IAESB exposes proposed standard on professional development for audit engagement partners
Aug 10, 2012
As part of its initiative to improve the clarity of its standards, the International Accounting Education Standards Board (IAESB) has released an exposure draft of a proposed revision of International Education Standard (IES) 8, 'Professional Development for Engagement Partners Responsible for Audits of Financial Statements'.
The key changes include:
- Focusing on engagement partners, including in the title of the document
- Adopting an outcomes approach to demonstrate professional competence required of a newly appointed engagement partner
- Adopting a learning outcomes approach, rather than a prescribed subject areas, to demonstrate professional competence
- Clarifying assessment and practical experience requirements
- Requiring engagement partners and those serving on more complex audits to undertake CPD appropriate to their responsibilities.
Comments on the exposure draft are due by 11 December 2012. Click for IAESB press release (link to IFAC website).