Development of engagement partners to be revised

by Richard Crump

More from this author

13 Aug 2012

  • Comments

STANDARDS GOVERNING the development of audit engagement partners are to be revised as part of an initiative to improve the clarity of accounting education standards.

The education board of IFAC, the global accounting regulator, is consulting on changes to IES 8, the standard that governs the professional development for engagement partners responsible for audits of financial statements.

As part of the revised standard, the International Accounting Education Standards Board (IAESB) is proposing learning outcomes – rather than prescribing requirements – that demonstrate the professional competence required to become an engagement partner in areas relating to technical competence and professional skills, as well as professional values, ethics and attitudes.

The IAESB also included a new requirement for IFAC member bodies to regularly review and update their professional development programmes and included clarifications on practical experience and assessment activities.

IFAC member bodies will be required to establish appropriate assessment activities to assess the achievement of the necessary skills and values of aspiring engagement partners, and will need to prescribe the sufficiency of and the environment within which practical experience is obtained by the aspiring engagement partner.

"A primary way the accountancy profession protects the public interest is by requiring that engagement partners have the necessary skills and training to perform their roles effectively," said Peter Wolnizer, IAESB chairman. "The public has a right to expect that engagement partners are properly trained and can be relied upon to competently perform audits of financial statements throughout their careers."

As part of its initiative to improve the clarity of its standards, the IAESB is redrafting all eight of its IESs.

The IAESB is expecting to finalise IES 8 in the third quarter of 2013 and has provisionally agreed that IES 8 will be effective for implementation for periods beginning on or after 1 July, 2015.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.