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Engagement partners responsible for the audits of financial statements
CPA Canada is a member of International Federation of Accountants (IFAC), and subsequently falls under the prescribed professional education standards issued by the International Accounting Education Standards Board (IAESB).
In accordance with national guidelines, CPA Prince Edward Island Continuing Professional Development policy has addressed the international guidance embodied in IES 8, through the following processes:
- Completion of an annual self-assessment & declaration by members performing the role of an engagement partner responsible for audits of financial statements, that they have undertaken sufficient relevant CPD to develop and maintain professional competence as required by IES 8;
- Annual self-assessments & declarations be subject to review and quality checks on the relevance of CPD taken through the provincial CPD audit process; and
- The provincial Practice Inspection Program (PIP), which utilizes a risk-adjusted cycle to review competence areas and learning outcomes specified in IES 8 (Revised) as part of the inspection and assessment of adherence to standards and quality control for all members performing the role of an engagement partner responsible for audits of financial statements.
Such self-assessment and declarations have been incorporated into the annual PD reporting submission for any members whom practice in this capacity, through the self-assessment and declaration of compliance with IES 8.
This document was developed and approved by the International Accounting Education Standards Board™ (IAESB™). The IAESB develops education standards, guidance, and information papers on pre-qualification education, training of professional accountants, and continuing professional education and development. The objective of the IAESB is to serve the public interest by setting high-quality education standards for professional accountants and by facilitating the convergence of international and national education standards