IAESB releases new guidance

The board has this week issued support materials for the implementation of IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised).

This International Education Standard prescribes the professional competence that accountants are required to develop and maintain when performing the role of an engagement partner responsible for audits of financial statements.

“The Education Board’s new standard on audit engagement partner competence comes into effect July 1, 2016, and many around the world are actively preparing to meet its challenging requirements,” said IAESB chair Chris Austin.

“These support materials aim to assist those who have a role and responsibility for effective implementation of IES 8.”

IES 8 builds upon educational requirements of redrafted IES 7, Continuing Professional Development (2014); IES 2, Initial Professional Development – Technical Competence (2015); IES 3, Initial Professional Development – Professional Skills (2015); IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (2015); IES 5, Initial Professional Development – Professional Experience (2015); and IES 6, Initial Professional Development –  Assessment of Professional Competence (2015).