The International Ethics Standards Board for Accountants (IESBA) today announced that a Sustainability Reference Group (SRG) has been established to support the work of its Sustainability Task Force. 

The SRG members have been selected based on a series of criteria, including their background, experience or expertise in sustainability reporting or assurance, stakeholder groups, and geographical location. The members will act as a “sounding board” to the Sustainability Task Force, providing insights, expertise, or advice relating to the development of global ethics and independence standards for sustainability reporting and assurance. 

The SRG will be chaired by Mr. Channa Wijesinghe, IESBA Member and Sustainability Task Force Member. The SRG Members are: 

• Kenneth Amaeshi, European University Institute, Africa
• Antonio Astone, DNV, Europe 
• Michael Bray, Deakin University, Oceania 
• Charlotte Drain, Deloitte LLP, Europe 
• Dongsoo Kim, AccountAbility, Asia 
• Kristian Koktvedgaard, Confederation of Danish Industry and EFRAG Sustainability Reporting Board Member, Europe
• Olga Rivas, Independent International Organisation for Certification, Global 
• Samantha Ross, AssuranceMark, North America 
• Michael Tang, SGX Group, Asia 

To learn more about IESBA’s work on sustainability, please refer to our focus page. 

The International Ethics Standards Board for Accountants (IESBA) congratulates the Italian Ministry of Economy and Finance on the announcement today of the launch of a new Code of Ethics and Independence for Auditors in Italy. This new Italian Code of Ethics (Codice italiano di etica e indipendenza dei revisori legali dei conti), which is based off IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) with specific adaptations and localizations for compatibility and operability with the Italian and European regulatory frameworks, replaces the country’s previous code of ethics, adopted in 2018.

“On behalf of IESBA, I applaud the Italian Ministry of Economy and Finance for this important commitment to ethics and independence, and to the public interest,” said Gabriela Figueiredo Dias, IESBA Chair, who was invited to speak at the announcement event in Rome today. “This code will provide statutory auditors with a stronger ethics and independence framework, significantly elevating the ethical bar for an important group of professionals who are formally provided with public faith in reviewing financial statements and whose work is, therefore, critical to create trust in corporate information and to support sound business relations and a well-functioning economic system.”

The IESBA Code places a responsibility on all professional accountants to act in the public interest. The strength and global acceptance of the Code are evident as it has been adopted or is used in over 130 jurisdictions, translated into about 40 languages, and adopted by the 34 largest international networks of accounting firms for transnational audits.

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Congratulations to the International Sustainability Standards Board (ISSB) for achieving a major milestone today, releasing its #sustainability-related disclosure standards S1 and S2! These new standards establish a holistic framework that will drive greater consistency, accuracy, and comparability in sustainability information disclosures at a global level.    
                  
IESBA believes strong reporting and assurance standards must work under the umbrella of equally strong #ethics standards to foster public confidence in sustainability information. Therefore, to complement the achievements of the ISSB and the new sustainability assurance standards being developed by the International Auditing and Assurance Standards Board (IAASB), IESBA is on track to develop robust ethics and independence standards on #sustainabilityreporting and assurance that can be used by all sustainability information preparers and assurance practitioners worldwide.

Learn more here: https://lnkd.in/e-pt3wnh

On June 1, 2023, the International Ethics Standards Board for Accountants (IESBA) welcomed a new member following his appointment by the Public Interest Oversight Board (PIOB).

Héctor Lehuedé, is an independent consultant and a lawyer based in Santiago, Chile, with extensive experience in ethics, compliance, and corporate governance, and related areas, including sustainability, regulation of auditors, and tax matters. Previously, Mr. Lehuedé served eight years at the Organisation for Economic Co-operation and Development (OECD's) Corporate Affairs and Corporate Finance Division in Paris. He also holds positions as an independent non-executive director and affiliate professor at Pontificia Universidad Católica's Corporate Governance Center.

Mr. Lehuedé was appointed to the Board by the PIOB for a three-year term. 

“On behalf of the IESBA, it is my great pleasure to welcome Héctor to the Board,” said IESBA Chair Gabriela Figueiredo Dias. “Héctor comes to the IESBA at a critical time in our strategic work on sustainability, tax planning, and several other key projects. I’m confident his background, expertise and experience will further broaden our perspectives and enrich our deliberations as we work towards developing high-quality international ethics standards in the public interest.” 

Mr. Lehuedé will join the IESBA’s 17 other members next week in New York for its week-long Board meeting.*

*IESBA’s June Meetings will be live streamed on IESBA’s YouTube Channel. For more on the meetings, click here: https://lnkd.in/eK4p2xRV

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Héctor J. Lehuedé became a member of the International Ethics Standards Board for Accountants (IESBA) effective June 2023.

Héctor is the CEO of Razor Consulting, a boutique advisory firm based in Santiago, Chile, that since 2019 serves organizations all over Latin America on corporate governance, ethics & compliance, and sustainability. Prior to starting his firm, Héctor was for eight years a senior manager at the Corporate Affairs and Corporate Finance Division of the Organization for Economic Cooperation and Development (OECD) in Paris, France. There, he was in charge of organizing the work of the OECD Corporate Governance Committee, which brings together experts from all member/partner countries, and for conducting policy dialogue, research, and assessments of the implementation of OECD standards across jurisdictions.

Before joining the OECD, Héctor was a senior advisor to the Minister of Finance in Chile for four years and practiced corporate and tax law for over a decade in leading legal and audit firms in Chile. He serves as independent nonexecutive director in listed and private entities and is an affiliate professor at the Corporate Governance Center of Pontificia Universidad Católica.

Héctor has a J.D. degree from Universidad de Chile Law School and holds a master's degree (JSM) from Stanford University Law School. He is also a certified company director by the UK’s Institute of Directors.

The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) applaud the Public Interest Oversight Board’s (PIOB’s) recent appointment of Alan Johnson to be the inaugural chair of the new Stakeholder Advisory Council (SAC). Mr. Johnson brings a wealth of international experience to this new role, including as a former Trustee of the International Foundation for Ethics and Audit; as a chief executive, non-executive director, and audit and risk assurance committee chair; and as past president of the International Federation of Accountants.

In commenting on Mr. Johnson’s appointment and the creation of the SAC, Gabriela Figueiredo Dias and Tom Seidenstein, IESBA and IAASB Chairs respectively, stated, “The IESBA and IAASB will benefit greatly from this newly created, diverse forum that will advise us on our strategies and projects. We very much look forward to working with Alan and benefiting from his unique experience and perspectives and from his insights which will ensure our Boards remain responsive to the public interest.”