Engagement partners

International Education Standard 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) has been issued

International Education Standard 8, Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) is aimed at IFAC bodies but should also be considered by firms and engagement partners.

The revised standard focuses on the professional competence requirement for engagement partners who have responsibility for audits of financial statements and is effective from 1 July 2016.

Table A: Learning Outcomes for the Professional Competence of an Engagement Partner in the standard highlights the minimum CPD assessment that will be required by an IFAC body of a professional accountant performing the role of an engagement partner.  

Auditors and firms may wish to review the table and their auditor training requirements.