Assessing the total hours of structured training delivered for audit professional staff provides valuable insights into a firm’s commitment to improving audit quality and maintaining professional knowledge. Let’s delve into the description, interpretation, and IRBA Code considerations regarding Training: Hours per Person.
Indicator for IRBA Code considerations
Training
Hours per Person represents the total hours of structured training delivered for audit professional staff in the previous calendar year as a ratio to the average monthly audit professional staff count for the same period.
Purpose
This ratio reflects the firm’s investment in formal training and development initiatives.
How to Interpret the AQI (Audit Quality Indicators)
Level of Investment
The level of investment in formal training serves as an indicator of the firm’s dedication to enhancing audit quality and fostering professional development among its staff.
Consideration of Training Quality
When interpreting this metric, it’s essential to consider the type, quality, and relevance of the training provided. Additionally, distinguishing between input-based (attendance) and output-based (knowledge gained) training is crucial for a comprehensive understanding.
IRBA Code Considerations
Professional Competence and Due Care: Registered auditors are obligated to ensure that individuals working under their authority receive appropriate training and supervision, as stipulated in the IRBA Code.
Exercise of Professional Judgment
Professional judgment involves applying relevant training, knowledge, skill, and experience to make informed decisions. Adequate training plays a pivotal role in developing professionals’ ability to exercise sound judgment.
Work Environment Considerations
The work environment, including educational, training, and experience requirements, influences the evaluation of threats to fundamental principles. Firms must create a conducive environment that supports ongoing learning and development.
Analysing Training
Hours per Person offers insights into the firm’s commitment to professional development and its impact on audit quality and staff competence.
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As audit professionals, it’s essential to prioritise continuous learning, uphold professional standards, and ensure adequate training and supervision for all staff members.
