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IES 8 CPD update tips

Professional development for responsible individuals is about more than technical updating.

We all know that it is vital to consider what continuing professional development (CPD) we undertake to ensure that we can properly do our jobs. Hopefully you will also remember that the ICAEW guide to CPD is based on an approach which can be summarised using the acronym RAID.

However, some of you may be less familiar with the International Accounting Education Standards Board and the standards it issues that provide us with more information on what sort of CPD we may need.

International Education Standard (IES) 8 Professional Competence for Engagement Partners Responsible for Audits of Financial Statements (Revised) sets out the competencies that you are expected to have if you are a responsible individual (RI), which the standard refers to as an engagement partner. Newer RIs will have needed to demonstrate these competencies when First being approved (see page 9). Subsequently, the competencies provide a useful checklist of topics and skills, so should be considered as part of your RAID approach to CPD. IES 8. The current version of IES 8 took effect from July 2016 but has had a relatively low proFile except for those seeking approval as an RI. As you might expect, the standard requires that RIs must develop and maintain their professional competence.

The learning outcomes that competence must be demonstrated against are set out in detail in Table A of IES 8, which includes a wide range of areas for competence.

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