Additional notes:
IFAC Ethics Meeting to be held at:
AICPA
1211 Avenue of the Americas, 5th Floor
(6th Ave & 48th Street)
New York, NY 10036
Phone: +1 (212) 596.6200
Fax: +1 (212) 644.6213
* PLEASE NOTE: a Photo ID (such as passport or driver's license) is required to enter this building. Please ensure that you have your Photo ID for each day that you plan to attend.
* Also, please advise ALL days that you will be attending, as the building's security requires a complete list of All guests for each day of the meeting.
In April 2009, the IESBA commenced a strategic review to develop a Strategic and Operational Plan for 2010-2012. The IESBA's terms of reference and due process require the strategic review to include a formal survey of key stakeholders to obtain views about issues that they believe should be addressed in the immediate future. The IESBA has prepared a short survey to solicit views. The on-line survey, which will take 10-15 minutes to complete, can be accessed here https://vovici.com/wsb.dll/s/139f1g3e0c7.
In March 2007, the IESBA commenced a project to consider the applicability of the clarity conventions adopted by the International Auditing and Assurance Standards Board on the Code of Ethics for Professional Accountants. The objective of the project was to improve the drafting conventions used in the Code so as to enhance the clarity and understandability of its provisions.
The project considered the following significant issues:
The December 2006 exposure draft proposing changes to Section 290 of the Code of Ethics for Professional Accountants and proposing a new Section 291 addressing independence matters indicated that there were three additional areas which would be addressed by the IESBA ("Independence I" project). In July 2007, the IESBA issued an exposure draft addressing these areas:
In June 2005, the IESBA (formerly the Ethics Committee) issued a revised Code of Ethics for Professional Accountants. The revised Code establishes a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics:
In December 2006, the IESBA issued an exposure draft proposing changes to the independence requirements contained in the Code of Ethics for Professional Accountants.
The IESBA commenced a project to revise the definition of a network firm, because concern had been expressed that the existing definition was too narrow and it did not appropriately consider the importance of the way firms present themselves.
Previous edition; superseded by the current edition.
The2010 Handbook of the Code of Ethics for Professional Accountantswill remain in effect during 2011.
The handbook contains the Code of Ethics for Professional Accountants (the Code), which has been revised by the International Ethics Standards Board for Accountants (IESBA) for improved clarity and strengthened independence requirements. The revised Code became effective on January 1, 2011.
The International Ethics Standards Board for Accountants (IESBA) has released for comment an exposure draft (ED) setting out its proposed strategy and work plan for the next three years. The proposed strategy and work plan focuses on the board's new projects and activities, which were selected based on the results of an IESBA-commissioned survey of interested parties.
The work plan for 2010-2012 includes the IESBA's intention to complete two high-priority projects from its previous work plan:
Conflicts of Interest. The IESBA will expand existing guidance for professional accountants, whatever their role, who face conflicts of interest. This will include the types of situations that give rise to conflicts, the mechanisms that can serve as safeguards in a conflict situation, and ways to manage conflicts; and
Responding to Suspected Fraud or Illegal Acts. The IESBA will provide guidance for all professional accountants on how to respond when encountering a suspected fraud or illegal act. This will include the threshold for taking action, the types of actions that may be taken, the process for responding, and the timing of any disclosure.
The IESBA also plans to begin a project that addresses the application of the "related entity" definition in the IESBA's Code of Ethics for Professional Accountants (the Code) to audits of collective investment vehicles.
In addition to its standard-setting activities, the IESBA plans to continue to assess what additional material or activities would be useful to support those who are adopting and implementing the Code. To further its objective of facilitating convergence of international and national ethical standards-including independence requirements-the IESBA will liaise closely with national standard setters and regulators to identify and understand their perspectives on convergence and to seek their views on how the Code can be a catalyst to achieve greater convergence.
"We listened carefully to our stakeholders as we developed the draft strategic plan," states Ken Dakdduk, IESBA Chair. "Our focus for the next three years, therefore, will be to build on the strong base established by the Code, which we revised in July 2009, and to significantly increase our efforts to promote and assist with its implementation and adoption."
How to Comment To access the exposure draft or submit a comment, please visit www.ifac.org/Guidance/EXD-Outstanding.php. Comments on the exposure draft are requested by June 15, 2010.
About the IESBA and IFAC The IESBA (www.ifac.org/ethics) develops ethical standards and guidance for use by 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 standards and guidance.
IFAC (www.ifac.org) 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.
