IFAC is pleased to respond to the UK House of Commons’ Public Administration and Constitutional Affairs Committee’s inquiry into government accounts. In addition to IFAC’s overall comments and based on its understanding of the public sector reporting framework and arrangements in the UK, IFAC believes that it is a model to which other countries might well aspire. Alongside other countries that have strong public sector financial reporting arrangements (like New Zealand and Australia), the UK should see itself as a leader in this field.

The 2015 IESBA Annual Report summarizes the International Ethics Standards Board for Accountants (IESBA)’s achievements, project developments, and operating context in 2015.

In 2015, the IESBA achieved a high level of outputs with respect to standard setting, progressing all the projects on its Work Plan. The IESBA also continued to pursue an extensive stakeholder outreach program, sought closer coordination and cooperation with the IAASB, and dedicated attention to emerging issues of international relevance. Highlights include:  

• Issuing a final pronouncement on the topic of non-assurance services;
• Approving four Exposure Drafts (EDs) on the topics of non-compliance with laws and regulations (NOCLAR), the structure of the Code, safeguards, and long association;
• Agreeing revisions to the Code under Phase 1 of the Part C project, pending restructuring of the revised provisions;
• Establishing a working group to undertake fact finding regarding certain fee-related matters, and providing input with a view to finalizing a staff publication on fees; and
• Joining a tripartite working group with the IAASB and the IAESB to explore whether there may be opportunities for enhancements in the respective boards’ standards on the topic of professional skepticism in response to feedback from regulatory and other stakeholders.

The Annual Report includes messages from the independent Chairman Dr. Stavros Thomadakis and Consultative Advisory Group Chairman Kristian Koktvedgaard, and a report on 2015 project developments and highlights from Technical Director Ken Siong. See 2015 IESBA Annual Report to access the report.  

The IESBA is supported operationally by IFAC; thus, its financial results are included within IFAC’s audited financial statements, which are published as part of the 2015 IFAC Annual Review, which is forthcoming.

The Annual Report summarizes the International Ethics Standards Board for Accountants (IESBA)’s achievements, project developments, and operating context in 2015.

In 2015, the IESBA achieved a high level of outputs with respect to standard setting, progressing all the projects on its Work Plan. The IESBA also continued to pursue an extensive stakeholder outreach program, sought closer coordination and cooperation with the IAASB, and dedicated attention to emerging issues of international relevance. Highlights include:  

The International Auditing and Assurance Standards Board (IAASB)’s new and revised auditor reporting standards, Reporting on Audited Financial Statements – New and Revised Auditor Reporting Standards and Related Conforming Amendments, designed to enhance auditor’s reports for investors and other users of financial statements, have been published in Spanish. This includes the International Standard on Auditing (ISA) 701, Communicating Key Audit Matters in the Independent Auditor's Report, and changes to other ISAs related to auditor reporting, as well as to those addressing the auditor’s responsibilities in relation to going concern and communication with those charged with governance.

The Instituto de Censores Jurados de Cuentas de España performed this Spanish translation, which is a result of the Ibero-American cooperation framework, known as the IberAm project. Established in 2012, the IberAm project—which includes IFAC and member organizations in Argentina, Mexico, and Spain—is an IFAC-authorized translation and review process that strives to achieve longer-term, sustainable processes for single, high-quality Spanish translations of international standards and other IFAC publications. The Interamerican Accounting Association, IFAC’s regional organization for Latin America and the Caribbean, is an observer to the project. The project also involves a Review Committee of technical experts representing IFAC member organizations in nine Spanish-speaking countries.

An overview of translations of IFAC’s publications is available online in the Translations Database.