As the COP26 summit brings nations together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change – IFAC, PAFA, ACCA and CA ANZ are bringing the global accountancy profession together by hosting a panel discussion that focuses on the role of the profession driving positive climate action.
Canada
Irene M. Wiecek, FCPA, FCA, is a Professor, Teaching Stream at the University of Toronto where she is cross appointed to the Institute for Management & Innovation and the Joseph L. Rotman School of Management. She is the Director of the CPA-accredited Master of Management & Professional Accounting Program. In 2018, she founded and currently directs the BIGDataAIHUB at the Institute for Management & Innovation. In the area of standard setting, she was a member of the Canadian Accounting Standards Board IFRS Discussion Group up until 2020.
Irene has co-authored numerous books and publications including seven editions of the text Intermediate Accounting (by Kieso et al) for which she is one of two Canadian co-authors on the Canadian edition. Irene’s interests lie in the area of International Financial Reporting Standards, integration in accounting education and, more recently, big data/data analytics and emerging technologies including blockchain and artificial intelligence. Irene was a member of the CPA profession’s Foresight Working Group on Reimaging the Accounting Profession and is currently a member of the related Data Governance Committee. In 2019, she was appointed to the CPA Canada Competency Map Task Force, which is taking a blank sheet approach to redefining the competencies for the accounting profession.
The International Ethics Standards Board for Accountants (IESBA) today released the 2021 Edition of the Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). The new edition contains recently approved revisions to the Code, including:
Approved revisions which are not yet effective have been included in the back of the Handbook. These revisions will become effective in December 2022 and include:
Click here to access the 2021 edition of the IESBA Handbook.
Reproducing and Translating the IESBA Handbook
To help adoption and implementation of the IESBA standards, stakeholders are invited to submit requests for permission to reproduce or translate the IESBA Handbook online via the Online Permissions Requests or Inquiries system on the IFAC website.
About IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards) (The Code).
Ms. Gabriela Figueiredo Dias will become the first Chairwoman of the IESBA from January 1, 2022. Ms. Figueiredo Dias will succeed Dr. Stavros Thomadakis, who has led the IESBA since 2015.
Ms. Figueiredo Dias has extensive experience in international standard setting, legal and regulatory structure and governance, and academia. She currently serves as the President of the CMVM (Portuguese Securities Market Commission), the authority responsible for regulating and supervising the markets of financial instruments, covering listed companies, asset managers, auditors and investment firms. There, she provides strategic direction to the Board, manages the organization and represents it before International Organizations such as IOSCO and OECD, the European Commission and the European Securities and Markets Authority (ESMA), as well as the Portuguese Government, the National Council of Financial Supervisors and market stakeholders. She has also served as head of the international and regulatory policy department and of the issuers and financial information department at CMVM and has extensive experience in and understanding of financial regulatory frameworks. In addition, she has served as a member of the ESMA Board and Management Board, member of the IOSCO Board, Vice-Chair of the OECD Corporate Governance Committee, Chair of the ESMA Investment Management Standing Committee, and she will remain in office as non-executive President of the General Board of the University of Coimbra in Portugal. She holds a master’s degree in law from the Coimbra University Law School.
“I am honored to be selected as the next IESBA Chair during this critical time of transition for the Board and the profession,” said Ms. Figueiredo Dias. “As President of the Portuguese Securities Commission, I have advocated for strong international standards, based on robust ethical principles and developed with the public interest in mind. The IESBA’s work in setting high-quality, internationally appropriate ethics standards for auditors, including in respect to their independence, and other professional accountants in business, the public sector and public practice is critical to the integrity and robustness of the global financial system and architecture, and I look forward to leading the IESBA in playing an impactful role toward a more sustainable global economy and society.”
“Having experienced firsthand the demands of this role, I am confident Gabriela’s knowledge of the field and unwavering commitment to enhancing ethics on behalf of the public interest will be invaluable assets to the IESBA,” said Stavros Thomadakis, IESBA Chairman. “I look forward to Gabriela’s service to the IESBA and believe she will be a strong and assiduous proponent of the Board’s collective vision.”
Ms. Figueiredo Dias’ appointment was recommended by the Interim Nominating Committee after an independent and extensive global search. Her appointment was endorsed by the IFAC Board and approved by the Public Interest Oversight Board, which oversees the IESBA.
"I’m pleased to convey that the Interim Nominating Committee recommended Ms. Figueiredo Dias via a very competitive process," said Makoto Sonoda, Interim Nominating Committee Chair. "The Committee has full confidence in Ms. Figueiredo Dias who will bring her extraordinary experience, a clear vision, and a vast network to the IESBA, all of which will contribute to the Board’s public interest mandate and mission of strengthening ethics standards globally.”
About the IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards) (The Code).
About the Interim Nominating Committee
Chaired by Mr. Makoto Sonoda, Chair of the Committee on Issuer Accounting, Audit and Disclosure (Committee 1) of the International Organization of Securities Commissions (IOSCO) and Director for International Accounting and Director for International Capital Market Regulation of the Financial Services Agency (FSA), the Interim Nominating Committee was formed by the Monitoring Group to conduct an independent global search for the new IESBA Chair.