IFAC guidance on practical experience schemes

The International Accounting Education Standards Board (IAESB), part of the
International
Federation of Accountants (IFAC), has developed a guidance to assist member
organisations and others establish effective practical experience programmes.

The new guidance is part of the International Education Practice Statement
(IEPS) 3, ‘Practical Experience Requirements – Initial Professional Development
for Professional Accountants’, which has just been released by the Public
Interest Oversight Board (PIOB).

‘A period of practical experience is critical to the development of
professional accountants, enabling them to cultivate and demonstrate the
knowledge and skills that they have acquired during their education programme,’
Henry Saville, IAESB chair, said.

The practice statement indicates how IFAC members and associates may meet the
requirement for a period of practical experience for trainees to qualify as
professional accountants. It also explains how workplace output can be used to
assess competence developed by trainees during that period.

Further reading:

IFAC auditor unit calls for ‘right tone’ at top

IFAC policy urges active role on regulation