The IFAC SMP Committee believes that the cooling-off period for the EQCR should not be increased. This is because:

In this interview, IAASB Chairman Prof. Arnold Schilder and IESBA Chairman Stavros Thomadakis discuss topics of mutual relevance, including audit quality, the Code of Ethics, non-compliance with laws and regulations (NOCLAR), and professional skepticism, which is one of the three main areas under review in the IAASB’s Invitation to Comment (ITC), Enhancing Audit Quality in the Public Interest.

Learn about key developments and how the international standard setters are working together to coordinate and align key projects. 

1:41 - What are the current topics of mutual revelance? 

3:03 - How will the IAASB and IESBA continue to coordinate? 

4:29 - How does client confidentiality relate to audit quality? Where does the IESBA stand on its NOCLAR project?

7:53 - Where does the IAASB stand on its NOCLAR project?

9:07 - What do you hope to achieve as a result of the Invitation to Comment and related outreach activities? What do you hope to achieve as a result of the ITC and Roundtable?

12:01 - How does the IAASB's project to revise its standard on auditing estimates support audit quality? 

16:00 - Why is the Structure of the Code project important?

20:24 - What are the ultimate aims of the IAASB and the IESBA?

Ahead of the Anti-Corruption Summit London 2016, the International Federation of Accountants^® (IFAC^®) has signed a joint statement deploring corruption alongside professional accountancy organizations and the legal fraternity in the United Kingdom.

Welcoming the joint statement, IFAC President Olivia F. Kirtley said: “Defeating corruption—and thus immeasurably improving the lives of citizens—can only be achieved through re-energized collaboration between, and commitment of, leaders from both the public and private sectors.

“Both sectors require transparent, consistent and robust anti-corruption measures, and effective internal controls that are critical to good governance and holding officials accountable. A greater focus on strong governance and compliance structures will help cultivate self-reporting cultures that empower individuals to do the right thing,” she said.

In March, Ms. Kirtley addressed the OECD Anti-Bribery Ministerial Meeting on behalf of the global accountancy profession. At the meeting, she highlighted the importance of greater international collaboration on whistle-blower protection laws, and the role strong organizational governance plays in identifying, preventing and addressing corruption.

“Success in the fight against corruption can only be achieved when everyone plays their part: governments and regulators ensuring that safe harbors and whistle-blowing protections are provided, and other professions ensuring that their members embrace the challenge.

“Today’s joint statement highlights the vital role professional accountants and lawyers play in fighting corruption and our deep commitment to combatting it by continuing to work with governments, regulators, law enforcement agencies, and other international organizations,” she said. 

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. It 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. ‘International Federation of Accountants’ and ‘IFAC’ are registered trademarks of IFAC in the US and other countries.