Competence Requirements for Audit Professionals (IES 8) - Completed
The purpose of this project was to prescribe the specific professional knowledge, skills, values, ethics, and attitudes required of those members of the profession who are involved in the audit of financial statements. Due to the reliance that the public and other third parties place on the audits of financial statements and the increasing expectation for high quality auditor performance, the IAESB (formerly the Education Committee) considered it necessary to develop an International Education Standard to provide direction to IFAC member bodies and professional accountants worldwide regarding the specific knowledge and skills required to perform competently in the audit field. A final International Education Standard - IES 8, Competence Requirements for Audit Professionals was issued in July 2006. The Basis for Conclusions provides background to the project, main comments received on the exposure draft, and the IAESB's conclusions regarding these comments in developing the final standard.