Its time for the member bodies to modify their policies and procedures to ensure that audit professionals meet the competence requirements of International Education Standard (IES) 8 released by The International Accounting Education Standards Board (IAESB).

Auditing is generally defined as a process that can be performed by a team of professionals, involving application of professional judgment and analytical skills, directed with managerial skills. Application of professional skepticism uses the appropriate form of technology and adheres to a certain methodology. Organizations voluntarily undertake audits to evaluate fairness of financial responsibilities or provide a credible report of financial assessment of their resources to shareholders.

Entities related to auditing will operate with different organizational structures in public, private, and non-profit sectors. Audit assignment considers various factors, which include the entity and its environment, external factors such as industry or sectors, and suitable financial reporting framework. These factors must be understood and evaluated appropriately.

Globalization of businesses across the world directly affects the accounting and auditing as it has dramatically increased the need for consistent high-quality reporting from the industry. Establishing internationally accepted benchmarks for the competence of audit professionals will help to promote internationally accepted standards in accounting and auditing.

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