Earlier today, the Staff of UK Financial Reporting Council (FRC) and the International Ethics Standards Board for Accountants (IESBA) jointly released the publication, Ethical and Auditing Implications Arising from Government-Backed COVID-19 Business Support Schemes.

This staff publication highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at unprecedented levels during the COVID-19 pandemic. The guidance sets out important ethical considerations for professional accountants who are called upon to assist their employing organizations or clients in applying for and using COVID-19-related funding or financial support. The document includes guidance for those who prepare related financial information and disclosures, as well as for those who independently audit or provide assurance services regarding such information.

The publication was developed by the Staff of UK FRC under the auspices of a Working Group formed by the IESBA and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the US. Chaired by Mr. Richard Fleck, former IESBA Deputy Chair, the Working Group’s mandate is to develop implementation support resources to assist accountants effectively apply the International Code of Ethics for Professional Accountants (including International Independence Standards) when facing circumstances created by the COVID-19 pandemic. The publication benefited from input from IESBA Staff.

The publication can be found on the IESBA COVID-19 resource page.

About the IESBA-NSS Working Group

The Working Group organizations comprise: Accounting Professional & Ethical Standards Board (Australia); Chartered Professional Accountants of Canada; the Chinese Institute of Certified Public Accountants; the Independent Regulatory Board for Auditors (South Africa); the UK Financial Reporting Council; and the American Institute of Certified Public Accountants (US).

About UK Financial Reporting Council

The UK Financial Reporting Council regulates auditors, accountants and actuaries, and it sets the UK’s Corporate Governance and Stewardship Codes. The FRC promotes transparency and integrity in business. Its work is aimed at investors and others who rely on company reports, audit and high-quality risk management.

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).

This staff publication, jointly released by the Staff of UK Financial Reporting Council (FRC) and the IESBA, highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at unprecedented levels during the COVID-19 pandemic.

Together with ICAEW, The International Federation of Accountants (IFAC) today released the fourth installment in its Anti-Money Laundering: The Basics educational series: Installment 4: Asset Transfers.  

The publication is part of a 6-month short series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment four examines asset transfers, one of the primary ways in which criminals layer or integrate the proceeds of crime into the legitimate economy.

Anti-Money Laundering: The Basics is featured on both the IFAC and ICAEW websites and available for download for free. IFAC is featuring the series on a new landing page alongside other relevant information on anti-money laundering (AML).

To be globally relevant, the Anti-Money Laundering: The Basics  series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point. 

For more information about IFAC, visit www.ifac.org.

For more information about ICAEW, visit https://www.icaew.com/.

Nancy was appointed to the IFAC PAIB Advisory Group in January 2021. She was nominated by the Hong Kong Institute of Certified Public Accountants (HKICPA).

Ms. Tse is currently an Independent Non-Executive Director of The Wharf (Holdings) Limited (WHL), which is listed on the Hong Kong Stock Exchange; DBS Bank (Hong Kong) Limited as well as HSBC Provident Fund Trustee (Hong Kong) Limited- HPFT. She is also the Chairman of the Board of HPFT. She was previously an Independent Non-Executive Director of Link Asset Management Limited (Manager of the Link Real Estate Investment Trust–REIT), retiring in July 2023 after 9 years of service. 

She is the former Chief Financial Officer and Director (Finance and Information Technology Services) of the Hong Kong Hospital Authority, a statutory body which manages all of the public hospitals and outpatient clinics in Hong Kong.

She also serves on the boards or committees of a number of charitable organizations and NGOs. She was a member of the Board of Governors of the Prince Philip Dental Hospital until 2023, having served for 6 years. She is an Adjunct Professor of The Jockey Club School of Public Health and Primary Care of the Chinese University of Hong Kong.  She has been active in corporate governance projects and is an honorary advisor and member of Oversight, Policy and Governance Committee of the Hong Kong Financial Reporting Council.

Tim Herrod, Vice President Global Procurement, Albemarle Corporation, Charlotte, NC

Tim was appointed to the IFAC PAIB Advisory Group in January 2021. He was nominated by CPA Canada. He brings over 25 years of strategic leadership in procurement, finance, investor relations and sustainability, having led numerous transformative agendas across several multi-billion-dollar corporations. He is currently steering a global procurement transformation at Albemarle Corporation, a specialty chemicals company that is the largest producer of lithium for energy storage applications, focusing on operational excellence, innovation, and sustainability practices supporting differentiated multi-billion-dollar growth. He specializes in building high-performing, diverse teams, implementing advanced digital and data platforms, and fostering cross-functional collaborations.

Before joining Albemarle, Tim was engaged in roles like Senior Transformation Advisor and Head of Procurement at Federated Co-operatives Limited, Senior External Advisor to Bain & Company, and Vice President, Procurement at Nutrien Ltd. and PotashCorp.

Tim is very active on several advisory boards and councils, including as CPA Canada’s representative on the International Federation of Accountants Professional Accountants in Industry Advisory Committee, on the Advisory Board of Procurement Leaders, and on the Customer Advisory Board of TealBook, a world-leading AI and machine learning-based supplier data company.

Beyond his corporate involvement, Tim has been deeply invested in education, mentorship and governance. He has been instrumental in large projects reimagining future accounting and procurement professions, and is passionate about developing and delivering sustainability and diversity impact, not just as buzzwords, but as integral components of business strategy.

CA. Nihar N Jambusaria was appointed to the IFAC PAIB Advisory Group in January 2021.

CA. Nihar N Jambusaria has been elected as the Vice President of ICAI for the year 2020-21. CA. Jambusaria was in practice for nearly 27 years.

CA. Jambusaria is now Vice-Chairman of all Standing Committees including Executive, Finance and Examination Committees, besides being the ex-officio member of all Non-Standing Committees of ICAI. He is Director of the ICAI Research wing ICAI – Accounting Research Foundation (ARF) and Extensible Business Reporting Language (XBRL) India. CA. Jambusaria is appointed as Director of ICAI Registered Valuers Organisation (RVO).

CA. Jambusaria has been nominated as ICAI representative as Member for Committee on Corporate Governance Guidelines for Insurers of IRDA in India. He has also been nominated on the Review Committee for the B.Com (Hons) and B.Com Commerce New Syllabus for all the Universities in the Country by the University Grants Commission(UGC).

Jambusaria has represented ICAI in many important committees constituted by the Government Ministries/ Regulators. He was a Member of the e –Commerce Committee formed by the Ministry of Finance and Peer Review Committee of the Central Board of Direct Taxes.

CA. Jambusaria has been a prolific speaker at national and international forum and addressed more than 900 seminars / conferences.

Ms. Daping Gao was appointed to the IFAC PAIB Advisory Group in January 2020.

Daping is a Deputy Director-general of Accounting Regulatory Department of the Ministry of Finance of the People’s Republic of China. She is a Certified Public Accountant (non-practicing) and Senior Accountant in China.

With professional experiences over 20 years, she has played an important role in management accounting, accounting standards and CPA regulation as well as the Product Cost Accounting Rules for Business Enterprises in China.  Revenue, Consolidated Financial Statements, Long-term Equity, Joint arrangements, Disclosure of Interests in Other Entities and Foreign Currency Translation are the major standards that she has been involved in. She has also been engaged in developing interpretations of Chinese Accounting Standards for Business Enterprises, Product Cost Accounting Rules for Business Enterprises and several other accounting regulations. She played a key role in the development of China’s management accounting system, which consists of a basic guideline, 34 application guidelines and a case library currently in nearly five years.