IES 8 Professional Competence for Engagement Partners Responsible for Audit of Financial Statements
This webpage contains pronouncements, guides and articles that are relevant to IES 8 Professional Competence for Engagement Partners Responsible for Audit of Financial Statements.
1 July 2016
Why do we need this standard
IES 8 provides a closer link between the competence and capability requirements set out in ISA/HKSA 220 and ISQC/HKSQC 1 and addresses issues regarding the use of the term ‘audit professional’, which was not common within every audit engagement. IES 8 also recognize that learning and development occurs throughout an individual’s career and development and maintenance of competence required for performing the roles of an engagement partner occurs over time. While a premise of IES 8 is that engagement partners have already developed the professional competence to assume that role, IES 8 acknowledges that engagement partners operate in an environment of significant change which is why this particular IES requires engagement partners to develop and maintain professional competence throughout their careers.