Candidates

Professional Practice

Professional practice is a mandatory part of qualifying for the Statutory Auditor title. It runs alongside the Professional Education (Post-Master) Programme and is designed to give candidates the practical experience, professional skills and ethical competence needed to practise.

The practice is organised in accordance with the Statutory Audit Law, IEKA's regulations and the International Education Standards (IES).

Duration and organisation

Duration3 calendar years

The practice starts at the beginning of the calendar year and runs alongside the Professional Education (Post-Master) Programme.

Minimum hours800 hours / year

A minimum of 800 working hours a year on the statutory audit of financial statements.

SupervisionA registered Statutory Auditor

The practice is carried out under the direction and supervision of a registered Statutory Auditor.

With the supervisorNo less than 70%

With the Governing Council's authorisation the practice may be carried out with more than one statutory auditor or audit firm, but no less than 70% of the hours must be completed with the practice supervisor.

Carrying out the practice

Professional practice takes place on real audit engagements and involves the candidate taking part in professional assignments. It must include:

01a minimum of 800 working hours a year on the statutory audit of financial statements;

02active involvement in the audit process;

03application of professional standards and ethical requirements.

The professional practice agreement

Before the practice begins, the candidate and the supervisor sign the Professional Practice Agreement using IEKA's approved template. The agreement sets out:

01the candidate's duties and responsibilities;

02the supervisor's duties and responsibilities;

03how the practice is organised and carried out.

Where the practice takes place at an audit firm, the firm appoints a registered Statutory Auditor as supervisor. The agreement may include a probation period of three to six months.

The candidate's obligations

During professional practice the candidate must:

01follow the Professional Education Programme;

02attend lectures, seminars and tests;

03comply with the Code of Ethics, the legislation and IEKA's regulations;

04carry out the professional tasks assigned by the supervisor;

05keep the Professional Practice Diary;

06meet the reporting and document submission deadlines.

The Professional Practice Diary

Every candidate must keep the Professional Practice Diary, recording their professional engagements, the hours completed and the experience gained during the year.

Submission deadlines

By 10 January each year the candidate submits to IEKA the Professional Practice Diary and the supervisor's assessment report.

If the documents are not submitted by that date, the CPD Committee issues a warning and sets a second deadline. The final deadline is 25 January.

If the documents are still not submitted by the second deadline, the candidate repeats the year of professional practice, whatever the reason for the delay.

The practice supervisor

The practice supervisor is responsible for supervising and developing the candidate professionally. They:

01organise and supervise the practice;

02involve the candidate in audit engagements;

03monitor the Professional Practice Diary;

04assess the candidate's progress periodically;

05report to IEKA.

Monitoring and assessment

During professional practice, IEKA monitors compliance through:

01the supervisor's periodic reports;

02review of the Professional Practice Diary;

03attendance of the Professional Education Programme;

04the professional module tests;

05assessment of whether the practice obligations have been met.

Reporting

Every six months the supervisor submits an assessment report on the candidate's progress. The report is filed with IEKA by the 10th of the following month.

In the final year of practice, candidates who have passed the professional modules submit and defend the Professional Paper under the rules approved by the Governing Council.

Completing professional practice

Professional practice ends with the issue of the Professional Practice Completion Certificate, once the candidate:

01has completed the three years of practice;

02has completed the minimum number of practice hours;

03has successfully completed the Professional Education Programme;

04has passed the professional module tests;

05has successfully defended the Professional Paper.

With the certificate, the candidate is entitled to register for the Professional Competence Examinations (KPAP) for the Statutory Auditor title.

Fees

Registration fee for professional practice100,000LEK

Payment deadline: 31 March

Annual training fee50,000LEK / vit

Payment deadline: 30 June

Fees are approved by IEKA's Governing Council and updated by the relevant decision.

IEKA bank accounts

Fees are paid into one of the accounts below.

Intesa Sanpaolo BankLEK

Llogaria1008131801

IBANAL11208110080000001008131801

Banka Kombëtare Tregtare (BKT)ALL

Llogaria402034661

IBANAL30 2051 1021 0346 61CL OTCL ALLA

Raiffeisen BankALL

Llogaria0100003298-ALL

IBANAL89202110130000000100003298

Next steps

Documents and Forms

The agreement, the diary and the other practice forms.

View documents →Exemption from Practice

The cases for exemption from professional practice.

The calendar, programme and past papers of the professional competence examinations.

View the examinations →