IFAC extends comment period on auditor competence ED

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03 Jul 2005

IFAC's Education Committee has extended the comment period on its exposure draft Competence Requirements for Audit Professionals (PDF 128k) until 15 August 2005. The deadline had been 15 July 2005. The proposal calls for auditing professionals to have an advanced level of knowledge in three areas: financial statement audits, financial accounting and reporting, and information technology.

That advanced level of knowledge is deeper than is expected of other professional accountants. 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. Click for Press Release (PDF 67k).

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