The International Ethics Standards Board for Accountants (IESBA) today released a Report, Ethics and Trust – Breaking New Ground summarizing the Board’s Accomplishments from June 1, 2016 to July 31, 2020. The Report includes an update on the IESBA’s current projects and initiatives, and highlights the Board’s extensive efforts in promoting awareness, adoption, and implementation of the International Code of Ethics for Professional Accountants (including International Independence Standards).  The Report also touches on the outreach activities undertaken by the Board to extend and deepen its dialogue with stakeholders about issues relevant to elevating global ethics and building public trust in the accounting profession.

“Ethics is the foundation on which public trust in the accounting profession is built,” said IESBA Chairman Dr. Stavros Thomadakis. “IESBA has been diligently focused on strengthening and enhancing the Code during the period covered by the report. The revised and restructured Code, which has been effective since June 2019, reflects these important enhancements. Our current work program builds on that strong foundation and includes projects to further strengthen the International Independence Standards.”

The Report includes messages from the former Chair of the IESBA’s Consultative Advisory Group (CAG), Mr. Kristian Koktvedgaard, and the current CAG Chair, Mr. Gaylen Hansen. The CAG messages outline the work of the CAG in providing advice to the IESBA in setting standards in the public interest. 

Click here to learn more about IESBA, and to access the Report.

About IESBA

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).

Highlights from the IPSASB CAG December 2020 virtual meeting: 

• 00:00     Welcome and introduction

• 00:21     Chair’s summary of the IPSASB CAG meeting

• 07:25     Closing remarks

A new, updated, customizable^* brochure for IFAC member organizations ONLY, Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedures Services, is here!

Earlier today the International Federation of Accountants (IFAC) released updates to two previously published international standard support resources:

• Agreed-Upon Procedures (AUP) Engagements: A Growth and Value Opportunity (the AUP Publication): Describes AUP engagements, when they are appropriate, and identifies key client benefits. It also covers AUP engagements on financial and non-financial subject matters, provides six short case studies with example procedures that might be applied and two illustration AUP reports from ISRS 4400 (Revised).
• Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedures Services (the Brochure): Explains and differentiates the range of audit, review, compilation, and agreed-upon procedures services which practitioners can provide in accordance with relevant international standards. It can help current and prospective clients understand the range of services available, when they are appropriate, as well as their benefits.

Both resources have been updated to reflect International Standard on Related Services 4400 (Revised), Agreed-Upon Procedures Engagements, which was approved by the International Auditing and Assurance Board (IAASB) earlier this year and is effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022.

The demand for AUP engagements continues to grow as a broad range of stakeholders, such as regulators, funding bodies, and creditors use agreed-upon procedures reports for a variety reasons. Flexibility is a key benefit of AUP engagements, as they can be tailored to different circumstances and focused on individual items of financial or non-financial subject matters.

One of IFAC’s three strategic objectives is contributing to and promoting the development, adoption, and implementation of high-quality international standards. There are numerous additional guidance and support resources available on the dedicated ‘Supporting International Standards’ section of the IFAC Knowledge Gateway.