Education and Training
High quality audit requires high quality auditors with the appropriate level of professional knowledge, professional skills, and professional values, ethics and attitudes, and this throughout their whole working lives. The Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts in the EU establishes a framework for the education and training.
However, in many ways, the current international and European education and training environment has been developed by standards-setters with considerable contribution coming from large audit firms. Auditors working in SMPs, particularly those in the smallest firms and sole practitioners, face a number of specific challenges, also as regards education and training.
The accountancy profession nowadays covers much more than the auditing. Hence educational curricula should address the differentiation of the structure of the profession. A variety of non-auditors, but fully-qualified accountants, is also at the very heart of EFAA interest. We believe that accountants in business as well as public accountants specialised in taxation, solvency, management accounting and other do have different needs in terms of education and training. This should be addressed by the regulators and training providers.
EFAA actively works at ensuring that important issues such as the Pre-qualification Education and Training, the Practical Experience rules and the Continuing Professional Development (CDP) rules are adapted to SMPs' needs.
We are involved in the Consultative Advisory Group of the International Accounting Education Standards Board (IAESB) affiliated with IFAC.
EFAA also set up an Expert Group on Education and Training.
- Articles 8 and 10 of the Directive 2006/43/EC on coverage of international standards in the test of theoretical knowledge and on auditing experience required as within practical training ,
- International Accounting Education Standards and related items,
- Practical training considerations.