Earlier today, the Staff of UK Financial Reporting Council (FRC) and the International Ethics Standards Board for Accountants (IESBA) jointly released the publication, Ethical and Auditing Implications Arising from Government-Backed COVID-19 Business Support Schemes.

This staff publication highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at unprecedented levels during the COVID-19 pandemic. The guidance sets out important ethical considerations for professional accountants who are called upon to assist their employing organizations or clients in applying for and using COVID-19-related funding or financial support. The document includes guidance for those who prepare related financial information and disclosures, as well as for those who independently audit or provide assurance services regarding such information.

The publication was developed by the Staff of UK FRC under the auspices of a Working Group formed by the IESBA and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK and the US. Chaired by Mr. Richard Fleck, former IESBA Deputy Chair, the Working Group’s mandate is to develop implementation support resources to assist accountants effectively apply the International Code of Ethics for Professional Accountants (including International Independence Standards) when facing circumstances created by the COVID-19 pandemic. The publication benefited from input from IESBA Staff.

The publication can be found on the IESBA COVID-19 resource page.

About the IESBA-NSS Working Group

The Working Group organizations comprise: Accounting Professional & Ethical Standards Board (Australia); Chartered Professional Accountants of Canada; the Chinese Institute of Certified Public Accountants; the Independent Regulatory Board for Auditors (South Africa); the UK Financial Reporting Council; and the American Institute of Certified Public Accountants (US).

About UK Financial Reporting Council

The UK Financial Reporting Council regulates auditors, accountants and actuaries, and it sets the UK’s Corporate Governance and Stewardship Codes. The FRC promotes transparency and integrity in business. Its work is aimed at investors and others who rely on company reports, audit and high-quality risk management.

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).

This staff publication, jointly released by the Staff of UK Financial Reporting Council (FRC) and the IESBA, highlights ethical and auditing implications arising from government-backed business support programs which have been utilized at unprecedented levels during the COVID-19 pandemic.

Together with ICAEW, The International Federation of Accountants (IFAC) today released the fourth installment in its Anti-Money Laundering: The Basics educational series: Installment 4: Asset Transfers.  

The publication is part of a 6-month short series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment four examines asset transfers, one of the primary ways in which criminals layer or integrate the proceeds of crime into the legitimate economy.

Anti-Money Laundering: The Basics is featured on both the IFAC and ICAEW websites and available for download for free. IFAC is featuring the series on a new landing page alongside other relevant information on anti-money laundering (AML).

To be globally relevant, the Anti-Money Laundering: The Basics  series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point. 

For more information about IFAC, visit www.ifac.org.

For more information about ICAEW, visit https://www.icaew.com/.

Nancy was appointed to the IFAC PAIB Advisory Group in January 2021. She was nominated by the Hong Kong Institute of Certified Public Accountants (HKICPA).

Ms. Tse is currently an Independent Non-Executive Director of The Wharf (Holdings) Limited (WHL), which is listed on the Hong Kong Stock Exchange; DBS Bank (Hong Kong) Limited as well as HSBC Provident Fund Trustee (Hong Kong) Limited- HPFT. She is also the Chairman of the Board of HPFT. She was previously an Independent Non-Executive Director of Link Asset Management Limited (Manager of the Link Real Estate Investment Trust–REIT), retiring in July 2023 after 9 years of service. 

She is the former Chief Financial Officer and Director (Finance and Information Technology Services) of the Hong Kong Hospital Authority, a statutory body which manages all of the public hospitals and outpatient clinics in Hong Kong.

She also serves on the boards or committees of a number of charitable organizations and NGOs. She was a member of the Board of Governors of the Prince Philip Dental Hospital until 2023, having served for 6 years. She is an Adjunct Professor of The Jockey Club School of Public Health and Primary Care of the Chinese University of Hong Kong.  She has been active in corporate governance projects and is an honorary advisor and member of Oversight, Policy and Governance Committee of the Hong Kong Financial Reporting Council.