Press Releases/News Alerts
Dec 15, 2014
New York, New York
IAESB Finalizes Standard on Professional Competence of the Audit Engagement Partner
The International Accounting Education Standards Board™ (IAESB™) today published International Education Standard™ (IES™) 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised).
The revised IES focuses on the professional competence requirement for engagement partners who have responsibility for audits of financial statements. The IES is primarily aimed at IFAC member bodies, but recognizes the shared responsibilities of engagement partners, public accounting firms, and regulators as part of the system of quality control for engagement teams performing audits of financial statements. It will also be of interest to employers, regulators, government authorities, educational organizations, and any other stakeholders who support the learning and development of professional accountants.
The IAESB recognizes that continuing professional development is critical to develop and maintain competence of professional accountants performing the role of engagement partner. Accordingly, the IAESB has specified the learning outcomes to be achieved for the professional competence of an engagement partner, including learning outcomes in the areas of technical competence, professional skills, and professional values, ethics, and attitudes. As the career of an engagement partner progresses, practical experience also becomes increasingly important in maintaining and further developing the necessary depth and breadth of professional competence.
“To protect the public interest, engagement partners need to have the necessary skills and competencies to perform their roles effectively,” said Prof. Peter Wolnizer, IAESB Chair. “The public has a right to expect that engagement partners continue to develop and maintain their professional competence so that they can be relied upon to competently perform audits of financial statements throughout their careers.”
With the publication of IES 8, the IAESB has now completed the redrafting and revising of all eight IESs. IES 8 builds upon educational requirements of redrafted IES 7, Continuing Professional Development, revised IES 2, Initial Professional Development – Technical Competence; IES 3, Initial Professional Development – Professional Skills; IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes; IES 5, Initial Professional Development – Professional Experience; and IES 6, Assessment of Professional Competence.
About the IAESB
The IAESB develops education standards, guidance, and information papers for use by IFAC member bodies 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. IFAC is comprised of over 175 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.