The Changing Landscape of Educational Standards in the Accountancy Profession
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Presentation by Saleem Kharwa at the 2nd ACOA Congress May 2013
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The Changing Landscape of Educational Standards in the Accountancy Profession
- 1. Page 1 | Confidential and Proprietary Information The Changing Landscape of Educational Standards in the Accountancy Profession Saleem Kharwa IAESB Deputy Chair 2nd ACOA Congress May 2013
- 2. Page 2 | Confidential and Proprietary Information “ to serve the public interest by strengthening the worldwide accountancy profession through the development and enhancement of education.” What Is Our Mission?
- 3. Page 3 | Confidential and Proprietary Information What Are Our Objectives? To serve the public interest by • Establishing a series of high quality standards and other publications reflecting good practice in the education, development and assessment of professional accountants • Promoting the adoption and implementation of the International Education Standards (IESs) • Developing education benchmarks for measuring the implementation of the IESs • Advancing international debate on emerging issues relating to the education, development and assessment of professional accountants
- 4. Page 4 | Confidential and Proprietary Information 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?
- 5. Page 5 | Confidential and Proprietary Information • Changing requirements for knowledge and skills of the accountancy profession • Increasing accountability expectations for accountancy profession • Increasing flexible & diverse learning & development models for accounting education • Increasing involvement of regulators & policy makers in higher education • Increasing global mobility of labor & capital • Increasing amount of information & ability to analyze and use this information • Increasing global in their operations & international in MB collaborations • Increasing pervasiveness of technology in commerce, accounting practices, learning models and how work is done Findings from IAESB 2012 Public Consultation Survey Emerging Educational Trends
- 6. Page 6 | Confidential and Proprietary Information Who Are Stakeholders? • Professional Accountancy Organizations – Design, delivery, or assessment of education programs for accountants • Universities & Employers – Delivery & assessment of education programs for accountants • Regulators – Oversight of the work of the accountancy profession
- 7. Page 7 | Confidential and Proprietary Information Who Are Stakeholders? • Government Authorities – Legal and regulatory requirements related to accounting education • Accountants and Prospective Accountants – Learning and development • Other stakeholders – Delivery & developments on accounting education materials.
- 8. Page 8 | Confidential and Proprietary Information • Prescribe the range of technical competence, professional skills, professional values, ethics and attitudes required • Develop an attitude of lifelong learning • Focus on learning outcomes, not inputs • Acts as benchmarks for professional accounting education International Education Standards
- 9. Page 9 | Confidential and Proprietary Information What Are the Expected Outcomes of IESs? • Reducing international differences in the requirements to qualify and work as a professional accountant • Facilitating global mobility of professional accountants • Providing international benchmarks against which IFAC member bodies can measure themselves.
- 10. Page 10 | Confidential and Proprietary Information Aim of Revision Project: • Improve clarity • Ensure consistency with new Framework (2009) document • Clarify issues resulting from environment and experience • Ensure wide and sufficient consultation International Education Standards- Revision Project
- 11. Page 11 | Confidential and Proprietary Information Revised International Education Standards IES 1, Entry Requirements to Professional Accounting Education Programs IES 2, Initial Professional Development – Technical Competence IES 3, Initial Professional Development – Professional Skills IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes IES 5, Initial Professional Development – Practical Experience IES 6, Initial Professional Development – Assessment of Professional Competence IES 7, Continuing Professional Development IES 8, Professional Development for Engagement Partners Responsible for Audits of Financial Statements Initial Professional Development Continuing Professional Development
- 12. Page 12 | Confidential and Proprietary Information 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
- 13. Page 13 | Confidential and Proprietary Information Impact of Revision of Standards IES Status Developed PAO Developing POA University Regulator 1 Standard M M L L 2 Post- Exposure H H H M 3 Post- Exposure M H M L 4 Post- Exposure M H M M 5 Standard M M L M 6 Standard M M M M 7 Standard H H L M 8 Post- Exposure H H L H
- 14. Page 14 | Confidential and Proprietary Information Sources of Information http://www.ifac.org/education THANK YOU Information
Notas do Editor
- Event:International Accounting Education Standards Board Outreach ActivityTitle of presentation:Overview of International Accounting Education Standards Board
- IAESB Mission Statement is: to serve the public interest by strengthening the worldwide accountancy profession through the development and enhancement of education.”
- The IAESB operates under a shared standard-setting process involving IAESB membersThe IAESB consists of a chairman, a deputy chairman, and 16 members – all volunteers from around the world, comprising accounting academics, practitioners in public practice, accountants in business, the public, and other individuals with an interest in its work. These members are equally balanced between practicing auditors and accountants and those not in practice, along with three public members. Public Interest Oversight BoardThe PIOB oversees the IAESB and the IAESB Consultative Advisory Group to ensure that their activities respond properly to the public interest. There are 10 PIOB members; they are nominated by the International Organization of Securities Commissions, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the World Bank, and the European Commission. The Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.IAESB Consultative Advisory GroupThe IAESB Consultative Advisory Group (CAG) engages in active consultation with the IAESB to ensure that the public’s interest is represented in the development and maintenance of the IAESB’s standards, agenda, project timetable, and priorities. The CAG is made up of regulators, preparers of financial information, and others with an interest in international auditing and assurance. A list of the CAG member organizations can be found on the IFAC website. IFACThe structures and processes that support the operations of the IAESB are facilitated by IFAC.
- The IAESB operates under a shared standard-setting process involving IAESB membersThe IAESB consists of a chairman, a deputy chairman, and 16 members – all volunteers from around the world, comprising accounting academics, practitioners in public practice, accountants in business, the public, and other individuals with an interest in its work. These members are equally balanced between practicing auditors and accountants and those not in practice, along with three public members. Public Interest Oversight BoardThe PIOB oversees the IAESB and the IAESB Consultative Advisory Group to ensure that their activities respond properly to the public interest. There are 10 PIOB members; they are nominated by the International Organization of Securities Commissions, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the World Bank, and the European Commission. The Public Interest Oversight Board, which oversees the activities of the IAESB, and the IAESB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAESB are facilitated by IFAC.IAESB Consultative Advisory GroupThe IAESB Consultative Advisory Group (CAG) engages in active consultation with the IAESB to ensure that the public’s interest is represented in the development and maintenance of the IAESB’s standards, agenda, project timetable, and priorities. The CAG is made up of regulators, preparers of financial information, and others with an interest in international auditing and assurance. A list of the CAG member organizations can be found on the IFAC website. IFACThe structures and processes that support the operations of the IAESB are facilitated by IFAC.