1. Page 1 | Confidential and Proprietary Information Drafting Work Group – June 2012 Update to IAESB Ann Kilbride

2. Page 2 | Confidential and Proprietary Information Review of IES 1, 2, 3, 4, 6 and 8 in the lead up to this meeting – detailed comments provided to taskforces Participation in joint taskforce chair/secretary conference calls since March meeting Detailed comparison between current versions of IES 1, 2, 3, 4, 6, 7 and 8 for consistency Note – Reviews performed by Ann Kilbride, David McPeak, Greg Owens and Gareth Wellings. Activity Since March IAESB Meeting Drafting Work Group Report, June 2012

3. Page 3 | Confidential and Proprietary Information Consistency –Achieving a high level of consistency between IES –Identification of “common paragraphs” by taskforces has been a huge effort has contributed significantly –A few minor inconsistencies to be followed on with taskforces this week to understand rationale Formatting –Can mostly be dealt with by IFAC editorial at the end e.g, Positioning of references to explanatory materials Use of bold or italics in sub-headings –Tables and figures – recommend we give these titles or number (e.g. Figure 1) and reference in the relevant paragraph Comments resulting from Comparison between IESs Drafting Work Group Report, June 2012

4. Page 4 | Confidential and Proprietary Information Conforming Changes –Identified a minor conforming change to IES7 (change to “Technical competence” from “technical knowledge” to align with new IES2 Glossary Management –Should now be a focus to make sure we identify new terms on exposure –Target October meeting to issue ED showing transition to new glossary (e.g. new, changed and retired terms) Comments resulting from Comparison between IESs Drafting Work Group Report, June 2012