The International Accounting Education Standards Board (IAESB) released for public exposure a proposed revision of International Education Standard (IES) 8, Professional Development for Engagement Partners Responsible for Audits of Financial Statements.

The revised standard proposes the professional development requirements for both aspiring and current engagement partners on audits of financial statements. IES 8 is primarily aimed at IFAC member bodies, but will be of interest to employers, regulators, government authorities, educational organizations, and any other stakeholders who support the learning and development of professional accountants.

As part of its initiative to improve the clarity of its standards, the IAESB is redrafting all eight of its IESs in accordance with its new drafting conventions.raining to perform their roles effectively,” said Prof. Peter Wolnizer, IAESB chair. “The public has a right to expect that engagement partners are properly trained and can be relied upon to competently perform audits of financial statements throughout their careers.”

Also related to the revision project on IES 8 are the proposed revisions of: IES 2, Initial Professional Development – Technical Competence; IES 3, Initial Professional Development – Professional Skills; IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes; IES 5, Practical Experience Requirements for Aspiring Professional Accountants; and IES 6, Assessment of Professional Competence.

Under the current timetable, the IAESB anticipates that all IESs will have been revised and redrafted, or redrafted only, by Quarter 3 of 2013.

How to Comment

 The IAESB invites all stakeholders to comment on its proposals. To access the IES 8 exposure draft and submit comments, visit the IAESB’s website at www.iaesb.org Comments are requested by December 11, 2012.