NOTES & NEWS

Professional Competence for Engagement Partners Responsible for Audits of Financial Statements ( Revised )

The International Accounting Education Standards Body ( IAESB ) recently released a revised IES 8 , which addresses the professional competence that a professional accountant is required to develop and maintain when performing the role of an engagement partner responsible for audits of financial statements . The revised standard provides that these individuals should be required to demonstrate their professional competence through specific learning outcomes , including in the following competency areas : technical competence , professional skills and professional values , ethics , and attitudes . The revised standard also provides that these individuals should be required to undertake CPD that develops and maintains the professional competence required for this role . The Canadian accounting profession is currently considering recommendations to address the implementation of the revised IES 8 . Stay tuned for more information .

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In September 2016 , the CPABC board approved changes to governing documentation that will increase the public transparency of CPABC ’ s ethics complaint outcomes . The new policy , which will apply to all new ethics complaints received after April 1 , 2017 , requires that a redacted ( or anonymous ) summary of a completed determination and recommendation be posted on the publicly accessible section of the CPABC website , whereas such summaries are currently posted to a page that is only available to members . Under part 11 of the CPABC bylaws , the Investigation Committee is empowered to resolve ethics complaints by way of a determination and recommendation ( D & R ). A D & R is an agreement made by CPABC and the respondent member of the complaint to resolve the disciplinary matter . A D & R includes a determination that there are grounds for disciplinary action for rule breaches and a recommendation ( s ) for the appropriate sanction ( s ) against the member . By increasing transparency , the new policy will help strengthen public trust and instil increasing confidence in the profession ’ s regulatory practices . It will also help educate the public about what to expect if they wish to lodge a complaint . A positive perception of the effectiveness of CPABC regulation is fundamental to the long-term well-being of the profession ; as such , it is important that CPABC ’ s regulatory practices are perceived by stakeholders as being effective . The new policy is designed to find the balance between having , and being perceived as having , robust regulatory oversight while maintaining effective and efficient investigation and discipline processes that protect the public interest and are fair to members .

If you have questions about this notice , please contact the ethics department at ethics @ bccpa . ca . the problem solvers™

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CPABC in Focus • Nov / Dec 2016 11