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Accounting education standards for engagement partners updated

The International Accounting Education Standards Board recently released new g

The International Accounting Education Standards Board recently released the latest in its series of updates to accounting education standards. The International Education Standard 8, Professional Development for Engagement Partners Responsible for Audits of Financial Statements is now available for review.

“A primary way the accountancy profession protects the public interest is by requiring that engagement partners have the necessary skills and training to perform their roles effectively,” said Peter Wolnizer, IAESB chair. “The public has a right to expect that engagement partners are properly trained and can be relied upon to competently perform audits of financial statements throughout their careers.”

The revised standards set learning outcomes in areas related to technical competence and professional skills, as well as accounting ethics and attitudes. The IES 8 is geared toward the professional development of those who would audit the financial statements of larger, more complex organizations, but according to the IAESB, it will be of interest to a variety of stakeholders, including government authorities and regulators, educational institutions and employers. Comments can be sent through the IAESB website until December 11.

The IAESB plans to revamp all its standards over the next year. Recently, it released new guidelines for the IES 4, which outline the way accountants learn about values, ethics and professional attitudes.