“To protect the public interest, engagement partners need to have the necessary skills and competencies to perform their roles effectively,” said the IAESB Chair.
The IAESB has published IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised).
The IES is primarily aimed at IFAC member bodies, but recognizes the shared responsibilities of engagement partners, public accounting firms, and regulators as part of the system of quality control for engagement teams performing audits of financial statements. It will also be of interest to employers, regulators, government authorities, educational organizations, and any other stakeholders who support the learning and development of professional accountants.
The IAESB recognizes that continuing professional development is critical to develop and maintain competence of professional accountants performing the role of engagement partner. Accordingly, the IAESB has specified the learning outcomes to be achieved for the professional competence of an engagement partner, including learning outcomes in the areas of technical competence, professional skills, and professional values, ethics, and attitudes. As the career of an engagement partner progresses, practical experience also becomes increasingly important in maintaining and further developing the necessary depth and breadth of professional competence.
“The public has a right to expect that engagement partners continue to develop and maintain their professional competence so that they can be relied upon to competently perform audits of financial statements throughout their careers,” said Prof. Peter Wolnizer, IAESB Chair.
Press release
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