Laura Friedrich is a principal of Friedrich & Friedrich corp, a professional research, standards, and education consultancy firm, and has over 20 years’ experience conducting projects worldwide. The firm focuses on building institutional capacity and developing strategic, policy, program, governance, and ethics guidance for established and emerging professional and regulatory organizations. Previous to this, she worked in education for CPA Canada (then CGA Canada) and in the Greater Vancouver assurance practice of KPMG LLP.

Ms. Friedrich is a contributing author on a number of World Bank publications in the area of competency-based education, training, and certification. She has also served as an author, lecturer, and examiner for numerous post-secondary programs in Canada and internationally, and has guided several institutions in developing and implementing ethics training programs. She has led hundreds of professional development sessions in a wide range of topic areas including ethics, governance, information systems, and curriculum development.

Ms. Friedrich has served on the Ethics Committee of CPA BC and continues to serve on its Bylaws Committee – responsible for the ongoing review of regulatory and professional standards in the jurisdiction, including the CPA Code of Professional Conduct. 

Ms. Friedrich holds a Master of Science in Business Administration (UBC) and is designated as a Certified Internal Auditor (Institute of Internal Auditors). She became a Canadian CPA in 2001, was awarded fellowship in 2011, and was granted life membership in 2014 for her service to the profession in education, ethics, and regulation.

The International Ethics Standards Board for Accountants (IESBA) today released Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). Part 4B of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) comprises the independence standards for assurance engagements other than audit and review engagements.

The revision fulfills a commitment the IESBA announced in its Strategy and Work Plan, 2019-2023 to review and change Part 4B of the Code to make the part’s provisions  consistent with the revised assurance terms and concepts in the International Auditing and Assurance Standards Board’s (IAASB’s) International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

The main revisions, developed in coordination with the IAASB, include:

• Changes in key terminology, including a revised definition of the term “assurance client”;
• Amendments to certain independence requirements in light of the revised assurance client definition;
• Greater clarity as to the parties to an assurance engagement and their roles and responsibilities, and the related independence requirements that apply; and
• A clearer distinction between the types of assurance engagement covered in Parts 4A (addressing independence for audit and review engagements) and 4B of the Code.

“It is in the public interest that Part 4B of the Code is consistent with ISAE 3000 (Revised), clear on the applicable independence requirements and, most importantly, sufficiently robust and practicable for assurance practitioners in the field,” said IESBA Chairman Dr. Stavros Thomadakis. “The successful completion of this project reflects the IESBA’s strong commitment towards enhanced communication and coordination with the IAASB, to better serve the needs of stakeholders in today’s global economy.”

About the IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards).

The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).

Part 4B of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) comprises the independence standards for assurance engagements other than audit and review engagements.

Laurie C. Endsley joined as a Member of IESBA in January 2020, after being nominated by PwC. Ms. Endsley is a partner with PwC and has worked for more than 30 years as an auditor and attorney. Laurie is based in the New York office and serves as Deputy Global General Counsel and Global Chief Ethics & Compliance Officer for the PwC network. Laurie is a member of the PwC Network Risk & Quality Executive and in that capacity leads the PwC Network Monitoring Group. Laurie is also a member of the Global Regulatory Policy Board.

Laurie previously served as the general counsel for the PwC Network Assurance LOS, as the PwC Central & Eastern European Regional General Counsel & Chief Risk Officer, as well as a member of the PwC CEE Management Board. Before these assignments, she served as the Chief of Staff in the Office of the Global CEO and Global Managing Partners. Laurie also worked for PwC in Russia as General Counsel, Chief Risk & Operating Officer, and as a member of the PwC Russia leadership and board.

Laurie is a CPA and lawyer, and holds an honours undergraduate degree in accounting from Wayne State University, a J.D. cum laude from The University of Michigan Law School, and an MBA cum laude from the University of Chicago.

Richard J. Huesken joined the International Ethics Standards Board in January 2020. Rich is retired from EY, where he most recently served as the Global Independence Leader for the Ernst & Young Global Limited network, leading a multi-national team of professionals responsible for establishing independence policy, processes, and systems, monitoring of regulatory and standard setting developments, and consulting on independence matters. Rich was a member of EY’s Global Risk Management Executive Committee, Global Practice Group and Global Professional Practice Committee.

Rich has more than 42 years of audit experience in a variety of industries. He previously served as the U.S. Independence Leader and as the Professional Practice Director for two EY regions. Rich graduated summa cum laude from the University of Cincinnati with a Bachelor’s in Business Administration. He is a Certified Public Accountant.

Objective

The objectives of the IESBA’s Definitions of Listed Entity and PIE Project are:

(a)       To review, in coordination with the IAASB, the definitions of the terms “listed entity” and “PIE” in the Code with a view to revising them as necessary so that they

    remain relevant and fit for purpose; and

(b)       In doing so, to:

Highlights from the IESBA's December, 2019 meeting in New York, NY.

• 00:10 - Introduction: Diane Jules, IESBA Deputy Technical Director
• 01:04 - Highlights & Key Developments: Stavros Thomadakis, IESBA Chairman
• 04:51 - Non-Assurance Services: Richard Fleck, IESBA Deputy Chair
• 07:01 - Fees: Ian McPhee, IESBA Member
• 09:45 - Technology: Patricia Mulvaney, IESBA Member
• 14:00 - IAASB/IESBA Coordination: Sylvie Soulier, IESBA Member
• 16:08 - Final thoughts: Stavros Thomadakis, IESBA Chairman
• 16:51 - Closing Remarks: Diane Jules, IESBA Deputy Technical Director