The International Accounting Education Standards Board (IAESB), an independent standard-setting board within the International Federation of Accountants (IFAC), has disclosed a new audit standard entitled "Competence Requirements for Audit Professionals (IES 8)"
The new Standard highlights the skills, training, professional values, and attitudes necessary for auditors to perform adequately.
The Chair of IAESB Henry Saville pointed out that the new standard will play a major role in ensuring that all the accountants have the qualifications needed to maintain their jobs.
"The public has a right to expect that all audit professionals are properly trained and can be relied upon to perform competently throughout their careers" said Saville
IES 8 is expected to be effective on July 1, 2008. Hence, IFAC members bodies are expected to modify their polices and procedures to ensure that the audit professionals meet the requirements of IES 8.
The requirements include the knowledge of audit, financial reporting, relevant information technology knowledge, and the professional's skills and values. In addition to ethics and attitudes expected from audit professionals.
The IES 8 will play a major role in impacting the education of new a audit professionals. Education and development for new audit professionals will need to comply with the new standard's requirement.
IFAC is the Global Organization for Accountancy profession dedicated to serving public interest by strengthening the profession and contributing to the development of strong international economies.
The IAESB, an independent standard-setting board within IFAC, it develops standards and guidance on pre-qualification education, training, and continuing professional education and development for all members of the accountancy profession.
For more information, please visit the following website: http://www.ifac.org