The objective of the IESBA’s Benchmarking Working Group is to compare the International Independence Standards (IIS) that are applicable to PIEs (including the pending revisions arising from the Non-assurance Services and Fees Projects) to the relevant independence requirements that apply in major jurisdictions, starting first with the requirements of the US Securities
The International Federation of Accountants (IFAC) today released the latest in its Exploring the IESBA Code educational series: Installment 8: Responding to Non-compliance with Laws and Regulations (NOCLAR) [for PAIBs].
The publication is part of a 12-month short series to help promote awareness of the provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). Each installment focuses on a specific aspect of the Code using real-world situations in a manner that is relatable and practical. This NOCLAR installment is part 1 of 2 and is focused on explaining the actions that accountants in business, including senior professional such are directors, and officers are expected to take when they become aware of, or suspect a NOCLAR within their employing organizations. Part 2 will focus highlighting provisions that apply to auditors and other accountants in public practice in client service. Previous installments highlighted the Code’s five fundamental principles of ethics and conceptual framework, as well as more topic-specific requirements, such as independence and conflicts of interest.
“The Exploring the IESBA Code series is the result of a strong collaborative effort between the International Federation of Accountants and the International Ethics Standards Board for Accountants (IESBA),” said Kevin Dancey, CEO of IFAC. “International standards are the bedrock on which our profession is built, and IFAC is committed to developing resources that raise awareness and encourage the adoption and implementation of such standards.”
Dancey continued, “We launched the Exploring the IESBA Code initiative last November to support the work of IESBA and highlight the substantively revised and restructured Code, including the digital eCode. We are pleased to see this material being used by professional accountancy organizations around the world to promulgate guidance on ethics and independence, and we will continue to support this important work.”
The Exploring the IESBA Code is published by IFAC and does not form part of the Code. It is non-authoritative and is not a substitute for reading the Code. Click here to access this and future installments.
For more information about IFAC, visit www.ifac.org
For more information about the IESBA and the Code, visit www.ethicsboard.org
Segment Addresses Non-Compliance with Law and Regulation, Including Fraud
Prof. Dr. Hysen CELA, CA, CPA is the Professor, Business and Professional Ethics, Faculty of Economy at the University of Tirana, Albania. He is the former President of the Albanian Institute of Statutory Auditors (IEKA). He is a Managing Partner on Tax and Advisory Services, with Crowe AL, Member of Crowe Global Network. He is a member of IESBA & IAASB CAGs, representing EFAA and he is in charge of Education at IEKA.
Chanwoo Lee is a Visiting Professor at the Seoul National University and Senior Research Fellow at the Korea Development Institute, a government think-tank. Mr. Lee served for over 30 years in the Korean government, primarily in the Ministry of Economy and Finance, most recently as the Deputy Minister. He holds an MBA from Yale University, and M.A. in Public Administration and B.A. in Political Science from the Seoul National University.
The International Auditing and Assurance Standard Board (IAASB) invites interested stakeholders to complete an online survey sharing their experience with, and providing feedback relating to, the Auditor Reporting Standards that were issued in 2015. The Survey also asks for input on your experiences with ISA 720 (Revised), The Auditor’s Responsibilities relating to Other Information.
The Auditor Reporting Standards are aimed at enhancing the communicative value and relevance of the auditor’s report. The standards are effective for audits of financial statements for periods ending on or after December 15, 2016.
Stakeholders’ feedback will be an important source of input for the IAASB in carrying out the information gathering activities related to the Auditor Reporting Post-Implementation Review (PIR), which will assist the Board to determine what possible further actions, if any, may need to be undertaken.
“The auditor’s report is the key deliverable addressing the output of the audit process,” said Tom Seidenstein, chair of the IAASB. “Investors and other users of financial statements have called for auditors to provide more relevant information in the auditor’s report based on the audit that was performed. The 2015 revision of the Auditor Reporting Standards was an important step aimed at improving the value of the financial statement audit and the continued relevance of the auditing profession. The IAASB is now seeking comment on whether the revised standards are achieving this goal.”
All interested stakeholders are invited to participate in this global request for input to the PIR, including investors and other users of financial statements, auditors and audit firms, preparers of financial statements, those charged with governance, national standard setters, professional accountancy organizations, and regulators and audit oversight bodies. Stakeholders also are encouraged to share the online survey with their respective networks in their jurisdictions that engage with auditors or use auditor reports.
Stakeholders are invited to complete the Survey until October 23, 2020.
