The knowledge needed to function effectively as a professional accountant in all sectors continues to expand and change at a rapid rate. Professional accountants face increased knowledge and skill expectations. Continued development of professional competence and lifelong learning are critical if the professional accountant is to meet these expectations.
This International Education Standard (IES) 7, Continuing Professional Development: A Program of Lifelong Learning and Continuing Development of Professional Competence, prescribes that member bodies:
- Foster a commitment to lifelong learning among professional accountants;
- Facilitate access to continuing professional development opportunities and resources for their members;
- Establish for their members benchmarks for developing and maintaining the professional competence necessary to protect the public interest; and
- Monitor and enforce the continuing development and maintenance of professional competence of professional accountants.