The document presents an overview of the International Education Standard (IES) 4 regarding initial professional development of professional values, ethics, and attitudes for aspiring professional accountants. IES 4 establishes learning outcomes in areas such as professional skepticism and judgment, ethical principles, and commitment to the public interest. It requires accounting education programs to provide training on professional values and ethics based on standards like the IESBA Code of Ethics, and to assess whether students demonstrate achievement of related competencies.

1. Page 1 | Confidential and Proprietary Information
IES 4, Initial Professional Development–
Professional Values, Ethics, & Attitudes
(Revised)
IES Implementation Support Material
Prepared by: IAESB staff
April 2015

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Overview of Presentation
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
 Introduction
 Scope: Who? What? When? Why?
 Objective
 IES 4 establishes the professional values, ethics, and attitudes to
perform a role as a professional accountant
 Requirements & Explanatory Material
 Provide a framework for professional values, ethics, and attitudes
 Integrate relevant ethical requirements

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Overview of Presentation (continued)
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
 Requirements & Explanatory Material (continued):
 Prescribe learning outcomes to be achieved by aspiring professional
accountants by the end of IPD
 Review and update professional accounting education program
 Design learning and development activities to include reflective activities
 Establish assessment activities to measure achievement of professional
values, ethics, and attitudes

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Introduction - Scope
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
What?
 Prescribes learning outcomes for professional values, ethics, and
attitudes required by the end of initial professional development
Who?
 Targets IFAC member bodies, helpful to accountants, providers,
employers, regulators, and government authorities
When?
 Effective date: July 1, 2015
Why?
 To protect the public interest by improving the quality of professional
accounting education to enhance competence and judgment of
professional accountants

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Objective
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
IES 4 establishes the professional values, ethics, and
attitudes needed by aspiring professional accountants
 Establishing professional values, ethics, and attitudes serves to
 Protect the public interest
 Enhance the quality of work by professional accountants
 Promote the credibility of the accountancy profession
 Requiring professional values, ethics, and attitudes skills to be
developed and demonstrated by the end of IPD
 To perform a role as a professional accountant

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Requirements
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
Provide a framework of professional values, ethics, &
attitudes
 Delivered through Professional Accounting Education Programs
 Content of framework established by relevant ethical requirements (e.g.,
IESBA Code of Ethics)
 Aimed at Aspiring Professional Accountants
 Exercise professional judgment
 Act in ethical manner that is in public interest

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Requirements
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
Integrate relevant ethical requirements
 Throughout Professional Accounting Education Program
 To encourage recognition and consideration of wider ethical implications
 Relevant Ethical Requirements Are:
 Ethical requirements to which professional accountants are subject
 Ordinarily comprise the IESBA Code of Ethics for Professional Accountants
together with any national requirements that are more restrictive

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Requirements
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
Prescribe learning outcomes to be achieved by aspiring
professional accountants by the end of IPD
 3 Competence Areas & Proficiency Level
 Professional skepticism & professional judgment (Intermediate)
 Ethical principles (Intermediate)
 Commitment to the public interest (Intermediate)
 12 Learning Outcomes
 IFAC Member Body may:
 include additional competence areas;
 increase the level of proficiency for some competence areas; or
 develop additional learning outcomes

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Requirements
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
Review & update professional accounting education
programs
 Design supports aspiring professional accountants
• Includes formal education & workplace training
 Design may involve substantive input from stakeholders other than
IFAC member bodies
 Regularly review & update
• Typical cycle 3 to 5 years
• More frequent when changes occur to legislation, regulations & standards
relevant to professional accountants

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Requirements
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
Design learning and development activities that include
reflective activity
 Learning and development activities may include the use of workplace
experiences, simulations, or case studies
 Include reflective activity that is formalized and documented

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Requirements
IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)
Establish assessment activities to measure achievement
of professional values, ethics, and attitudes
 Assignment principles of IES 6 apply to design assessment activities
 Various assessment activities are used to measure the achievement
of the professional values, ethics, and attitudes
 A workplace assessment can be used to assess the development of
professional values, ethics, and attitudes.

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IES 4, Initial Professional Development – Professional Values, Ethics, & Attitudes (Revised)