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DAVID McPEAKSenior Technical Manager,
International Accounting Education Standards Board
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The Opportunities and
Challenges in Adopting the New
International Education
Standards
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Overview of IESs
International Education Standards
Audience
IFAC Member Bodies
Coverage
Policy & Professional Accounting Education Programs
Level of Authority
“To Prescribe …”
Scope
“Advancing accountancy profession by establishing
benchmarks..”
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Learning & Development
Initial Professional Development
Entry Requirements to Professional Accounting Education Programs
Content of Professional Accounting Education
Practical Experience
Assessment
Continuing Professional Development
Continuing Professional Development
Specialization- Audit Competence
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International Education Standards
IES 1, Entry Requirements to Professional Accounting
Education Programs
IES 2, Initial Professional Development – Technical
Competence
IES 3, Initial Professional Development – Professional
Skills
IES 4, Initial Professional Development – Professional
Values, Ethics, and Attitudes
IES 5, Initial Professional Development – Practical
Experience
IES 6, Initial Professional Development – Assessment
of Professional Competence
IES 7, Continuing Professional Development
IES 8, Professional Competence for Engagement
Partners Responsible for Audits of Financial
Statements
Initial Professional
Development
Continuing
Professional
Development
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Implications of IESs
• Professional Accounting Education now has a career-long continuum
encompassing:
– Initial Professional Development
– Continuing Professional Development
• Professional Accounting Education Programs are expected to:
– Be competence-based
– Include learning outcomes
– Have relevant assessment activities
– Be regularly reviewed
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Question 1
What are the challenges and opportunities in implementing the new
International Education Standards?
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Governance & Accountability Systems
• Legislation
– Legal & Organizational
– Constitution & By-Laws
• Regulatory Structure & Professional Standards
– Accountants Act
– Admission Requirements
– Disciplinary Systems
– Quality Assurance Review Systems
• Governance Structure
– Council
– CEO
– Committees
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Example of Accountability Relationships in Europe
European Audit Directive
E. Commission
CEAOB
ESMA
NAOB
Nat. Gov‘t
National LawIAESB
IESs
Universities
National PAOs
IFAC
SMOs
Common ContentProject
Firms
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Question 2
What are the accountability relationships and mechanisms relating to the
new Education Standards, and how might they help or hinder their
adoption and implementation?
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Implementation
• Implementation is concerned with the practical steps necessary to
make use of the standards
• Implementation support is demonstrated by 4 different activity streams:
– Availability – actions to make the standards and guidance available to
the primary target audience
– Accessibility – actions taken to make the standards and guidance
accessible in languages other than English
– Application Support – actions to assist end users in applying the
standards
– Training and Education Materials – actions to support organizations
providing CPD and/or universities
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IAESB Strategic Objective
To serve the public interest by
• Promulgating a series of high-quality standards and other publications
reflecting good practice in the education, development, and
assessment of professional accountants
• Promoting the adoption and implementation of the IESs
• Developing education benchmarks for measuring the implementation
of the IESs
• Periodically reviewing the need for further revisions to any of the IESs,
or for developing additional standards
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Question 3
• What type of support is needed in implementing the new International
Education Standards?
• What role can the IAESB play in supporting the implementation of the
new International Education Standards?
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Project Purpose and Participating Institutes
To develop, maintain and unify high quality auditor and accountancy education benchmarks reflected in
national qualifications that meet the challenges posed by globalization and diverse stakeholders.
Country Member Body
BelgiumInstituut van de Bedrijfsrevisoren / Institut des Réviseurs d’Entreprises (IBR-IRE) (associate member)
FranceCompagnie Nationale des Commissaires aux Comptes (CNCC)
Order des Experts-Comptables (OEC)
GermanyInstitut der Wirtschaftsprüfer (IDW)
Wirtschaftsprüferkammer (WPK)
Ireland Chartered Accountants Ireland (CAI)
ItalyConsiglio Nazionale dei Dottori Commercialisti e Esperti Contabili (CNDCEC)
Netherlands Nederlandse Beroepsorganisatie van Accountants (NBA)
United Kingdom Institute of Chartered Accountants in England & Wales (ICAEW)
Institute of Chartered Accountants of Scotland (ICAS)