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IAESB finalizes proposals on audit engagement partner competence

  • IAESB (International Accounting Education Standards Board) (lt gray) Image

Dec 22, 2014

The International Accounting Education Standards Board (IAESB) has published a revised International Education Standard (IES) dealing with the professional competence of audit engagement partners.

IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements, outlines learning outcomes for professional competence that professional accountants are required to demonstrate when performing the role of an engagement partner responsible for audits of financial statements.

The new standard is effective from July 1, 2016, and is designed to be applied by member bodies of the International Federation of Accountants (IFAC), as they have the primary responsibility for ensuring their Initial Professional Development programmes meet the requirements.

Click for IAESB announcement (link to IFAC website), which also offers access to the revised standard.

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