Microsoft Word Audit Quality-Framework Final vs 20140214
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- Knowledge, Skills, Experience and Time – National Level
| Appendix 2 51 ethics and attitudes and practical experience, and continuing professional development (CPD) requirements. 69. Firms generally provide training in the technical aspects of auditing and in the requirements of their audit methodologies. Firms also provide essential practical experience by including trainees in engagement teams undertaking audit work. 8 Merging learning about the technical aspects of auditing with gaining practical experience is important because formal training is only part of the process by which auditors develop skills and experience. 70. Professional accountancy organizations that are members of IFAC have requirements relating to CPD and the development programs used by the firms are designed to build the competence of audit professionals. Such programs often address a wide range of areas relevant to the firm’s business as a whole, such as project management, information technology, and communication skills. It is important that firms dedicate sufficient time, resources and importance to training in audit and accounting matters including, where appropriate, specialized industry issues so as to provide the technical skills needed to support audit quality 1.6 Knowledge, Skills, Experience and Time – National Level 71. Key attributes are: Robust arrangements exist for licensing audit firms/individual auditors. Education requirements are clearly defined and training is adequately resourced and effective. Arrangements exist for updating auditors on current issues and for providing training to them in new accounting, auditing or regulatory requirements. The auditing profession is well-positioned to attract and retain individuals with appropriate qualities. 1.6.1 Robust Arrangements Exist for Licensing Audit Firms/Individual Auditors 72. Auditing is a public interest activity which needs to be performed by suitably qualified individuals working in an appropriate environment. To achieve this, there will commonly be national arrangements for licensing audit firms or individual auditors to perform audits. A register of approved firms and individuals will often be maintained by a competent authority. Authorities will often have the power to revoke the license in defined circumstances. 1.6.2 Education Requirements Are Clearly Defined and Training Is Adequately Resourced and Effective 73. Criteria for obtaining a license will usually involve educational requirements both for IPD and CPD. Audit quality will be facilitated if educational requirements are clearly defined and sufficient resources are applied to ensure training is effective. 74. The professional skills described in IESs underlie the competences needed to support audit quality. These competences are developed by a combination of theoretical training and practical 8 IES 8, paragraphs 54 and 59, establishes requirements for practical experience for audit professionals. |