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IFAC proposes new auditor education requirements

  • IFAC (International Federation of Accountants) (lt gray) Image

15 Apr 2005

Proposals just released by the International Federation of Accountants call for auditing professionals to have an advanced level of knowledge in three areas: financial statement audits, financial accounting and reporting, and information technology.

This advanced level of knowledge is deeper than that expected of other professional accountants. The proposals are set out in an exposure draft, Competence Requirements for Audit Professionals (PDF 128k). The ED also would require individuals to gain a period of relevant practical experience (normally a minimum of three years) before having substantial involvement in a financial audit assignment. For audits of financial statements in specific industries (such as banking and finance, extractive industries, and insurance) and specific environments (such as transnational audits), the proposed standard would require that the audit professional possess professional knowledge and experience relevant to those environments or industries. Comment deadline is 15 July 2005. Click for Press Release (PDF 67k).

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