The International Ethics Standards Board for Accountants (IESBA) is pleased to advise the reappointment of Dr. Stavros Thomadakis as IESBA Chairman for a further one-year renewable term commencing 1 January, 2019.

Under Dr. Thomadakis’ leadership, the IESBA has completed a number of major projects, resulting in the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards), which will become effective in June 2019. His dedication to high quality, fit-for-purpose ethics standards for the global accountancy profession is reflected in the ambitious strategy and work plan 2019-2023 just approved by the IESBA. 

“A robust, clear and future-ready Code of Ethics and a new 5-year strategy and work plan provide the IESBA with a solid platform and direction,” said Dr. Thomadakis.

“I look forward to continuing to work with board colleagues, IESBA staff and our global stakeholders to deliver on the plan’s priority projects in the public interest. I also remain committed to coordinating with the International Auditing and Assurance Standards Board. The relationship developed between the boards is working well and will help enhance the relevance and applicability of new standards issued by both”. 

About the IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves 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 IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).

The structures and processes that support IESBA operations are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The objectives of the Emerging Issues and Outreach Committee (EIOC) are to:

(a) To identify developments in the external environment around the world, outside of the Board’s strategic planning process, that may have implications for the Board’s strategy and work plan, require Board action or otherwise merit Board attention; and

b) To advise the Board on ways to enhance the effectiveness of the Board’s outreach efforts, including with respect to the scope and focus of, and general approach to, its outreach activities.

The objectives of the Technology initiative are to:

(a)         Identify potential ethical implications of technology developments on the robustness and relevance of the fundamental principles and independence standards, including both challenges to compliance with requirements under the Code as well as ways in which technologies could be used to support and enhance compliance. The WG will assess these implications in the context of both professional accountants in business and professional accountants in public practice.

To coordinate topics of mutual interests between the IAASB and IESBA, including in particular in relation to the development of the independent Boards strategy and work plans.  The IAASB-IESBA Coordination representatives actively monitor the IAASB’s work to determine whether if it has implications for the Code.

The IESBA Coordination Team helps to develop the agenda for the annual IAASB-IESBA Joint Plenary Meeting, and as appropriate recommends conforming or consequential amendments for the Code as a result of the IAASB’s projects.

The IESBA’s eCode initiative is intended to support the adoption and effective implementation of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the revised and restructured Code).

The objective of the IESBA’s Rollout initiative is to promote awareness of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the revised and restructured Code) and support its adoption and effective implementation. Key rollout out activities include:

The IESBA has undertaken a project to review and compare the terms and concepts in the revised and restructured Code (specifically the International Independence Standards, Part 4B – Independence for Other Assurance Engagements Other than Audit and Review Engagements) and the IAASB’s ISAE 3000 (Revised), Assurance Engagements other than Audits or Reviews of Historical Financial Information.

The objective of the IESBA’s Non-assurance Services (NAS) project is to is to ensure that all the NAS provisions in the Code are robust and of high quality for global application, thereby increasing confidence in the independence of audit firms. The project scope will encompass the International Independence Standards related to the provision of NAS to audit clients.

Every year, IFAC develops a work plan for the Member Body Compliance Program that is consistent with IFAC’s strategy. This work plan is developed with advice and oversight from the Compliance Advisory Panel.