The regulation of professional accounting education
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The Regulation of Professional Accounting Education
Professor Peter Wolnizer
IAESB Chair
Professor Emeritus , University of Sydney
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IFAC Today
•
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.
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4 Standard-Setting Boards
International Auditing and Assurance Standards Board
International Ethics Standards Board for Accountants
International Public Sector Reporting Standards Board
International Accounting Education Standards Board
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Our raison d’être
"The foundation of every state is the education of its youth."
Diagenes Laertius, 3
rd
Century
"The foundation of the accounting profession is the education of its current and prospective
members."
Wolnizer, adaptation 2012
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Our mission
“ to serve the public interest by strengthening the worldwide
accountancy profession through the development and
enhancement of education.”
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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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How Do We Operate?
A shared standard-setting process involving
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Volunteer members - including practicing accountants, academics, representatives from
business, the forum of firms and the public
•
•
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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
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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)
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By developing education benchmarks for measuring the implementation of the IESs
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By advancing international debate on emerging issues relating to the education,
development and assessment of professional accountants
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IAESB pronouncements
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International Education Standards
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International Education Practice Statements
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International Education Information Papers
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Other Support Materials (toolkits, Q&As )
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International Education Standards (IESs)
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Prescribe the professional knowledge, skills, values, ethics and attitudes required of
professional accountants.
•
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Act as benchmarks for professional accounting education.
Promote lifelong learning through continuous professional development and education.
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International Education Standards (IESs) aim to
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Reduce international differences in the requirements to qualify and work as a
professional accountant
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Facilitate global mobility of professional accountants
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Provide international benchmarks against which IFAC member bodies can measure
themselves
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International Education Standards (IESs)
Pre-Qualification
Entry Requirements for Professional Accounting
Post-Qualification
Continuing Professional Development (IES 7)
Education Program(IES 1)
Specialization (IES 8)
Content of Professional Accounting Education
(IESs 2,3,4)
Practical Experience (IES 5)
Assessment (IES 6)
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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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Aim of the IES Revision Project
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•
•
•
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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
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Consequences
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Ensure consistent application by reducing ambiguity about the requirements imposed on an
IFAC member body.
•
•
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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
1
Standard
M
M
L
L
2
Exposure
H
H
H
M
3
Exposure
M
H
M
L
4
Re-Exposure
M
H
M
M
5
Post-Exposure
M
M
L
M
6
Standard
M
M
M
M
7
Standard
H
H
L
M
8
Exposure
H
H
L
H
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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)
Requirements:
IFAC Member Bodies shall
Promote CPD
Facilitate CPD
Require mandatory CPD
Establish a preferred approach to measure CPD (e.g., Input-based, output-based,
combined approaches)
Monitor CPD & provide appropriate sanctions
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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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Information
Sources of Information
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THANK YOU
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