The International Ethics Standards Board for Accountants (IESBA) today released for public exposure proposed changes to the definition of “engagement team” in the IESBA Code of Ethics for Professional Accountants (the Code).

The proposals address comments received by the International Auditing and Assurance Standards Board on its Exposure Draft (ED) on ISA 610, Using the Work of Internal Auditors. A number of respondents to that ED pointed out the perceived inconsistency between the independence requirements for external auditors under the Code and the use of internal auditors to perform external audit procedures.

“Through this Exposure Draft, the IESBA seeks to ascertain whether the proposed changes to the definition adequately clarify the term "engagement team" and eliminate the perception that the Code and the ISA are in conflict. The IESBA believes this will contribute to more consistent application of the Code, which is critical to our mission to support the global adoption and implementation of the Code of Ethics,” said Ken Dakdduk, chair of the IESBA.

How to comment
The IESBA invites all stakeholders to comment on its proposals in the Exposure Draft, Proposed Change to the Definition of “Engagement Team.” To submit a comment, visit the IESBA website at www.ifac.org/ethics. Comments on the Exposure Draft are requested by May 31, 2012.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ifac.org/ethics for more information.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 127 countries, today released the results of its 2011 IFAC Global Leadership Survey of the Accounting Profession.

Respondents identified three issues of particular concern to the profession in 2012: the Difficult global financial climate, Enhancing the reputation/credibility of the profession, and Addressing the needs of SMPs and SMEs. Additional concerns for this year include: Issues related to EU draft legislation, Public sector/sovereign debt issues, Increased regulation, Global regulatory convergence, Role of the professional accountant in business, and Auditor independence.

“The difficult financial climate was a strong theme in this year’s survey,” said Ian Ball, chief executive officer of IFAC. “Accountancy leaders around the world told us that a key concern is addressing the needs of SMPs and SMEs, important engines of economic growth and development that could be instrumental in improving the world’s economies. Continued global regulatory convergence—which can help promote growth and development, reduce economic uncertainty, and enhance international financial stability—was also highlighted as a significant issue. Addressing the ongoing sovereign debt issues, which are impacting growth and contributing to economic uncertainty, were also highlighted as key concerns for 2012.”

About the Survey
The 2011 IFAC Global Leadership Survey on the Accountancy Profession asked officers (generally presidents and chief executive officers) from IFAC’s member bodies, associates, affiliates, and regional accountancy organizations and groupings a variety of questions regarding the accountancy profession. The survey results include data from 123 respondents from 71 countries and jurisdictions who took the survey from December 1, 2011 to January 11, 2012.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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Speaker Lineup Features Global Accounting Leaders Including Vincenzo La Via, CFO, World Bank Group; Professor the Hon Stephen Martin, Chief Executive, Committee for Economic Development of Australia; Göran Persson, Former Prime Minister of Sweden; The Hon. Ruth Richardson, Former Finance Minister of New Zealand; James Turley, Chairman and CEO, Ernst & Young; Hon. David Walker, Former Comptroller General, USA

The International Federation of Accountants will host The Sovereign Debt Crisis, a Matter of Urgency―From Lessons to Reform, a seminar to take place March 19-20, 2012 in Vienna. In this seminar, IFAC will convene key decision makers, politicians and public finance management leaders to gain a comprehensive understanding of the causes contributing to the international sovereign debt crisis and the steps needed now for meaningful reform.

The seminar’s speakers will include such influential financial and accounting leaders as Vincenzo La Via, Chief Financial Officer of the World Bank Group; Professor the Hon Stephen Martin, Chief Executive, Committee for Economic Development of Australia; Göran Persson, Former Prime Minister of Sweden; The Hon. Ruth Richardson, Former Finance Minister of New Zealand; and Hon. David Walker, Founder and CEO of the Comeback America Initiative and Former United States Comptroller General. Seminar attendees will have the opportunity to network with speakers and their fellow professionals. The complete speaker lineup for The Sovereign Debt Crisis, a Matter of Urgency—From Lessons to Reform is included below, or see the agenda and bios.

“The sovereign debt crisis is currently the most globally significant economic event, with a tremendously far-reaching impact,” said Ian Ball, CEO of IFAC. “We’re honored and gratified to have assembled such a distinguished group of speakers, to address the crucial lessons government leaders around the world must take from this crisis—and, just as importantly, the steps urgently needed to achieve lasting reform.”

The Sovereign Debt Crisis, a Matter of Urgency―From Lessons to Reform will take place March 19-20, 2012 at the Hilton Vienna. Event sponsors include CECCAR, Ernst & Young, PwC, and the World Bank.

Registration for the conference is open to the public. For more information about the conference and to register, visit http://sovereigndebt.ifac.org/.

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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

The speaker lineup for The Sovereign Debt Crisis, a Matter of Urgency—From Lessons to Reform is below, or see the agenda and bios:

• Ian Ball, Chief Executive Officer, International Federation of Accountants
• Andreas Bergmann, Chair, the International Public Sector Accounting Standards Board
• Jón Blöndal, Head of Budgeting and Public Expenditures, Organisation for Economic Co-operation and Development (OECD)
• Robert Dacey, Chief Accountant, the United States Government Accountability Office
  • Prof. Dr. Roger J.M. Dassen RA, Global Managing Director Clients, Services and Talent, Deloitte Touche Tohmatsu Limited
  • John M. Herhalt, Global Chair, Government and Infrastructure, KPMG LLP
  • Ms. Belén Hernández, Public Accounting Directorate, Spain
  • Vincenzo La Via, Chief Financial Officer, World Bank Group
  • Bo Lundgren, Director General, Swedish National Debt Office
  • Professor the Hon Stephen Martin, Chief Executive, Committee for Economic Development of Australia
  • The Hon. Ruth Richardson, Former New Zealand Finance Minister
  • Göran Persson, Former Prime Minister of Sweden
  • Gerhard Steger, Director General Budget and Public Finance Ministry of Finance, Austria
  • Jan Sturesson, Leader Global Government and Public Services, PwC
  • Göran Tidström, President, International Federation of Accountants
  • James S. Turley, Chairman and Chief Executive Officer, Ernst & Young
  • Nicolas Véron, Senior Fellow, Bruegel–Brussels, Visiting Fellow, Peterson Institute for International Economics–Washington, D.C.
  • Hon. David M. Walker, Founder, President and CEO, Comeback America Initiative and Former Comptroller General of the U.S.
  • Fritz Zurbrügg, Director, Swiss Federal Finance Administration

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This report from the Professional Accountants in Business Committee considers trends in investor demand for and use of environmental, social, and governance (ESG) information, and recommends how professional accountants can better support their organizations in responding to these demands, and ultimately improve the management and reporting of ESG performance.

An Executive Summary of the report is also available below.

Objective

To provide guidance for professional accountants on how best to act in the public interest when they become aware of a suspected illegal act (or non-compliance with laws and regulations (NOCLAR)).

Task Force progress / Board discussions to date

At its October 2009 meeting, the IESBA discussed a draft project proposal to develop additional guidance for professional accountants when encountering a suspected fraud or illegal act.