Press Releases/News Alerts
Dec 16, 2015
New York, New York
IAESB Publishes Guidance for Standard on Professional Competence for Audit Engagement Partners
The International Accounting Education Standards Board™ (IAESB™) has issued support materials for the implementation of IES™ 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised). This International Education Standard™ prescribes the professional competence that professional accountants are required to develop and maintain when performing the role of an Engagement Partner responsible for audits of financial statements.
The IAESB has prepared a Questions & Answers publication and a webcast series to address questions or issues that might arise on implementation of IES 8 by professional accountancy organizations, public accounting firms, or engagement partners.
“The Education Board’s new standard on audit engagement partner competence comes into effect July 1, 2016, and many around the world are actively preparing to meet its challenging requirements,” said IAESB Chair Chris Austin. “These support materials aim to assist those who have a role and responsibility for effective implementation of IES 8.”
IES 8 builds upon educational requirements of redrafted IES 7, Continuing Professional Development (2014), IES 2, Initial Professional Development – Technical Competence (2015); IES 3, Initial Professional Development – Professional Skills (2015); IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (2015); IES 5, Initial Professional Development – Professional Experience (2015); and IES 6, Initial Professional Development – Assessment of Professional Competence (2015).
About the IAESB
The IAESB develops education standards, guidance, and information papers for use by IFAC member organizations under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.