IESBA eNews May 2010

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    May 03, 2010

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    IESBA eNews May 2010

    In This Issue:

    1. IESBA Seeks Comment on Proposed Strategy and Work Plan for 2010-2012
    2. Adoption and Implementation Material Available
    3. IESBA Convergence Objective
    4. 2010 Ethics Handbook Available in Print and Electronic Formats
    5. Upcoming Meetings
    6. Share Ethics eNews with Your Colleagues

    1. IESBA Seeks Comment on Proposed Strategy and Work Plan for 2010-2012

    The IESBA has released an exposure draft of its proposed Strategy and Work Plan 2010-2012. This plan focuses on proposed new projects and activities that the board will undertake over the next three years.

    In the draft 2010-2012 plan, the IESBA states that it intends to continue work and complete two projects that had been a high priority in the previous work plan:

    • Conflicts of Interest - The IESBA will reconsider the nature and extent of the guidance in the Code of Ethics for Professional Accountants (the Code) on conflicts of interest and revise Sections 220 Conflicts of Interest and 310 Potential Conflicts as appropriate; and
    • Responding to Fraud or Illegal Acts - The IESBA will reconsider the nature and extent of the guidance currently in the Code on how professional accountants should respond in situations where they encounter a suspected fraud or illegal act. The board will then revise the Code as appropriate.

    The IESBA also intends to commence a project that will consider which entities should be considered to be a "related entity" of a collective investment vehicle, including mutual funds, and whether the existing definition of related entity should be revised when applied to collective investment vehicles.

    In addition to its standard-setting activities, the IESBA plans to continue to assess its activities supporting those professionals, organizations and other stakeholders who are working to adopt and implement the revised Code. The board will consider whether additional support materials and activities would be useful.

    The plan also outlines intended activities related to the IESBA's convergence objective.

    Comments are due on June 15, 2010. To access the exposure draft, visit: http://www.ifac.org/Guidance/EXD-Details.php?EDID=0137.

    2. Adoption and Implementation Material Available

    The IESBA staff has prepared materials to support the adoption and implementation of the Code of Ethics for Professional Accountants (the Code).

    These materials include:

    • PowerPoint presentations that can be used to explain the content of the Code;
    • Comparisons of the revised Code with the previous Code;
    • A template that can assist individuals in understanding how the provisions in a particular jurisdiction compare to the Code, and
    • An overview of the independence requirements in the Code.

    The IESBA will continue to assess what additional material or activities would be useful to further the adoption and implementation of the Code.

    The adoption and implementation support materials are available at http://www.ifac.org/Ethics/Resources.php#implementation-and-adoption.

    3. IESBA Convergence Objective

    Promoting international convergence of independence requirements for accountancy professionals is a major priority for the IESBA. To that end, the IESBA will liaise closely with national standard setters and regulators to identify and understand their perspectives on convergence, and to obtain their views on how the Code can be used as a catalyst to achieve greater convergence. In particular, the IESBA will be seeking input on:

    (a) Whether in a group audit situation, where the national independence standards in the jurisdiction of the parent auditor contain requirements that are more stringent than those contained in the Code, the parent auditor would accept foreign auditors of foreign subsidiaries complying with the independence requirements in the Code; and
    (b) The types of improvements to the Code that standard setters and regulators believe should be made in order for the Code to gain acceptance and recognition in their jurisdictions. The IESBA will consider input it has received from stakeholders, such as the need to identify more clearly the independence provisions related to public interest entities. Accordingly, it will prepare a document identifying those provisions, which it will use in discussions with national standard setters and regulators.

    4. 2010 Ethics Handbook Available in Print and Electronic Formats

    The 2010 edition of the Handbook of the Code of Ethics for Professional Accountants is now available for download free-of-charge from IFAC's Publications and Resources site (web.ifac.org/publications). Print copies of the handbook, together with the Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements, can be ordered for US $185.00 plus shipping by calling IFAC at +1 (212) 471-8722.

    5. Upcoming Meetings

    The IESBA next meets on June 23-24, 2010 in Paris, France. For more information and to register to attend an IESBA meeting as a public observer, visit: http://www.ifac.org/Ethics/Meetings.php.

    Meetings of the IESBA Consultative Advisory Group are also open to public observers. Its next meeting will be held on September 13, 2010 in London, United Kingdom. For more information, visit: http://www.ifac.org/Ethics/ConsultativeAdvisoryGroup.php.

    6. Share Ethics eNews with Your Colleagues

    The IESBA issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive IESBA eNews by following these simple steps:

    1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
    2. Enter your email address, first name, last name and country.
    3. Select "Ethics eNews" from the check list, as well as any other electronic newsletters that you would like to receive.

    You will receive the next issue of the IESBA eNews directly to your inbox.



    For more information about any of the items mentioned above or other information about the IESBA, please contact: communications@ifac.org.

    About the IESBA and IFAC

    The IESBA develops ethical 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 IESBA, and the IESBA Consultative Advisory Group, which provides public interest input into the development of the Code.

    IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.

     

     

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