Page 1 | Confidential and Proprietary Information The Regulation of Professional Accounting Education Professor Peter Wolnizer IAESB Chair Professor Emeritus, University of Sydney

Page 2 | Confidential and Proprietary Information Expanding network of 167 member bodies in 127 countries, representing 2.5 million accountants. IFAC is committed to protecting the public interest by developing high-quality international standards. IFAC Today

Page 3 | Confidential and Proprietary Information International Auditing and Assurance Standards Board International Ethics Standards Board for Accountants International Public Sector Reporting Standards Board International Accounting Education Standards Board 4 Standard-Setting Boards

Page 4 | Confidential and Proprietary Information "The foundation of every state is the education of its youth." Diagenes Laertius, 3 rd Century "The foundation of the accounting profession is the education of its current and prospective members." Wolnizer, adaptation 2012 Our raison d’être

Page 5 | Confidential and Proprietary Information “ to serve the public interest by strengthening the worldwide accountancy profession through the development and enhancement of education.” Our mission

Page 6 | Confidential and Proprietary Information More competent accountants Strengthen the ability of the accountancy profession to provide more competent services in an increasingly complex, globally inter-connected and rapidly changing commercial world. Enhance public trust in the global accountancy profession.

Page 7 | Confidential and Proprietary Information A shared standard-setting process involving Volunteer members - including practicing accountants, academics, representatives from business, the forum of firms and the public Public Interest Oversight Board (PIOB) - oversight of Board’s activities Consultative Advisory Group (CAG) – strategic and operational advice IFAC staff – facilitate structures and processes that support the operations of the IAESB How Do We Operate?

Page 8 | Confidential and Proprietary Information The IAESB serves the public interest By promulgating high quality standards and guidance statements that are designed to enhance the education, development and assessment of professional accountants By promoting the adoption and implementation of the International Education Standards (IESs) By developing education benchmarks for measuring the implementation of the IESs By advancing international debate on emerging issues relating to the education, development and assessment of professional accountants

Page 9 | Confidential and Proprietary Information IAESB pronouncements International Education Standards International Education Practice Statements International Education Information Papers Other Support Materials (toolkits, Q&As )

Page 10 | Confidential and Proprietary Information Prescribe the professional knowledge, skills, values, ethics and attitudes required of professional accountants. Act as benchmarks for professional accounting education. Promote lifelong learning through continuous professional development and education. International Education Standards (IESs)

Page 11 | Confidential and Proprietary Information International Education Standards (IESs) aim to Reduce international differences in the requirements to qualify and work as a professional accountant Facilitate global mobility of professional accountants Provide international benchmarks against which IFAC member bodies can measure themselves

Page 12 | Confidential and Proprietary Information International Education Standards (IESs) Pre-Qualification Entry Requirements for Professional Accounting Education Program(IES 1) Content of Professional Accounting Education (IESs 2,3,4) Practical Experience (IES 5) Assessment (IES 6) Post-Qualification Continuing Professional Development (IES 7) Specialization (IES 8)

Page 13 | Confidential and Proprietary Information International Education Standards (IESs) IES 1, Entry Requirements to a Program of Professional Accounting Education IES 2, Content of Professional Accounting Education Programs IES 3, Professional Skills and General Education IES 4, Professional Values, Ethics and Attitudes IES 5, Practical Experience Requirements IES 6, Assessment of Professional Capabilities and Competence IES 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence IES 8, Competence Requirements for Audit Professionals

Page 14 | Confidential and Proprietary Information Improve clarity Ensure consistency with new Framework (2009) document Clarify issues resulting from environment and experience Recast in terms of learning outcomes Ensure wide and sufficient consultation Aim of the IES Revision Project

Page 15 | Confidential and Proprietary Information Consequences Ensure consistent application by reducing ambiguity about the requirements imposed on an IFAC member body. Draw attention to the important obligations of IFAC member bodies Follow up to revision project with implementation guidance Promote consistency in practice and share good practices in learning and development

Page 16 | Confidential and Proprietary Information Impact of Revised Standards- Selected Stakeholders IESStatusDeveloped PAO Developing PAO UniversityRegulator 1 Standard MMLL 2 Exposure HHHM 3 MHML 4 Re- Exposure MHMM 5 Post- Exposure MMLM 6 Standard MMMM 7 HHLM 8 Exposure HHLH

Page 17 | Confidential and Proprietary Information Clarified IES 7, Continuing Professional Development Redrafting of Standard Clarify wording of requirements Re-organize the presentation of explanatory material Ensure consistency with concepts of new Framework (2009) document and terminology of other Standards

Page 18 | Confidential and Proprietary Information IES 7, Continuing Professional Development (CPD) Requirements: IFAC Member Bodies shall Promote CPD Facilitate CPD Require mandatory CPD Establish a preferred approach to measure CPD (e.g., Input-based, output-based, combined approaches) Monitor CPD & provide appropriate sanctions

Page 19 | Confidential and Proprietary Information IES 2, Initial Professional Development – Technical Competence New Requirements Learning Outcomes Approach to demonstrate professional competence Regular Review of Professional Accounting Education Programs Assessment activities

Page 20 | Confidential and Proprietary Information Current Exposure Drafts: IES 2, Initial Professional Development – Technical Competence (November 1, 2012) IES 3, Initial Professional Development – Professional Skills (November 1, 2012) IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (October 11, 2012) IES 8, Professional Development for Engagement Partners Responsible For Audits of Financial Statements (December 11, 2012)

Page 21 | Confidential and Proprietary Information Sources of Information Survey URL: at THANK YOU Information