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D17520 1 (2017-08-31)

handle is hein.gao/gaobadttw0001 and id is 1 raw text is: ctAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 August 31, 2017 Mr. David McPeak, IAESB Principal International Accounting Education Standards Board International Federation of Accountants 529 5th Avenue New York, New York 10017 GAO's Response to the International Accounting Education Standards Board's June 2017 Exposure Draft, Proposed International Education Standard 7, Continuing Professional Development (Revised) Dear Mr. McPeak: This letter provides GAO's comments on the International Accounting Education Standards Board's (IAESB) exposure draft, Proposed International Education Standard (IES) 7, Continuing Professional Development (Revised). GAO promulgates generally accepted government auditing standards, which provide professional standards for auditors of government entities in the United States. We appreciate the IAESB's efforts to update the Continuing Professional Development (CPD) standards to serve the public interest. We agree that CPD includes learning and development activities that contribute to developing and maintaining professional competence, such as (1) education; (2) training; (3) practical experience; (4) mentoring and coaching, (5) networking and sharing of knowledge and experiences; (6) observation, feedback, and reflective activity; (7) planned self-development activities; and (8) unstructured acquiring of knowledge. However, we believe that requiring a minimum specified amount of CPD measured using an input-based approach best facilitates monitoring and enforcement of the requirements. Therefore, we suggest that the CPD standard include a requirement for the professional accountant to complete a specified amount of CPD relevant to the accountant's role and professional responsibilities measured in hours or equivalent learning units. While we believe that learning and development activities measured using the output-based approach also contribute to developing and maintaining a professional accountant's competence, these activities may be more difficult to consistently measure, monitor, and enforce and should be undertaken in addition to activities measured using the input-based approach. Our responses to the IAESB's specific questions follow. We believe that our suggestions will enhance the standard's consistency with those promulgated by other standard setters. Specific Comments 1. Is the Objective statement (see paragraph 8) of the proposed IES 7 (see Appendix 1) appropriate and clear? The Objective statement is appropriate and clear. Page 1

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