IESs Implementation Support Presentation by IAESB Staff, April 2015

1. Page 1 | Confidential and Proprietary Information
IES 8, Professional Competence for
Engagement Partners Responsible for
Audits of Financial Statements (Revised)
IES Implementation Support Material
Prepared by: IAESB staff
April 2015

2. Page 2 | Confidential and Proprietary Information
Overview of Presentation
IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial
Statements (Revised)
 Introduction
 Scope: Who? What? When? Why?
 Objective
 IES 8 establishes the professional competence that professional
accountants develop and maintain when performing the role of an
Engagement Partner
 Requirements & Explanatory Material
 Prescribe learning outcomes to be achieved by professional accountants
when developing and maintaining professional competence to perform the
role of an engagement partner
 Require engagement partners to undertake CPD that develops and
maintains the professional competence required for the role

3. Page 3 | Confidential and Proprietary Information
Introduction - Scope
IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial
Statements (Revised)
What?
 Prescribes the professional competence required to develop & maintain when
performing the role of an engagement partner responsible for audits of financial
statements
Who?
 Targets IFAC member bodies, helpful to professional accountants, professional
accounting firms, and regulators
When?
 Effective date: July 1, 2016
Why?
 To protect the public interest by prescribing the professional competence that
professional accountants performing the role of an engagement partner
undertake through CPD to provide high quality services to clients, employers,
and other stakeholders.

4. Page 4 | Confidential and Proprietary Information
Objective
IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial
Statements (Revised)
IES 8 establishes the professional competence that
professional accountants develop and maintain when
performing the role of an Engagement Partner
 Establishing professional competence serves to:
 Protect the public interest
 Contribute to audit quality & enhance the work of engagement partners
 Promote the credibility of the audit profession
 Need to maintain and further develop professional competence
because engagement partners operate in an environment of significant
change

5. Page 5 | Confidential and Proprietary Information
Requirements
IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial
Statements (Revised)
Prescribe learning outcomes to be achieved by
professional accountants when developing and
maintaining professional competence to perform the role
of an engagement partner
 15 Competence areas
 28 Learning Outcomes
 Build on learning outcomes from IESs 2, 3, and 4
 Undertake CPD appropriate to complexity of audits
 IFAC Member Body may:
 include additional competence areas; or
 develop additional learning outcomes

6. Page 6 | Confidential and Proprietary Information
Requirements
IES 8, Professional Competence for Engagement Partners Responsible for Audits of Financial
Statements (Revised)
Require engagement partners to undertake CPD that
develops and maintains the professional competence
required for the role
 Focus on one specific role rather than an engagement team or firm
structure, including sole practitioner or within a small or medium
practice

7. Page 7 | Confidential and Proprietary Information
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IES 7, Continuing Professional Development (Redrafted)