Auditing and Assurance Experience Level Required of Auditors

Question: Write about theAuditing and Assurancefor Experience Level Required of Auditors. Answer: The professional skills, technical competence, ethics, values and attitude required of Auditors is established by The International Accounting Education Standards Board (IAESB) an independent body that establishes standards for experts working in the professional accounting area, (Gomez, 2012). There are three key areas for which an Audit Professional is required to demonstrate its professional acumen. Knowledge IES 2 is the standard which prescribes the specific knowledge which is required of an audit professional. The specific knowledge competency is required in three key sectors (a) Financial Statement Audit; (b) Financial Accounting and Reporting; and (c) Information Technology. The knowledge should be of advanced level and its competence that which is expected of professional accountants, (Gomez, 2012). Professional Skills The purpose of the standard is to ensure that the development and application of professional skills are specific to those prescribed in IES 3. The Audit Professionals are expected to possess these skills and apply them in an appropriate audit environment suitable for professional accountants, (Leung, Coram Cooper, 2012). Practical Experience It is expected of all Audit Professionals that they gain the prescribed relevant practical experience before they get involved in financial statement audit work. The standard states that the audit professional can acquire this experience before, during or after qualifying as an audit professional but this practical experience must be gained while working under a senior auditor. Moreover, experience acquired should be of sufficient duration and depth and the audit professional should demonstrate the necessary competence and capabilities prescribed in the standard, (Leung, Coram Cooper, 2012). List of References Gomez, C. (2012), Auditing and Assurance: Theory and Practice. New Delhi: PHI Learning Pvt. Ltd. Leung, P., Coram, P. and Cooper, B.J. (2012), Modern Auditing and Assurance Services, 5th ed. Milton, QLD: John Wiley Sons.