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.