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IES 8 - Professional Competence for Engagement Partners

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IESs Implementation Support Presentation by IAESB Staff, April 2015

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IES 8 - Professional Competence for Engagement Partners

  1. 1. Page 1 | Confidential and Proprietary Information IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) IES Implementation Support Material Prepared by: IAESB staff April 2015
  2. 2. Page 2 | Confidential and Proprietary Information Overview of Presentation IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised)  Introduction  Scope: Who? What? When? Why?  Objective  IES 8 establishes the professional competence that professional accountants develop and maintain when performing the role of an Engagement Partner  Requirements & Explanatory Material  Prescribe learning outcomes to be achieved by professional accountants when developing and maintaining professional competence to perform the role of an engagement partner  Require engagement partners to undertake CPD that develops and maintains the professional competence required for the role
  3. 3. Page 3 | Confidential and Proprietary Information Introduction - Scope IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) What?  Prescribes the professional competence required to develop & maintain when performing the role of an engagement partner responsible for audits of financial statements Who?  Targets IFAC member bodies, helpful to professional accountants, professional accounting firms, and regulators When?  Effective date: July 1, 2016 Why?  To protect the public interest by prescribing the professional competence that professional accountants performing the role of an engagement partner undertake through CPD to provide high quality services to clients, employers, and other stakeholders.
  4. 4. Page 4 | Confidential and Proprietary Information Objective IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) IES 8 establishes the professional competence that professional accountants develop and maintain when performing the role of an Engagement Partner  Establishing professional competence serves to:  Protect the public interest  Contribute to audit quality & enhance the work of engagement partners  Promote the credibility of the audit profession  Need to maintain and further develop professional competence because engagement partners operate in an environment of significant change
  5. 5. Page 5 | Confidential and Proprietary Information Requirements IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) Prescribe learning outcomes to be achieved by professional accountants when developing and maintaining professional competence to perform the role of an engagement partner  15 Competence areas  28 Learning Outcomes  Build on learning outcomes from IESs 2, 3, and 4  Undertake CPD appropriate to complexity of audits  IFAC Member Body may:  include additional competence areas; or  develop additional learning outcomes
  6. 6. Page 6 | Confidential and Proprietary Information Requirements IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) Require engagement partners to undertake CPD that develops and maintains the professional competence required for the role  Focus on one specific role rather than an engagement team or firm structure, including sole practitioner or within a small or medium practice
  7. 7. Page 7 | Confidential and Proprietary Information Copyright © April 2015 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in academic classrooms or for personal use and are not sold or disseminated and provided that each copy bears the following credit line: “Copyright © April 2015 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact permissions@ifac.org for permission to reproduce, store or transmit this document.” Otherwise, written permission from IFAC is required to reproduce, store, transmit, or make other similar uses of this document, except as permitted by law. Contact permissions@ifac.org. Copyright & Permissions IES 7, Continuing Professional Development (Redrafted)

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