The International Accounting Education Standards Board (IAESB) has 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 sets out the professional development requirements for potential and active engagement partners on audits of financial statements. IES 8 is primarily aimed at International Federation of Accountants (IFAC) member bodies, but will be of interest to employers, regulators and government bodies, and will have ramifications for the UK audit profession in the longer term.

The IAESB is proposing learning outcomes that demonstrate the professional competence required to become an engagement partner in areas relating to technical competence, professional skills, and professional values, ethics, and attitudes.

'A primary way the accountancy profession protects the public interest is by requiring that engagement partners have the necessary skills and training to perform their roles effectively,' said Professor 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.'

To improve the clarity of its standards, the IAESB is redrafting all eight of its educational standards in line with the new drafting conventions. 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 Q3 2013.

The closing date for comments is 11 December 2012. To access the IES 8 exposure draft and submit comments, click HERE