br> Demonstrate the effects of: Debtors taking extra credit, an increase in bad debts, receiving payment by credit card, the loss of discount received, allowing cash discounts, factoring debts, using purchase and lease back or HP (Hire Purchase) for the purchase of fixed assets, slow moving stocks, over-stocking and obsolete stock. 7.4 Calculate an approximate APR. i.e.<br><br> Calculate an approximate APR from a given cash flow or HP scheme in order to be able to compare rates and make finance choices. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 14 Unit 8: Financial planning and control ( Accredited Number: L/102/2741) Learning Outcomes: By the end of this Unit the candidate should be able to: 8.1 Prepare a business plan suitable for submission to a bank. i.e.<br><br> Construct a business plan in a form that would be generally acceptable by a bank. The business plan should include a cash budget and a forecast Trading, Profit and Loss Account (including non-cash expenses). 8.2 Know how to monitor actual performance against budget.<br><br> i.e. Construct a columnar budget with the facility of comparing planned income and expenditure against actual. Identify positive and negative variance and use this analysis as a basis for making decisions and taking action.<br><br> 8.3 Decide which fixed asset to purchase based on highest financial return. i.e. Use the three investment appraisal techniques, Payback, Internal Rate of Return and Net Present Value, to calculate forecast returns from the potential purchase of fixed assets.<br><br> Use the results of investment appraisal calculations to decide which fixed asset to purchase. 8.4 Understand the importance of financial reporting. i.e Able to explain the advantages to a business presented by producing periodic financial reports/statements and the dangers presented by the absence of such.<br><br> IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 15 APPENDIX 1 IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT KEY SKILLS MAPPING GRID UNIT OUTCOME COMMUNICATION WORKING WITH OTHERS APPLICATION OF NUMBER INFORMATION COMMUNCIATION TECHNOLOGY IMPROVING OWN LEARNING AND PERFORMANCE PROBLEM SOLVING For all Units and Outcomes C3.1, C3.2b, C3.3 C3.2a C3.1, C3.2b, C3.3 There is no requirement for any component to be learnt and assessed through group work or working in pairs. However, where candidates learning programmes include either of opportunities to develop ICT skills could occur. N3.1, N3.2, N3.3 There is no requirement for any component to be learnt and assessed using a computer.<br><br> However, where candidates learning programmes include the use of IT for candidates to produce their assignment work, opportunities to develop ICT skills could occur. PS3.1, PS3.2, PS3.3 IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 16 APPENDIX 2 - NATIONAL OCCUPATIONAL STANDARDS IN BUSINESS START-UP/DEVELOPMENT AND ACCOUNTING SIGN-POSTING Units of the IAB Level 3 Diploma in Related to the following Units of the Related to the following Units of the Small Business Financial Management National Occupational Standards for National Occupational Standards for Small Firms (SFEDI Standards) Accounting (ANTO Standards) 1. Recording Business Financial Level 4: Unit G1 Level 2: Units 1 and 2 Transactions 2.<br><br> Value Added Tax Calculations and Level 3: Unit 7 Returns 3. Completing PAYE documents 4. Final Accounts and their interpretation Level 4: Unit 11 5.<br><br> The Small Business and the Inland Revenue Level 3: Unit 7 Level 4: Units 18 and 19 6. Costing and Pricing the Product Level 4: Unit G2 Level 3: Unit 6 Level 4: Units 8 and 16 7. Managing Working Capital Level 4: Unit G3 and G4 8.<br><br> Financial Planning and Control Level 3: Units 4 and 11 Level 4: Units D1, G1 and G2 Level 4: Unit 9 IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 17 APPENDIX 3 THE INTERNATIONAL ASSOCIATION OF BOOK-KEEPERS FRAMEWORK FOR REGULATION 1. A member or a person entering into membership of the Association must comply with the law within his or her country of residence and contractual being. This applies to any actions made in the course of work completed either for an employer or a client, or any third party that looks to his or her professional standing.<br><br> 2. A member must not do anything which compromises or impairs, or is likely to compromise or impair, his or her integrity, or i n the case of a client relationship, his or her professional independence. 3.<br><br> A member must always show a proper standard of work in all professional work completed in accordance with generally accepted practices and accounting standards. 4. A member must not bring himself or herself into disrepute, or the Association into disrepute or the Accounting or Book-keepi ng professions into disrepute.<br><br> 5. A member must comply and uphold, so long as they remain a member, all matters of regulation shown in the Articles of Association, Byelaws and other material published by the Association and be bound by any action taken by Council relating to hi s or her membership. 6.<br><br> Any member who personally offers services, seen by their client as accountancy work is required to hold a practising certifi cate. CODE OF BEST PRACTICE 1. All members must exercise due care in carrying out their work.<br><br> 2. All members should plan their work. IAB LEVEL 3 DIPLOMA IN SMALL BUSINESS FINANCIAL MANAGEMENT 2005 Qualification Specification Version 1 27/04/2005 18 3.<br><br> All members should have an adequate system of administration for the work they undertake. 4. The terms of reference for any work should be agreed before the work commences, and members should adhere to those terms.<br><br> 5. The level of remuneration for any work undertaken should be agreed between the parties before the work is undertaken. The Association is not involved in setting the level of fees.<br><br> 6. In the event of a dispute between a member and a third party the Association will appoint an arbitrator. The costs of arbitr ation to be met by the parties involved.<br><br> 7. Any member who holds funds or property belonging to a third party must keep such funds or property clearly distinct from the ir own property and handle it with the same care as they would do if it was their own. 8.<br><br> No member should accept work where there is a conflict of interest unless all parties are aware of that conflict and have ag reed that the work can be undertaken. 9. Provision should be made as appropriate for continuity of service in the event of the member being incapacitated by illness, or in the event of death of the member.<br><br> 10. Where a member becomes aware that a third party with whom he has a contractual relationship is acting in breach of the law, then they must ensure that they comply with Regulation 1. 11.<br><br> Any member advertising services should comply with the standards laid down by the Advertising Standards Authority, or any similar regulations applicable in their country, or in the country where the advertisement is placed. 12. In order to comply with Regulation 3 members should ensure that they remain competent by undertaking the necessary regular training each year.<br><br> 13. Members should consider their need for PII which is recommended for those holding a Practising Certificate with the IAB. <br><br>

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