A new challenge for auditors: International Educational Standard 8

Author:Lecturer PhD. Daniel BOTEZ

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Keywords:competence requirements, audit professional, engagement partner, local standards and legal norms

Abstract:
Auditing is an integral part of the evolving system of accountability and responsibilities within organizations and society worldwide. Globalization of business has dramatically increased the need for consistent and high/quality financial reporting within countries and across border. Establishing internationally accepted benchmarks for the competence of audit professionals will help to promote internationally accepted standards in accounting and auditing. \r\n\r\nIES 8 prescribes competence requirements for audit professionals. IFAC member bodies need to establish policies and procedures that will allow members to meet the requirements of this IES before they take on the role of an audit professional. A specific IES for audit professionals is necessary because of the reliance the public and other third parties place on the audit of historical financial information. \r\n\r\nThe aim of this IES is to ensure that professional accountants acquire and maintain the specific capabilities required to work as competent audit professionals.

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