The proposed strategy and work plan sets out the IESBA’s vision, strategic drivers and themes to guide its actions over the next strategy period of 2024-2027, as well as a number of topics the IESBA has identified as potential new work streams for the period.
“Ethics plays a central and crucially important role in advancing the public interest regardless of the external environment and the area or field of professional endeavor,” said IESBA Chair Gabriela Figueredo Dias. “From the continuing pervasive impact of technological advancements to the exponential growth in the supply of sustainability information, our aim in the coming years is to develop global ethics and independence standards that guide ethical behavior and underpin public trust in information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.”
The proposed strategy recognizes the public commitment the IESBA has made to developing timely ethics (including independence) standards for sustainability reporting and assurance to meet the increasing needs of investors, customers, workers, government agencies and other stakeholders for sustainability information.
While the International Code of Ethics for Professional Accountants (including International Independence Standards) has been significantly strengthened in recent years, the IESBA believes it is important to continue to evolve the Code with developments in business and the external environment to maintain its robustness and relevance, a need further emphasized by continuing corporate failures around the world that erode public trust in the accountancy profession.
Among other actions to achieve its strategic vision, the IESBA plans to devote significant efforts to expanding and strengthening its working relationships with a wide range of stakeholders. Additionally, the IESBA plans to continue to strengthen its coordination with its sister Board, the International Auditing and Assurance Standards Board (IAASB), as well as other international and national standard setters, to enhance the Code’s interoperability with reporting and assurance standards within the financial and sustainability reporting ecosystems.
The IESBA invites stakeholders to submit their responses by July 7, 2023.
Towards a More Sustainable Future: Advancing the Centrality of Ethics
The proposed strategy recognizes the public commitment the IESBA has made to developing timely ethics (including independence) standards for sustainability reporting and assurance to meet the increasing needs of investors, customers, workers, government agencies and other stakeholders for sustainability information.
These technology-related revisions will guide the ethical mindset and behavior of professional accountants in both business and public practice as they take advantage of the opportunities created by technology and adapt to new technology. Developed to remain relevant and applicable in the ever-evolving landscape of technology transformation, the revisions apply to the use of any technology, including to the extent possible, future technologies.
The revisions, which were informed by extensive fact-finding and stakeholder outreach:
