Competence for Engagement Partners Responsible for Audits of Financial Statements Being Revised

The International Accounting Education Standards Body (IAESB) recently released a revised IES 8, which addresses the professional competence that a professional accountant is required to develop and maintain when performing the role of an engagement partner responsible for audits of financial statements. The revised standard provides that these individuals should be required to demonstrate their professional competence through specific learning outcomes, including in the following competency areas: technical competence, professional skills and professional values, ethics, and attitudes. The revised standard also provides that these individuals should be required to undertake CPD that develops and maintains the professional competence required for this role. The Canadian accounting profession is currently considering recommendations to address the implementation of the revised IES 8. Stay tuned for more information.