Practical training guidance issued

News Article - 03 January 2008
Category: Business

The International Accounting Education Standards Board (IAESB) has developed a new practice statement to guide the industry on establishing practical experience programme.

As part of the International Federation of Accountants (IFAC), the IAESB's assistance will indicate to its members and associates not only how to undergo practical experience in order to become fully qualified accountants but also how organisations can assess that training stage.

Chair of the IAESB Henry Saville told Accountancy Age: "A period of practical experience is critical to the development of professional accountants, enabling them to cultivate and demonstrate the knowledge and skills that they have acquired during their education programme."

In related news, the International Auditing and Assurance Standards Board (IAASB), the independent standard-setting board under the IFAC, has proposed a new standard on auditing which deals with auditor responsibilities when a client uses more than one service organisation.

The IAASB has also planned a new international standard on 'assurance reports on controls at a third party service organisation' which intends to develop consistency between different countries in reporting.

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