IFAC today released the latest installment of its Exploring the IESBA Code educational series: The Conceptual Framework–Step 3, Addressing Threats.
Exploring the IESBA Code is a twelve-month series providing an in-depth look at 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. Readers will gain a better understanding of the thought process behind important aspects of the Code through storytelling and expert analysis from professionals involved in developing the standards.
Previous installments of Exploring the IESBA Code looked at the Code’s five fundamental principles and key aspects of the conceptual framework, which is a specified approach that all professional accountants are required to use to identify, evaluate and address threats to compliance with those principles. Installment four focuses on addressing threats.
A professional accountant can often come across complex or challenging situations that are not black and white. These challenging situations require ethical considerations, some of which are expressly dealt with in the Code. This unique and informational series was developed by IFAC in collaboration with the International Ethics Standards Board for Accountants (IESBA) to help explain how the Code assists in navigating some of these challenges.
To read and download this and future installments, visit the IFAC website.
Exploring the IESBA Code was published by IFAC and does not form part of the Code. It is non-authoritative and is not a substitute for reading the Code.
For more information about the Code, please click here.
An Informational Series to Promote the Code of Ethics
The objectives of the project are two-fold:
(a) To align the definition of the term “engagement team” in the Code with the revised definition of the same term in proposed ISA 220 (Revised) while ensuring that
the independence requirements in the IIS are clear and appropriate and apply only to those individuals within the scope of the revised definition who must be
independent in the context of the particular audit engagement; and
The COVID-19 pandemic is a global health and humanitarian crisis. Beyond the significant challenges that lay ahead in all facets of life, the pandemic has the potential to significantly impact the way that audits are undertaken.
The IAASB has created a COVID-19 web page to help our stakeholders, and the larger accounting community, navigate some of the challenges ahead.
Click HERE to learn more.
Igor Pavicevic, Secretary General of the Institute of Certified Accountants of Montenegro
Mr. Igor Pavicevic is, since 2010, Head of ICAM. Under his leadership, ICAM became an IFAC Associate in 2011 and an IFAC Member in 2017. Mr. Pavicevic is Certified Auditor, Forensic Accountant and Certified Appraiser. Since 2014, he is the President of ICAM’s Investigative Committee. Since 2015, he is a member of Open Government Partnership for Areas Enhancement of Public Integrity and Efficient Management of Public Resources. Since 2012, he is a member of Working Group for negotiation Chapter 6 – Corporate Law in EU accession process.
