IE8 Revised ICAEW Procedures
ICAEW has amended its procedures to reflect the requirements of IES 8. Has your firm?When International Education Standard (IES) 8 Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) came into effect on 1 July 2016 (see box, right) it set new professional competence
requirements for audit engagement partners in all audit firms. In addition, the requirements for the competence of responsible individuals (RIs) became more precise. However, some firms
may have overlooked the changes and the need to take appropriate steps.
ICAEW drew firms’ attention to IES 8 before and after it came into force, with information in multiple editions of Audit News and Audit & Beyond.
Some of you may (or may not) recall a John Selwood Q&A on IES 8 in June 2016.
There is also a faculty webinar from 2015 on auditor competencies. Topics covered include technical competencies and professional skills, values, ethics and attitudes for auditors (as covered in IES 8).
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