The International Ethics Standards Board for Accountants (IESBA) seeks public comment by July 16, 2018, on its Proposed Strategy and Work Plan, 2019-2023.

Leveraging the completely rewritten and significantly strengthened International Code of Ethics for Professional Accountants (including International Independence Standards), the proposed Strategy and Work Plan projects the IESBA’s vision for the Code in the global economy. The IESBA’s future priorities and actions will be guided by three strategic themes:

• Advancing the Code’s relevance by keeping it fit-for-purpose for a rapidly changing world, and further strengthening ethical conduct and independence standards;
• Deepening and expanding the Code’s impact and influence through increased global adoption and implementation; and
• Enriching the IESBA’s perspectives and capacities through proactive stakeholder dialogue and co-operation.

The consultation paper was developed following extensive, wide-ranging engagement with stakeholders, including regulators, national standard setters and professional accounting organizations.

Please submit your responses by July 16, 2018 to ensure your views are considered.

IFAC, the International Federation of Accountants, today announced its first accountancy capacity building project in Southeast Asia. The project will assist the Myanmar Institute of Certified Public Accountants (MICPA) in its work to strengthen the accountancy profession in Myanmar. IFAC has selected the Association of Chartered Certified Accountants (ACCA) to partner with MICPA on the project.

ACCA will partner with MICPA to build a sustainable professional accountancy organization that can act as the cornerstone of the profession in the country. The project will deliver a strategic plan and new governance structure for MICPA, in consultation with key national stakeholders.

“This project will contribute to Myanmar’s ongoing economic reform in line with the new government’s policy of liberalization, which includes modernizing the accountancy profession,” said Alta Prinsloo, IFAC Executive Director, Quality & Development. “As the first project under this Program in Southeast Asia, it offers opportunity to make a positive impact in the region.”

Myanmar, currently in the process of democratic transition, is one of East Asia’s fastest growing economies. The new government is committed to attracting investment for sustainable growth, and its support of this project demonstrates its recognition of the critical role that the accountancy profession can play in this process.

This project is funded with UK aid from the UK government. In 2014, the UK Department for International Development (DFID) reached an agreement with IFAC to provide funding of almost £5 million for PAO capacity building in at least ten emerging countries over seven years. Projects under the IFAC Capacity Building Program using DFID funding are currently underway in several countries including Ghana, Kyrgyzstan, Rwanda and Zimbabwe.  Partner organizations are selected following global Calls for Expressions of Interest and an extensive proposal and review process by the IFAC PAO Capacity Building Program Independent Selection Panel.

About IFAC
IFAC 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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

About DFID
The Department for International Development (DFID) leads the UK’s work to end extreme poverty. We're ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information visit www.gov.uk/dfid.

About MICPA
The Myanmar Institute of Certified Public Accounts is a professional body of Certified Public Accountants in Myanmar. The mission of the body is to communicate with international accountancy bodies and to distribute information to its members. MICPA was found under the Myanmar Accountancy Council (MAC), a policymaking body of accountants and auditors.

The International Ethics Standards Board for Accountants^® (IESBA^®) today released a completely rewritten Code of Ethics for Professional Accountants that is easier to navigate, use and enforce. Beyond the new structure, the Code brings together key ethics advances over the past four years, and is clearer about how accountants should deal with ethics and independence issues.

While the fundamental principles of ethics have not changed, major revisions have been made to the unifying conceptual framework—the approach used by all professional accountants to identify, evaluate and address threats to compliance with the fundamental principles and, where applicable, independence. New Code highlights include: 

• Revised “safeguards” provisions better aligned to threats to compliance with the fundamental principles;
• Stronger independence provisions regarding long association of personnel with audit clients;
• New and revised sections dedicated to professional accountants in business (PAIBs) relating to:
  • preparing and presenting information; and
  • pressure to breach the fundamental principles.
• Clear guidance for accountants in public practice that relevant PAIB provisions are applicable to them;
• New guidance to emphasize the importance of understanding facts and circumstances when exercising professional judgment; and
• New guidance to explain how compliance with the fundamental principles supports the exercise of professional skepticism in an audit or other assurance engagements.

“This is a groundbreaking moment in the public interest. The Code is now a significantly strengthened platform, re-engineered for greater usability while maintaining global applicability. It underscores the importance of the fundamental principles for all professional accountants,” said IESBA Chairman Dr. Stavros Thomadakis. “Critical work begins now within firms, national standards setters, regulators and audit oversight bodies, educators, IFAC member bodies and others to promote awareness of the Code, and support its adoption and implementation.”

“I congratulate the IESBA on this significant achievement,” said Kristian Koktvedgaard, Chair of IESBA’s multi-stakeholder Consultative Advisory Group (CAG). “A strong international Code of Ethics is one of the defining characteristics of the global accountancy profession. Clearer, more usable and enforceable independence and ethics standards are essential to public trust in the profession. The new Code establishes a solid base for “future-ready” ethics standards, and I am pleased that the CAG contributed to its development.”

Renamed the International Code of Ethics for Professional Accountants^TM (including International Independence Standards^TM), the new Code becomes effective in June 2019. It is the culmination of extensive research and global stakeholder consultation. Stakeholders can now access the new Code on the IESBA’s website, where implementation resources and other supporting materials will be released throughout the period leading up to the effective date.

About the IESBA
The International Ethics Standards Board for Accountants is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information, and follow us on Twitter @Ethics_Board.

About IFAC^®
IFAC 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 more than 175 members and associates in more than 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

The global search is underway for an exceptional individual to lead the International Auditing and Assurance Standards Board (IAASB) into its next era.

The Chair leads the IAASB’s strategic direction and development of high-quality international audit standards, as well as facilitates the consultative processes that underpin the board’s credibility and activities. The Chair develops and maintains effective relationships with international oversight authorities and regulatory bodies, national standard setters, investor and preparer communities, the audit practitioner community and other key stakeholders. The next IAASB Chair will also guide the board through any transitional period and change implementation arising from the IAASB reforms.

The successful candidate has significant, senior-level experience and is well recognized within professional and regulatory communities. He or she has effective leadership, diplomacy, communication, and strategic skills; demonstrated professional competency; and a strong commitment to the IAASB’s public interest mission. He or she also understands the significant travel commitment involved.

The IAASB Chair is appointed for a renewable three-year term, commencing January 1, 2019. A complete job description, along with application instructions, is available on the IAASB website. Applications are due May 20.

This global search is being conducted by the Interim Nominating Committee, which was formed in February 2018 to conduct the IAASB Chair nominations process and make a final recommendation to the IFAC Board and Public Interest Oversight Board. The Committee held its inaugural meeting on March 28 in New York to finalize the position description and outline the selection process. More information on the Committee is available online.

The Zimbabwean Ministry of Finance, the nation’s Public Accountants and Auditors Board (PAAB), IFAC (the International Federation of Accountants) and Chartered Institute of Public Finance and Accountancy (CIPFA), gathered more than 200 senior officials from central and local government to discuss next steps in Zimbabwe’s migration to accrual accounting based on International Public Sector Accounting Standards® (IPSAS®).

Opening the meeting, Finance and Economic Planning Deputy Minister Terence Mukupe reaffirmed the government’s commitment to high quality accrual-based public financial reporting as a cornerstone of sound public financial management and effective, efficient public service delivery.

The Chief Secretary, Office of the President and Cabinet, Dr. M.J.M Sibanda, sent a message of support that confirmed political backing at the nation’s highest level. He acknowledged the contribution of quality accrual-based public financial reporting to enhanced public sector transparency and accountability—an essential element in building trust and confidence in government amongst the people, as well as domestic and foreign investors.

Key development partners in Zimbabwe, including the European Union, International Monetary Fund, UK Department for International Development (DFID), United Nations Development Programme, and the World Bank, shared their expectations for PFM Reform in Zimbabwe. They encouraged the government to use the recently-completed Public Expenditure and Financial Accountability (PEFA) Assessment to develop a national PFM Reform strategy.

Participants actively identified accrual accounting implementation solutions, drawing on global, regional, and local best practices shared by the Chartered Institute of Public Finance and Accountancy (CIPFA), Organisation of English-speaking African Supreme Audit Institutions, the Government of South Africa, and Government of Tanzania.

As an essential partner to government, the accountancy profession committed to continued strengthening of central and local government accountancy capacity—including attendees being offered access to CIPFA’s Certificate in IPSAS.

Key outcomes highlighted by Zimbabwe’s Accountant General, Daniel Muchemwa, included the establishment of a policymaking steering committee that will be supported by an implementation working group comprising meeting participants. They will meet quarterly to establish a high level implementation strategy and monitor progress in the migration to accrual accounting.

The event was supported by IFAC and CIPFA, and funded with UK aid from the UK government.

About IFAC

IFAC 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 more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

In 2014, the UK Department for International Development (DFID) reached an agreement with IFAC to provide funding of almost £5 million for PAO capacity building in at least ten emerging countries over seven years. One of the projects under the IFAC Capacity Building Program using DFID funding is currently underway in Zimbabwe.

About DFID

The Department for International Development (DFID) leads the UK’s work to end extreme poverty. We're ending the need for aid by creating jobs, unlocking the potential of girls and women and helping to save lives when humanitarian emergencies hit. For more information visit www.gov.uk/dfid.

About PAAB

The Public Accountants and Auditors Board, Zimbabwe (PAAB) functions in terms of the Public Accountants and Auditors Act [Chapter 27:12]. It is the regulatory body for the accountancy profession in Zimbabwe. The PAAB’s mission is to protect the financial interests of the people of Zimbabwe and those with interests in the Zimbabwean economy by ensuring the maintenance of high standards of professional performance by members of the accountancy profession to foster investment.

The International Ethics Standards Board for Accountants (IESBA) will hold roundtables in Washington (June 11^th), Paris (June 15^th) and Tokyo (July 12^th) to obtain stakeholder feedback on significant public interest topics including non-assurance services (NAS) and the exercise of professional skepticism.

To help shape the future of IESBA’s standard setting, the roundtable consultations will focus on:

Non-Assurance Services (NAS)
To enhance auditor independence, how best to delineate both the boundaries and types of NAS auditors can provide to their audit clients? Auditor independence is critical to public trust in audited financial statements. We’ve launched a NAS initiative to explore broad permissibility under the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) in response to global regulatory developments and calls from stakeholders and the Public Interest Oversight Board.

Professional Skepticism
How best to meet public expectations for all professional accountants, including auditors, to exercise “professional skepticism”? We’ve launched an initiative to explore: the behavioral characteristics inherent in professional skepticism; whether those characteristics should be applied by all professional accountants; and whether the Code should be further developed.

Save the dates! The roundtables will be held in:

• Washington, D.C., USA on June 11, 2018; 
• Paris, France on June 15, 2018; and 
• Tokyo, Japan on July 12, 2018. 

Would you like to attend?
As space is limited, attendance will be by invitation only. Register your interest (IESBA@ethicsboard.org) by April 30, 2018, indicating your name, job title, organization and preferred location. An invitation will follow shortly!

Who should attend?
Investors, audit committee members, preparers, regulators and audit oversight authorities, academics, national standards setters, firms and IFAC member bodies.

About the IESBA
The International Ethics Standards Board for Accountants (IESBA) mission is to serve the public interest by setting ethics standards, including auditor independence requirements, that seek to raise the bar for ethical conduct and practice for all professional accountants (PAs) worldwide through a robust, globally operable International Code of Ethics for Professional Accountants (Including International Independence Standards) (the Code). Please visit www.ethicsboard.org for more information.

IFAC is excited to launch the 2018 Global SMP Survey! As in past years, your support and promotion to your members is vital to its success, and importantly, provides an opportunity for your members to contribute.

The survey helps your member organization and IFAC gain an understanding of the specific challenges and opportunities faced by SMPs and SMEs and as a result, better serve this critical constituency. Individual country results will be available to enable you to compare to regional and global findings.

The #SMPSurvey is open in 20+ languages until May 21, 2018! This year's survey includes new questions on next generation talent, technology developments, talent management initiatives and marketing and branding.

IFAC Member Organizations can use this toolkit with material to share, and translate - when appropriate - with your members. This includes key messaging, a draft e-mail, social media and a PowerPoint promotion slide.

International Auditing and Assurance Standards Board (IAASB) Emerging Forms of External Reporting (EER) Task Force announces the appointment of 23 individuals to the recently-established EER Assurance Project Advisory Panel.

The Advisory Panel appointees will make a significant contribution to further IAASB’s work on EER assurance. Their involvement will include: 

• advising the EER Task Force on the application of ISAE 3000 (Revised) to EER engagements, and other matters within the scope of the approved Project Proposal, and providing insights into current practice across different jurisdictions and contexts;
• providing input to the development of the non-authoritative guidance that the IAASB plans to issue; and
• providing occasional research input on matters relating to EER assurance engagements.

The Task Force is grateful for all the nominations received. Updates on the Task Force’s work will be made available on the IAASB’s project page as the project progresses.

Founded in March 1978, the IAASB is proud to celebrate its 40^th year serving the public interest! From its inaugural meeting where it discussed plans for the first international auditing guidelines to today where more than 111 jurisdictions use the suite of International Standards on Auditing and Assurance. The IAASB looks forward to continuing its work setting robust global audit and assurance standards and enhancing public confidence in the accountancy profession. Thank you to all our volunteer members and all those that have contributed to IAASB’s success over the decade. Follow our celebration here: @IAASB_News

Photo: Committee Meeting 1978

Photo: Audit Board Meeting 2018