The IFAC SMP Committee acknowledges that the IESBA Exposure Draft: Responding to Non-Compliance with Laws and Regulations is a sensitive and complex topic and commends the Ethics Board on the substantial amount of work and outreach that has been undertaken in moving this project forward. We generally consider that the revised framework has significantly improved.

Transparency and accountability require robust financial information.

Governments around the world are entrusted by their populations to manage their financial resources in a sensible and cost-effective way. They collect revenues, largely through taxation, and in return are expected to deliver a wide range of public services such as education, health, infrastructure and social transfers for the benefit of current and future generations.