The regulation of professional accounting education

Page 1 | Confidential and Proprietary InformationThe Regulation of Professional Accounting Education Professor Peter Wolnizer IAESB Chair Professor Emeritus , University of Sydney... Pag

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Page 1 | Confidential and Proprietary Information

The Regulation of Professional Accounting Education

Professor Peter Wolnizer

IAESB Chair

Professor Emeritus , University of Sydney

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• Expanding network of 167 member bodies in 127 countries, representing 2.5 million

accountants.

• IFAC is committed to protecting the public interest by developing high-quality international standards.

IFAC Today

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International Auditing and Assurance Standards Board

International Ethics Standards Board for Accountants

International Public Sector Reporting Standards Board

International Accounting Education Standards Board

4 Standard-Setting Boards

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"The foundation of every state is the education of its youth."

Diagenes Laertius, 3rd Century

"The foundation of the accounting profession is the education of its current and prospective

members."

Wolnizer, adaptation 2012

Our raison d’être

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“ to serve the public interest by strengthening the worldwide

accountancy profession through the development and enhancement of education.”

Our mission

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More competent accountants

• Strengthen the ability of the accountancy profession to provide more competent

services in an increasingly complex, globally inter-connected and rapidly changing

commercial world.

• Enhance public trust in the global accountancy profession.

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A shared standard-setting process involving

• Volunteer members - including practicing accountants, academics, representatives from

business, the forum of firms and the public

• Public Interest Oversight Board (PIOB) - oversight of Board’s activities

• Consultative Advisory Group (CAG) – strategic and operational advice

• IFAC staff – facilitate structures and processes that support the operations of the IAESB

How Do We Operate?

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The IAESB serves the public interest

• By promulgating high quality standards and guidance statements that are designed to

enhance the education, development and assessment of professional accountants

• By promoting the adoption and implementation of the International Education Standards

(IESs)

• By developing education benchmarks for measuring the implementation of the IESs

• By advancing international debate on emerging issues relating to the education,

development and assessment of professional accountants

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IAESB pronouncements

• International Education Standards

• International Education Practice Statements

• International Education Information Papers

• Other Support Materials (toolkits, Q&As )

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• Prescribe the professional knowledge, skills, values, ethics and attitudes required of

professional accountants.

• Act as benchmarks for professional accounting education.

• Promote lifelong learning through continuous professional development and education.

International Education Standards (IESs)

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International Education Standards (IESs) aim to

• Reduce international differences in the requirements to qualify and work as a

professional accountant

• Facilitate global mobility of professional accountants

• Provide international benchmarks against which IFAC member bodies can measure themselves

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International Education Standards (IESs)

IES 1 , Entry Requirements to a Program of Professional Accounting Education

IES 2, Content of Professional Accounting Education Programs

IES 3, Professional Skills and General Education

IES 4, Professional Values, Ethics and Attitudes

IES 5, Practical Experience Requirements

IES 6, Assessment of Professional Capabilities and Competence

IES 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of

Professional Competence

IES 8, Competence Requirements for Audit Professionals

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• Improve clarity

• Ensure consistency with new Framework (2009) document

• Clarify issues resulting from environment and experience

• Recast in terms of learning outcomes

• Ensure wide and sufficient consultation

Aim of the IES Revision Project

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Consequences

• Ensure consistent application by reducing ambiguity about the requirements imposed on an IFAC member body.

• Draw attention to the important obligations of IFAC member bodies

• Follow up to revision project with implementation guidance

• Promote consistency in practice and share good practices in learning and development

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Impact of Revised Standards- Selected Stakeholders

IES Status Developed PAO Developing PAO University Regulator

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Clarified IES 7,

Continuing Professional Development

Redrafting of Standard

Clarify wording of requirements

Re-organize the presentation of explanatory material

Ensure consistency with concepts of new Framework (2009) document and terminology of other Standards

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IES 7, Continuing Professional Development (CPD)

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IES 2, Initial Professional Development – Technical Competence

New Requirements

Learning Outcomes Approach to demonstrate professional competence

Regular Review of Professional Accounting Education Programs

Assessment activities

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Current Exposure Drafts:

IES 2, Initial Professional Development – Technical Competence (November 1, 2012)

IES 3, Initial Professional Development – Professional Skills (November 1, 2012)

IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (October 11,

2012)

IES 8, Professional Development for Engagement Partners Responsible For Audits of Financial

Statements (December 11, 2012)

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