The International Accounting Education Standards Board (IAESB)
has launched a review of International Education Standard (IES)
8.

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 the standard
setter said it will be of interest to employers, regulators,
government authorities, educational organisations, and any other
stakeholders who support the learning and development of
professional accountants.

“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,” IAESB
chair Peter Wolnizer said.

The proposed revision is another step forward in IAESB’s ongoing
project to improve the clarity of its standards, an initiative that
involves redrafting all eight of its IESs.

The IAESB hopes to either revise and redraft or at least redraft
all IESs by late 2013.

The deadline to comment on IES 8 proposed revision is 11
December.