I don't know what a 'stem wall' is, but without getting into the numbers, a 16' high wall that is only 8" thick with a lateral soil pressure looks a little "shakey", unless the lateral loading is fairly small.
The 8" deep footing may also be problematic if the wall were attached to it! and, if there is a significant horizontal load. The lack of a keyway or dowels would give the base of the wall little or no restraint and I gather that your wood flooring system is used for transferring horizontal load into other elements of the building.
If the design relies on the wood floor to restrain the base of the wall, then it should be adequately attached, in particular, the floor sheathing to the joists to provide a diaphragm and the diaphragm to adjacent walls. This would transfer the forces to the sidewalls. In this area, this type of construction would normally be considered beyond the realm of a normal framing contractor and, likely, engineering drawings would be required. What attachment is used and are you working from drawings or have you decided on what attachment is required (this latter could be a problem)?
Since there are many of these, what you are describing may be common construction in your locale, but, I've never heard of it before. You may want to get a copy of the engineer's report to review. Even though an engineer has reviewed it, it might be prudent for you to contact an independent structural engineer to review the manner of construction; this could cost several hundred dollars or more.
An independant review may be difficult as a subtrade and you might want to make the visit as 'low profile' as possible. The general may not appreciate a subtrade taking this type of action and it could have some long term 'fallout'.
