The International Auditing & Assurance Standards Board announces the following new appointments and re-appointments:
New Appointments:
Sue Almond, United Kingdom
Julie Corden, Canada
Josephine Jackson, United Kingdom
Re-appointments:
Len Jui, China
Lyn Provost, New Zealand
Re-appointment as Deputy Chair:
Fiona Campbell, Australia
"It is a pleasure to welcome Ms. Almond, Ms. Jackson, and Ms. Corden, now in a permanent capacity, to the International Auditing and Assurance Standards Board. I look forward to the diverse perspectives they will bring to our group of passionate, dedicated volunteers. I am also delighted that Fiona Campbell will serve as Deputy Chair for another year," said Tom Seidenstein, IAASB Chair. " I want to thank Karin French and Marek Grabowski for their steadfast service to our board. Their contributions were invaluable, and we are grateful for their dedication and commitment".
Changes to section 7.2 ‘Professionalism and Ethics within the Firm';
Information on identifying, evaluating and addressing threats; and
Available safeguards to reduce threats to an acceptable level.
The Guide provides comprehensive guidance to help small- and medium-sized practices operate more efficiently in the increasingly complex and competitive global marketplace for professional services. The fourth edition is organized into eight stand-alone modules, with a comprehensive range of topics including:
Strategic planning
Practice models
Firm expansion
Managing staff
Leveraging technology
Client relationship management
Risk management
Succession planning
In order to help member organizations and practices maximize the Guide's use, IFAC provides a companion manual with suggestions on making best use of the Guide.
(New York, NY) – The International Auditing and Assurance Standards Board (IAASB) is requesting public comments on its Exposure Draft focused on conforming amendments to the International Standards as a result of the revised International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). Comments are to be received no later than January 10, 2020.
The project aims to align the IAASB’s International Standards with the revisions to the IESBA Code by way of conforming amendments, thus ensuring that the IAASB's International Standards can continue to be applied together with the IESBA Code.
“It is important that the International Standards acknowledge the enhancements made to the IESBA Code and achieve alignment to the fullest extent possible on overlapping issues” said Tom Seidenstein, chair of the IAASB. “Many jurisdictions use both the International Standards and the IESBA Code and it is in the public interest that these be able to operate in concert.”
This project falls under the umbrella of IAASB-IESBA coordination, a strategic commitment of the two Boards, and builds on their overarching commitment for enhanced connectivity and coordination to better serve the public interest.
To add your comments to this timely issue, click HERE.
About the IAASB The IAASB develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org. v
The document provides an overview of the prohibited services, interests, relationships and other actions that apply under the Code when a firm audits a public interest entity. The document is a high-level summary and is not a substitute for reading the Code, which provides details on the application of these prohibitions.
Visit the IESBA Project webpage to learn more about current projects and initiatives and to obtain the most current version of the IESBA’s Project Timetable. Highlights of the September 2019 meeting are available on the website and via podcast.
Coordination with the IAASB – Third Annual IAASB/IESBA Plenary Meeting
IAASB and IESBA Pledge Stronger Alliance at Third Annual Joint Plenary Meeting
In September 2019, New York City played host to the Third Annual Joint IAASB/IESBA Plenary Meeting, in a coordination effort between the International Auditing and Assurance Standards Board (IAASB) and the IESBA.
Building on their overarching commitment for enhanced connectivity and coordination to better serve the public interest, the boards explored in particular how to better achieve “joined-up thinking” at a strategic level.
Watch and Learn! International Webinar on Proposed Changes for Role and Mindset Expectations
The IESBA recently hosted a webinar to help stakeholders understand the recent proposed Code of Ethics changes to promote role and mindset expectations of all professional accountants. Listen to IESBA Deputy Chair Richard Fleck share an overview of the proposed revisions.
Comments to the Exposure Draft, Proposed Revisions to Promote the Role and Mindset Expected of Professional Accountants, were due on October 31, 2019. Thank you to all who shared their insights.
Global Ethics Webinar; Explaining the Newly Effective Code of Ethics
During the webinar, the IESBA representatives will explain the Code’s new structure; as well as the substantive revisions, including enhancement to the conceptual framework and provisions relating to inducements, including gifts and hospitality; pressure; and preparing and presenting information. The webinar will also touch on the new Non-compliance with Laws and Regulation (NOCLAR) and revised Long Association provisions; as well as the IESBA’s new eCode which was launched in June 2019.
Wednesday November 20, 2019 at 10:00 AM SST (Singapore Standard Time)
You may have noticed something different during your most recent visit to ifac.org. IFAC has a new website, which includes a fresh look and tailored functionality for the IESBA.
Improved user experience was central to the new site, which features a bold new design, more engaging content and easier navigation. The Knowledge Gateway has been substantially re-imagined to include all of IFAC’s content and the key focus areas are now color-coded throughout the site, making it easier to discover new, relevant content.
In an effort to be more responsive to the needs of the boards, i’s now easier to find, follow and respond to calls for input. Also, if you’re looking for a new handbook from a standard-setting board, they’re now prominently featured and easily accessible.
Tax Planning
The Board approved Terms of Reference for its Tax Planning and Related Services Working Group. The multi-phased initiative will focus on engaging with a broad range of stakeholders as part of information gathering activities in Phase 1.
The IESBA anticipates considering the Working Group’s final report in Q3 2020, which will inform the IESBA’s future work and deliverables in relation to this strategic initiative.
Part 4B Alignment to ISAE 3000
The Board unanimously approved for issuance, subject to approval by the PIOB, proposed changes to Part 4B of the Code, Independence for Assurance Engagements other than Audit and Review Engagements, to align it to changes to terms and concepts in the IAASB’s International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.
7. International Compliance Forum, 24-25 February 2020, Amsterdam, Netherlands
IMH, in association with ICA, will hold the International Compliance Forum to discuss the latest developments and trends in corporate governance, as well as address the current challenges facing the global compliance & ethics community. The forum is intended to facilitate discussions on the benefits of compliance management in business and more importantly, the return on investment of compliance.
The International Compliance Forum will welcome a number of high caliber international speakers who will discuss how the compliance function has progressed over the years and exchange views on how organizations can use their compliance function to enable change and enhance their competitiveness.
IESBA Chairman Dr. Stavros Thomadakis will be one of the distinguished speakers at the Forum.
Read the minutes and working papers for all our IESBA meetings. They’re a great information source about project progress and how we support and protect the public interest.
Recent and Upcoming Outreach Activities
November 2019 | China | Regulators, firms and other stakeholders
November 2019 | Webinar on the revised and restructured Code for Asia Pacific stakeholders, in association with the ASEAN Federation of Accountants
November 2019 | USA | 35th Annual SEC Reporting & FASB Forum
November 2019 | Romania | Committee of European Audit Oversight Bodies (CEAOB)
The 2nd IPSASB Research Forum, hosted by the Comparative International Governmental Accounting Research (CIGAR) network,in conjunction with the 2020 CIGAR Workshop, will be held on 17 June 2020 in Oslo-Drammen, Norway. Ahead of the event, the IPSASB is pleased to offer research grants of USD 1,500 for research under each of the following topics:
The Presentation of Financial Statements in the Public Sector;
Differential Reporting (Financial Reporting for Small and Medium Sized Public Sector Entities);
Discount Rates in the Public Sector: Rationale for their Use and Determination; and
Disclosures of Tax Expenditures.
The first IPSASB Research Forum was on 17 September 2019 in Naples, Italy. With more than 80 participants from academia and standard-setting bodies, the Research Forum discussed linkages between academia and the standard-setting process and current and committed projects on the IPSASB’s work program. The 2nd Research Forum aims to take forward the dialogue established between academia and the IPSASB.
The grants will be awarded by an academic advisory committee comprising representatives from IPSASB and the academic community, based on abstracts. Please email your abstract to VanessaMello@ifac.org by 31 December 2019 for consideration.
