Projects

The IESBA Project Timetable indicates the timetable for each of the IESBA's projects in progress. For access to the meeting papers referenced in these project histories, please visit the Meetings page. For access to exposure drafts and consultation papers, final standards, and Staff Bases for Conclusions, please use the filter function in Publications and Resources.

The project objective is to review the long association provisions in Section 290 of the Code to ensure that they continue to provide robust and appropriate safeguards against the familiarity and self-interest threats arising from long association with an audit client.

Contact: Chris Jackson

Non-Assurance Services

To review the non-assurance services provisions in Sections 290 and 291 of the Code to ensure that they continue to support a rigorous approach to independence for assurance services, particularly audits of financial statements.

Contact: Jason Evans

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

Review of Part C of the Code

The objective of the project is to review Part C to ensure that its provisions remain appropriate and are robust.

Contact: Chris Jackson

Structure of the Code

The tentative objective of the initiative is to identify and recommend to the Board ways to improve the clarity and usability of the Code thereby facilitating its adoption, effective implementation and consistent application.

Contact: Chris Jackson

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.

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.

Breach of a Requirement of the Code

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

Contact: Ken Siong

Changes to the Code Addressing Conflicts of Interest

To revise Sections 220, Conflicts of Interest, and 310, Potential Conflicts, of the Code to establish more specific requirements and provide more comprehensive guidance to support professional accountants in public practice and professional accountants in business, respectively, in identifying, evaluating and managing conflicts of interest.

Contact: Chris Jackson

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.

Network Firm - Completed

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

Revised Code of Ethics - Completed

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

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.

QUICK LINKS

LATEST PUBLICATIONS & RESOURCES

	This Site
	IFACnet