OBJECTIVE

The objective of the IESBA’s Benchmarking Working Group is to compare the International Independence Standards (IIS) that are applicable to PIEs (including the pending revisions arising from the Non-assurance Services and Fees Projects) to the relevant independence requirements that apply in major jurisdictions, starting first with the requirements of the US Securities

The International Federation of Accountants (IFAC) today released the latest in its Exploring the IESBA Code educational series: Installment 8: Responding to Non-compliance with Laws and Regulations (NOCLAR) [for PAIBs].

The publication is part of a 12-month short series to help promote awareness of the provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). Each installment focuses on a specific aspect of the Code using real-world situations in a manner that is relatable and practical. This NOCLAR installment is part 1 of 2 and is focused on explaining the actions that accountants in business, including senior professional such are directors, and officers are expected to take when they become aware of, or suspect a NOCLAR within their employing organizations. Part 2 will focus highlighting provisions that apply to auditors and other accountants in public practice in client service. Previous installments highlighted the Code’s five fundamental principles of ethics and conceptual framework, as well as more topic-specific requirements, such as independence and conflicts of interest.

“The Exploring the IESBA Code series is the result of a strong collaborative effort between the International Federation of Accountants and the International Ethics Standards Board for Accountants (IESBA),” said Kevin Dancey, CEO of IFAC. “International standards are the bedrock on which our profession is built, and IFAC is committed to developing resources that raise awareness and encourage the adoption and implementation of such standards.”

Dancey continued, “We launched the Exploring the IESBA Code initiative last November to support the work of IESBA and highlight the substantively revised and restructured Code, including the digital eCode. We are pleased to see this material being used by professional accountancy organizations around the world to promulgate guidance on ethics and independence, and we will continue to support this important work.”

The Exploring the IESBA Code is published by IFAC and does not form part of the Code. It is non-authoritative and is not a substitute for reading the Code.  Click here to access this and future installments.

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

For more information about the IESBA and the Code, visit www.ethicsboard.org

Prof. Dr. Hysen CELA, CA, CPA is the Professor, Business and Professional Ethics, Faculty of Economy at the University of Tirana, Albania. He is the former President of the Albanian Institute of Statutory Auditors (IEKA). He is a Managing Partner on Tax and Advisory Services, with Crowe AL, Member of Crowe Global Network. He is a member of IESBA & IAASB CAGs, representing EFAA and he is in charge of Education at IEKA.