The International Public Sector Accounting Standards Board opened a global consultation asking for input on a proposal for a sustainability reporting framework for the public sector, echoing recent moves in the private sector.
The International Ethics Standards Board for Accountants (IESBA) is reminding stakeholders and encouraging the public to act soon and submit comments on their two open exposure drafts.
The Proposed Revisions to the Code Relating to the Definition of Engagement Team and Group Audits establish provisions that comprehensively address independence considerations for firms and individuals involved in an engagement to perform an audit of group financial statements. The exposure draft landing page linked above includes a webinar explaining the proposed revisions.
Comments are requested by May 31, 2022.
The Proposed Technology-related Revisions to the Code seeks to enhance the Code’s robustness and expand its relevance in an environment being reshaped by rapid technological advancements. The proposed amendments will guide the ethical mindset and behavior of professional accountants in business and in public practice as they deal with changes brought by technology in their work processes and the content of the services they provide. The exposure draft landing page linked above includes a webinar explaining the proposed revisions.
Comments are requested by June 20, 2022. (For stakeholders who are unable to submit a formal response, an online survey has been created for the Tech ED.)
Public input is a critical component of the standards setting process. The IESBA encourages all stakeholders to comment on both important exposure drafts. Learn more about the IESBA at www.ethicsboard.org
The accounting profession is undergoing a reexamination of its efforts to address the lack of diversity, not only in the U.S. but in other parts of the world.
Last month, the Institute of Management Accountants, the California Society of CPAs and the International Federation of Accountants released a...
“Considerable advances have been made in recent years to strengthen the International Independence Standards, further reinforcing the important role of the independent audit to the integrity of financial markets worldwide,” said IESBA Chair Gabriela Figueiredo Dias. “This timely benchmarking analysis answers many questions we have received and provides much insight into how the provisions in the Code compare with those of a major jurisdiction like the U.S., and will ultimately instill greater public confidence in the robustness of the Code.”
The IESBA launched the benchmarking study to promote awareness and further adoption of the Code. Without making judgments as to the relative merits of the two independence frameworks, the report highlights the similarities and key differences between the Code and the U.S. SEC and PCAOB rules in areas of greatest interest to stakeholders, including the permissibility of non-assurance services to audit clients, fees, long association with an audit client, and business and financial relationships. The IESBA will consider the findings of the benchmarking analysis in developing its 2024-2027 Strategy and Work Plan.
Alongside the detailed report, the IESBA Staff has published an abridged report that provides an overview of the main similarities and differences, as well as an additional publication with further information on the background and objectives of the initiative.
The International Ethics Standards Board for Accountants (IESBA) invites all stakeholders to join its webinar discussing the critical role that complying with ethics standards, including on independence, play in ensuring reliable and trustworthy sustainability information.
The Fast Future With IFAC is a conversational podcast series that features innovative SMP practitioners sharing how they’re adapting to the rapidly changing global economy.
Episode three features a conversation with Andrew Van De Beek, a member of the Chartered Accountants of Australia and New Zealand (CAANZ). His firm, Illumin8, is based on the Mornington Peninsula near Melbourne, Australia.
IFAC principal Kristy Illuzzi spoke with Andrew about a range of pressing topics for SMPs, including:
Choosing technology investments
Cybersecurity
Workplace culture and mental health
Achieving practice transformation
Click below or visit IFAC's iTunes podcast channel to listen to this episode. Be sure to subscribe to catch our next conversation with an innovative practitioner, coming soon.
“This Report includes my final message as IESBA Chairman and showcases the significant progress that the IESBA has made on behalf of the public interest during a time of great uncertainty,” said Dr. Stavros Thomadakis, former Chairman of the IESBA. “This includes the critical work that has been completed to strengthen the International Independence Standards, especially in relation to Non-Assurance Services, Fees, and the definition of a public interest entity; as well as timely and important milestones in projects related to Tax planning, Technology, and Independence in Group Audits. I am also proud of the extensive work that has been done jointly with certain National Standards Setters to highlight the applicability of the International Code of Ethics for Professional Accountants (including International Independence Standards) to the unique challenges posed by the COVID-19 Pandemic.”
The 2020-2021 Report provides an overview of the IESBA’s extensive stakeholder outreach efforts. It also provides information about the Board’s partnership with IFAC to promote awareness, adoption, and effective implementation of the Code.
“As evidenced by this report, the IESBA’s body of work during the years the world was engulfed in a global pandemic is as important as it is impressive,” said IESBA Chair Gabriela Figueiredo Dias. “The IESBA successfully pushed key strategic initiatives further – such as the work to strengthen the International Independence Standards – while skillfully pivoting to address the real-time issues affecting professional accountants brought on by innovations in technology and the COVID-19 pandemic.”
The Report also provides an overview of the IESBA’s Consultative Advisory Group (CAG) and includes a message from the IESBA CAG Chairman, Mr. Gaylen Hansen.
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve 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 Code).
Showcases Significant Milestones Reached in Elevating Ethics and Independence Standards
Audit fees in Canada hit a seven-year high in 2020 despite pandemic lockdowns and business restrictions, according to a new study from the International Federation of Accountants.
