Going forward, oversight of public interest international accountancy education will be overseen and regulated by the IFAC board, instead of the Public Interest Oversight Board, the overarching global independent oversight board set up by IFAC and the international financial regulatory community.

To remain relevant, professional accountants increasingly must demonstrate skills beyond today’s typically-recognised accountancy competencies, a factor which the two boards accept will result in a new training framework, IFAC stressed.

The overhaul will see the creation of an integrated approach to international accountancy education, overseen by IFAC, but still with the aim of providing and supporting international accountancy education in the public interest and with the legitimacy necessary for stakeholders to continue to participate and accept its outputs as credible.

A multi-stakeholder advisory group is being established to consult with key stakeholders, inform the development of the future model, and ensure a smooth transition from the IAESB. The advisory group will include IAESB and IAESB Consultative Advisory Group representation, which will be instrumental in developing and implementing the model.

‘Global business, technology, and education imperatives are placing new demands on the global profession, and we must anticipate and prepare for the future,’ says Anne-Marie Vitale, chair of the new advisory group and IAESB deputy chair.

‘We will work with key stakeholders to develop a model that considers, addresses and advances the needs of current and future accountants and acts in the public interest to progress a robust and relevant accountancy profession.’

The new setup will see the continuing provision of relevant International Education Standards (IES), IES implementation and will support professional accountancy organisations to provide ongoing training.

In advance of the transition, the IAESB will focus on accelerating the completion of its top priority projects, including revision to standards on continuing professional development (CPD) and finalising new related guidance, and on its pivotal work on information and communications technology and professional scepticism.

IAESB chair Chris Austin said: ‘A different model that combines standards development, capacity support, better leveraging the work of professional accountancy organisations, and monitoring compliance will have a bigger impact on the quality of accountancy education and hence on the profession. That will be in everyone’s best interest.’

The future model will be operational by 1 July 2019.

Report by Sara White