Breach of a requirement of the ethics code

This project reconsidered the paragraphs in the Code that address an inadvertent violation of the Code.

Contact: Ken Siong

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Changes to the ethics code addressing conflicts of interest

The consideration of the nature and extent of guidance appropriate for professional accountants when dealing with conflicts of interest. This project will result in, as appropriate:(a) Revisions to Section 220 Conflicts of Interest to provide additional guidance to professional accountants in public practice when faced with a conflict of interest; and(b) Revisions to Section 310 Potential Conflicts to provide additional guidance to professional accountants in business when faced with a conflict of interest.

Contact: Chris Jackson

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Long Association of Senior Personnel (Including Partner Rotation) with an Audit Client

Contact: Chris Jackson

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Responding to a Suspected Illegal Act

The goal of the project is to provide guidance for professional accountants on how to respond in situations where they encounter a suspected fraud or illegal act.This project will include:(a)    Revisions to Section 140 Confidentiality  to provide additional practical guidance to professional accountants on how to respond when encountering a suspected fraud or illegal act;(b)   A new section in Part B to provide practical guidance for professional accountants in public practice on how to respond when encountering a suspected fraud or illegal act; and(c)    A new section in Part C to provide practical guidance for professional accountants in business on how to respond when encountering a suspected fraud or illegal act.

Contact: Ken Siong

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Independence I - Completed

In December 2004, the IESBA started a project to revisit the independence requirements for professional accountants in public practice that perform assurance engagements. The IESBA approved the proposed changes to the independence requirements contained in the Code of Ethics for Professional Accountants in January 2008. In April 2008, the Public Interest Oversight Board confirmed that due process had been followed in the development of these changes to the Code.

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Independence II - Completed

In July 2007, the IESBA issued an exposure draft addressing three remaining independence issues following the IESBA's Independence I project. In May 2008, the IESBA issued a re-exposure draft of proposals relating to internal audit and relative size of fees. The IESBA approved the proposed changes to the independence requirements contained in the Code of Ethics for Professional Accountants in December 2008. In June 2009, the Public Interest Oversight Board confirmed that due process had been followed in the development of the changes to the Code.

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Drafting Conventions - Completed

In March 2007, the IESBA commenced a project to consider the implications on the Code of Ethics for Professional Accountants of the Clarity project of the International Auditing and Assurance Standards Board. In April 2009, the IESBA approved the proposed changes to the Code of Ethics for Professional Accountants resulting from this project. In June 2009, the Public Interest Oversight Board confirmed that due process had been followed in the development of the changes to the Code.

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Network Firm - Completed

In July 2006, the IESBA revised the Code of Ethics for Professional Accountants by updating the definition of a network firm.

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Revised Code of Ethics - Completed

In June 2005, the IESBA (formerly the Ethics Committee) issued a revised Code of Ethics for Professional Accountants.

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Strategic Plan

The IESBA has commenced a project to develop a Strategic and Operational Plan to 2010-2012. The IESBA has prepared a short survey to solicit views. The on-line survey, which will take 10-15 minutes to complete, can be accessed here http://vovici.com/wsb.dll/s/139f1g3e0c7. The deadline for completion is July 27, 2009.

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