The IAESB has 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 professional accountants are required to develop and maintain when performing the role of an Engagement Partner responsible for audits of financial statements.
The IAESB has prepared a Questions & Answers publication and a webcast series to address questions or issues that might arise on implementation of IES 8 by professional accountancy organizations, public accounting firms, or engagement partners.
“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).
Full press release
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