Question 8. Do you anticipate any impact or implications for your organization, or organizations with which you are familiar, in implementing the requirement included in this proposed IES 8 Exposure Draft (December 2013)? See response to question 3: It would be challenging for IFAC member bodies to design programmes that would be appropriate to cover all those detailed learning outcomes. It would be even more challenging for IFAC member bodies to establish a systematic process to monitor whether audit engagement partners meet the specific CPD requirements and to provide appropriate sanctions in case of non-compliance. In the EU, IFAC member bodies would also need to consider that the ultimate responsibility for CPD for statutory auditors lies with the relevant oversight body and that competition law needs to be complied with (see response to questions 1 and 2). Question 9. What topics or subject areas should Implementation guidance cover? Although the proposed IES 8 appears to be comprehensive and even too detailed (see above), so that implementation guidance is not necessarily required, some examples of current practice might be helpful. For further information on this letter, please contact Ms Petra Weymüller from the FEE team (email: , Tel.: +32 2 285 40 75). Yours sincerely, André Kilesse Olivier Boutellis-Taft President Executive
Question 8. Do you anticipate any impact or implications for your organization, or organizations with which you are familiar, in implementing the requirement included in this proposed IES 8 Exposure Draft (December 2013)? See response to question 3: It would be challenging for IFAC member bodies to design programmes that would be appropriate to cover all those detailed learning outcomes. It would be even more challenging for IFAC member bodies to establish a systematic process to monitor whether audit engagement partners meet the specific CPD requirements and to provide appropriate sanctions in case of non-compliance. In the EU, IFAC member bodies would also need to consider that the ultimate responsibility for CPD for statutory auditors lies with the relevant oversight body and that competition law needs to be complied with (see response to questions 1 and 2). Question 9. What topics or subject areas should Implementation guidance cover? Although the proposed IES 8 appears to be comprehensive and even too detailed (see above), so that implementation guidance is not necessarily required, some examples of current practice might be helpful. For further information on this letter, please contact Ms Petra Weymüller from the FEE team (email: , Tel.: +32 2 285 40 75). Yours sincerely, André Kilesse Olivier Boutellis-Taft President Executive