The International Ethics Standards Board for Accountants (IESBA) today released final revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to address holistically the various independence considerations in an audit of group financial statements. The revisions also deal with the independence and other implications of the changes made to the definition of an engagement team in the Code to align with changes to the definition of the same term in the International Auditing and Assurance Standards Board’s (IAASB) International Standards on Auditing (ISAs) and International Standards on Quality Management (ISQMs).

“Group audits play a fundamental role in safeguarding the integrity of, and public trust in, the financial markets,” said Ms. Gabriela Figueiredo Dias, IESBA Chair. “For a long time, there was a vacuum in international standards addressing the independence of audit firms and individuals involved in group audits, leading to uncertainty and inconsistent practice around the world. This standard effectively closes that gap and responds in a timely manner to a public interest need for robust and clear requirements for independence in this important area.” 

Among other matters, the revisions:

• Strengthen and clarify the independence principles that apply to:
  • Individuals involved in a group audit, including those within, or engaged by, firms that audit components within a group.
  • ​​​​​​​Firms engaged in the group audit, including firms within and outside the group auditor firm’s network.
• ​​​​​​​Specify the need for, and content of, appropriate communication on independence matters between the group auditor firm and component auditor firms participating in the group audit.
• More explicitly set out the process to address a breach of an independence provision at a component auditor firm, reinforcing the importance of transparency and appropriate communication with those charged with governance of the group.
• Amend the definitions of the terms “engagement team” and “audit team” in the Code to recognize the different and evolving engagement team structures, and address the implications of those definitional changes.
• Provide guidance to facilitate the determination of who is included in an engagement team or an audit team.
• Revise the definitions of a number of existing terms and establish new defined terms with respect to independence in a group audit context.

​​​​​​​The development of the proposals has benefited from close coordination with the IAASB’s group audits and quality management projects.

The pronouncement will be effective for audits of financial statements and group financial statements for periods beginning on or after December 15, 2023, with early adoption permitted.

Global Webinar and Other Implementation Support

The IESBA will hold a global webinar on April 18, 2023 from 9:00 to 10:00 am Eastern Time, during which members of Task Force will explain the key revisions to the Code. Click here to register.

The recording of the webinar and other supporting materials, such as an IESBA Staff publication on Frequently Asked Questions, will be available on the IESBA’s website in due course.

The International Ethics Standards Board for Accountants (IESBA) today released for public comment the Exposure Draft Proposed Revisions to the Code Addressing Tax Planning and Related Services.

The proposed revisions respond to public interest concerns about tax avoidance and the role played by consultants, including professional tax advisers, in light of revelations in recent years such as the Paradise and Pandora Papers. The proposals strengthen the ethical expectations for professional accountants in business and in public practice when performing tax planning activities for employing organizations or providing tax planning services to clients, respectively.

“The accountancy profession plays a trusted role in facilitating the efficient and effective operation of a jurisdiction’s tax system and in making it a pillar of the economic system,” said IESBA Chair Ms. Gabriela Figueiredo Dias. “However, it is crucial that there are clear and robust ethical guardrails when professional accountants assist their employing organizations’ and clients’ tax planning to safeguard the public interest. These timely proposals are also designed to provide professional accountants with practical guidance to navigate the ethical challenges in this complex area.”

Among other matters, the proposed ethical framework:

• Explains the types of threats to compliance with the fundamental ethics principles of the Code that might be created when professional accountants are involved in tax planning.
   
• Sets a clear principle that professional accountants recommend or otherwise advise on a tax planning arrangement only if they have determined that there is a credible basis in laws and regulations for it.
• Requires consideration of the reputational, commercial and wider economic consequences that could arise from the way stakeholders might view the tax planning arrangement before determining whether to proceed with the recommendation or advice.
• Provides practical guidance to assist professional accountants in navigating situations of uncertainty when carrying out tax planning.
• Deals with other practical matters, including disagreement with the client or management or those charged with governance, and documentation.

The development of the proposals has been informed by extensive fact finding and outreach to stakeholders, including three global roundtables held in April 2022.

How to Comment 
The IESBA invites all stakeholders to comment on the Exposure Draft by visiting the IESBA’s website. Comments are requested by May 18, 2023.

Global Webinars
The IESBA will hold three webinars where members of the Tax Planning and Related Services Task Force will explain the key proposals in the exposure draft. The webinars will be held virtually on:

• Monday February 27 | 10 am – 11 am EST | Click here to register
• Tuesday February 28 | 4 pm – 5 pm EST | Click here to register
• Tuesday February 28 | 9 pm – 10 pm EST | Click here to register

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a questions and answers (Q&As) publication on the revisions to the definitions of listed entity and public interest entity (PIE) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The development of the Q&As has been informed by the extensive discussions and consultations with a wide range of stakeholder groups and the IESBA’s own deliberations during the development and finalization of the PIE revisions.

The Q&A publication is designed to highlight, illustrate or explain aspects of the PIE revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement. It will assist national standards setters, professional accountancy organizations, and firms in adopting and/or implementing the PIE revisions. The Q&As will also assist regulators and audit oversight bodies, the corporate governance community, investors, preparers, educational bodies or institutions, and other stakeholders in understanding the revised PIE definition and related provisions in the Code. Among other things, the PIE revisions:

• Include an expanded definition of a PIE by specifying a broader list of PIE categories, including a new category “publicly traded entity” to replace the category “listed entity.”
• Recognize the essential role local bodies responsible for the adoption of the Code play in delineating the specific entities that should be scoped in as PIEs in their jurisdictions, encouraging them to properly define the PIE categories in the expanded definition and adding any other categories relevant to their environments.
• Introduce a transparency requirement for firms to publicly disclose the application of independence requirements for PIEs where they have done so.

The PIE revisions are effective for audits of financial statements for periods beginning on or after December 15, 2024. Read the revisions here.

The International Federation of Accountants (IFAC), the voice of the global accountancy profession, announces that Helen Partridge has been named Chief Financial Officer, effective April 1, 2023.  

Ms. Partridge, who joined IFAC in 2020, assumes leadership for IFAC’s finance team and financial activities, including accounting, financial strategy, planning and analysis, and tax.  Previously, Ms. Partridge oversaw IFAC’s Accountancy Education platform, enhancing the multi-stakeholder model, significantly expanding the EdExchange Summit, and driving knowledge-sharing programming for Education Directors. 

On her appointment Ms. Partridge said, “I am delighted with the opportunity to further elevate the strategic role of finance within IFAC, and to help shape IFAC’s strategy in support of the global profession.  I have never been more convinced of the growing importance of --and need for-- professional accountants, whose expertise is integral to the creation and management of sustainable companies, economies and societies.” 

Ms. Partridge continued, “I also look forward to continued involvement in Accountancy Education, which remains a personal and professional passion.  Bruce Vivian, our new head of Accountancy Education, brings a wealth of experience to the role.  I have no doubt that he, in ongoing partnership with the International Panel on Accountancy Education, will only further accelerate our strong momentum.” 

Kevin Dancey, Chief Executive Officer, said, “Helen is a high-impact executive with a proven track record of success in advancing IFAC’s Accountancy Education platform.  As she moves into the CFO role, I have every confidence she will be an excellent partner to me and the IFAC management team in delivering on our strategy.” 

Prior to joining IFAC, Ms. Partridge was an accountant in practice, having spent 16 years with PwC in audit, advisory and audit systems design in the US and Asia Pacific. She has also served in the controllership function at a large multinational transportation company working with GAAP conversions, financial statement preparations and complex and significant transactions such as business combinations and tax planning. Ms. Partridge is a CPA licensed in multiple states in the United States. 

In addition to Ms. Partridge, other women leaders at IFAC include Jennifer DiClerico, Head of Communications; Linda Lach, Head of Governance; and Elaine Young, Head of Human Capital. Partridge succeeds Russell Guthrie, who will be leaving IFAC in June after a successful 22-year career in various leadership capacities including finance, strategy, capacity building and member and external relations.

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 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

The International Ethics Standards Board for Accountants (IESBA) and International Auditing and Assurance Standards Board (IAASB) welcome the report released today by the International Organization of Securities Commissions (IOSCO) on developing a global assurance framework for sustainability-related corporate reporting. The IOSCO report reflects extensive research and feedback from key stakeholders. The report calls for timely development of ethics and assurance standards for sustainability reporting by the IESBA and the IAASB, respectively.

The IESBA and the IAASB have responded to growing demand for high-quality assurance over sustainability-related information to enhance the reliability of corporate reporting by prioritizing their projects to develop relevant and complementary standards. Both the IESBA and IAASB will issue public consultations later this year on standards for sustainability ethics and assurance, respectively. Both boards plan to finalize their respective standards in 2024. IOSCO called for widespread outreach to ensure the standards meet the needs of users and benefit from diverse stakeholder input, among other recommendations. Both boards emphasize their commitment to address key considerations and recommendations presented in the IOSCO report.

Commenting on the IOSCO report, Gabriela Figueiredo Dias, IESBA chair, stated, “We appreciate IOSCO's leadership in coordinating global consistency in sustainability assurance. The ethics standards that the IESBA is developing aim at supporting a robust ethical and independent approach to sustainability reporting and assurance in the public interest. We are involving all stakeholders at an early stage through global and inclusive consultation. We will continue to work collaboratively with IOSCO and other stakeholders to support a globally coordinated approach to ethics and assurance for sustainability reporting.”

Tom Seidenstein, IAASB chair, added, “We share the sense of urgency highlighted in IOSCO’s report, are on track to delivering a high-quality standard on time, and embrace the report’s call for an inclusive process. Our efforts will include outreach to a wide range of stakeholders to ensure our standards are of high quality, meet the needs of users, and are profession-agnostic. The IAASB will intensify external outreach in the second half of 2023 in conjunction with the publication of a draft sustainability assurance standard.”

About the IESBA
The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, to underpin ethical behavior in the production, reporting and assurance of 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.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

The International Ethics Standards Board for Accountants (IESBA) and International Auditing and Assurance Standards Board (IAASB) welcome the report released today by the International Organization of Securities Commissions (IOSCO) on developing a global assurance framework for sustainability-related corporate reporting. The IOSCO report reflects extensive research and feedback from key stakeholders. The report calls for timely development of ethics and assurance standards for sustainability reporting by the IESBA and the IAASB, respectively.

The IESBA and the IAASB have responded to growing demand for high-quality assurance over sustainability-related information to enhance the reliability of corporate reporting by prioritizing their projects to develop relevant and complementary standards. Both the IESBA and IAASB will issue public consultations later this year on standards for sustainability ethics and assurance, respectively. Both boards plan to finalize their respective standards in 2024. IOSCO called for widespread outreach to ensure the standards meet the needs of users and benefit from diverse stakeholder input, among other recommendations. Both boards emphasize their commitment to address key considerations and recommendations presented in the IOSCO report.

Commenting on the IOSCO report, Gabriela Figueiredo Dias, IESBA chair, stated, “We appreciate IOSCO's leadership in coordinating global consistency in sustainability assurance. The ethics standards that the IESBA is developing aim at supporting a robust ethical and independent approach to sustainability reporting and assurance in the public interest. We are involving all stakeholders at an early stage through global and inclusive consultation. We will continue to work collaboratively with IOSCO and other stakeholders to support a globally coordinated approach to ethics and assurance for sustainability reporting.”

Tom Seidenstein, IAASB chair, added, “We share the sense of urgency highlighted in IOSCO’s report, are on track to delivering a high-quality standard on time, and embrace the report’s call for an inclusive process. Our efforts will include outreach to a wide range of stakeholders to ensure our standards are of high quality, meet the needs of users, and are profession-agnostic. The IAASB will intensify external outreach in the second half of 2023 in conjunction with the publication of a draft sustainability assurance standard.”

About the IESBA
The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, to underpin ethical behavior in the production, reporting and assurance of 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.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

The International Ethics Standards Board for Accountants (IESBA) witnessed an auspicious start to its March Board meeting with the announcement from the Abu Dhabi Accountability Authority (ADAA), host of the 5-day meeting, that it has adopted the 2022 edition of the IESBA International Code of Ethics for Professional Accountants (including International Independence Standards). The Code will be applicable to all entities subject to ADAA’s mandate for audits of financial statements for periods beginning on or after December 15, 2023.

ADAA is the ultimate authority responsible for promoting the principles of accountability, transparency, and integrity across all Abu Dhabi government entities and institutions, whether local or international, in which the Abu Dhabi government has a vested interest of over 25%.

“On behalf of IESBA, I applaud ADAA for this historic commitment to ethics and the public interest,” said Gabriela Figueiredo Dias, IESBA Chair. “IESBA’s ethics and independence standards could not fit better with ADAA’s mandate to work for the integrity and transparency of businesses within its remit. ADAA’s commitment to ensuring fair and transparent financial reporting and improving the quality of audit across all its subject entities will benefit immensely from its adoption of the Code.”

The Code has been further strengthened in several important areas in recent years, including provisions addressing the role and mindset expected of professional accountants, and auditor independence requirements in relation to the provision of non-assurance services to audit clients and fees. Above all, the 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.

Wael Abdul Qader, Acting Head of Monitoring and Auditing Sector at ADAA, said: “We announce the full adoption of the standards set by the International Ethics Standards Board for Accountants. The standards will be applicable to preparers of financial information and financial statement auditors of Abu Dhabi Government Entities as part of our efforts to promote the principles of transparency, integrity and accountability and elevate the quality of audit.”

The IESBA meeting will continue all week. In the days ahead, the IESBA will continue deliberating strategic issues on its project to develop ethics and independence standards for sustainability reporting and assurance as well as in a related project addressing the use of experts by professional accountants in both business and public practice. Among other agenda items, the IESBA is also expected to finalize a consultation paper on its strategy and work plan for 2024-2027.

For more information about the ADAA's announcement, contact ADAACommunication@adaa.gov.ae.

For more information about the IESBA March meeting, including how to register to observe, click here.  

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).

The largest global companies continue to show momentum on corporate reporting and related assurance involving environmental, social and governance (ESG) issues, according to a new report from the International Federation of Accountants (IFAC) and AICPA & CIMA, the latter two of which form the Association of International Certified Professional Accountants. Yet significant hurdles remain when it comes to providing consistent, comparable, and high-quality sustainability information for investors and lenders.

Some 95% of large companies reported on ESG matters in 2021, the latest year available, the IFAC-AICPA & CIMA study found. That’s up from 91% in 2019. Sixty-four percent of companies obtained assurance over at least some ESG information in 2021, up from 51% in 2019. The inability so far to coalesce around agreed upon global standards continues to create challenges, however.

“Even as we see companies increasingly report on ESG and sustainability, the data we’re tracking reveals continuing fragmentation around the world in terms of which standards and frameworks are used,” noted IFAC CEO Kevin Dancey. “Eighty-six percent of companies use multiple standards and frameworks. This patchwork system does not support consistent, comparable, and reliable reporting. Importantly, it also does not provide the necessary foundation for globally consistent, high-quality sustainability assurance.”

The report also examines the extent to which companies provide forward-looking information on emissions reduction targets and plans. While two-thirds of companies disclosed targets, they lag the rate at which companies report their historic greenhouse gas emissions (97%).

“Steady increases in reporting and assurance are significant, yet more companies need to take the additional step to obtain assurance to build trust and confidence in what they report,” said Susan Coffey, CPA, CGMA, AICPA & CIMA’s CE of public accounting. “The decision over who provides that assurance—and the rigor, skepticism and professional judgment they bring to the task—is critical.”

Additional Key Findings

• Use of Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-Related Financial Disclosures (TCFD) framework have increased significantly between 2019 and 2021: there was a 29% increase for SASB standards usage and 30% for the TCFD framework.
• When companies obtained assurance from a professional accountant, they chose their statutory auditor 70% of the time.
• Globally, the International Auditing and Assurance Standards Board’s International Assurance Engagement Standard 3000 (Revised) remains the most popular standard when providing assurance.
  • 95% of firms providing assurance use ISAE 3000, up from 88% in 2019.
  • 38% of non-accountant service providers use ISAE 3000, up from 34% in 2019.

About the Study
IFAC and AICPA &CIMA partnered to understand the environmental, social, and governance (ESG) reporting and assurance practices on a global basis by capturing reports containing ESG information in 21 jurisdictions. 1,350 companies were reviewed—100 from each of the largest six economies, with 50 companies reviewed in the remaining 15 jurisdictions. The current report includes data from 2019-2021. Full methodology is available in the study.

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 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

About the Association of International Certified Professional Accountants, and AICPA & CIMA
The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

The International Ethics Standards Board for Accountants (IESBA) recently held three global webinars on the upcoming Tax Planning and Related Services exposure draft (ED). The ED was released on February 17, and comments are requested by May 18.

During the webinars, members of the Tax Planning and Related Services Task Force explained the key proposals in the ED, among other matters, including:

• Compliance with the fundamental principles, highlighting the types of threats that might be created when providing tax planning activities.
• Understanding the applicable tax laws and regulations, the legislative intent behind the relevant laws and regulations, and the economic purpose and substance of the transaction.
• Exercising professional judgment to establish a credible basis for the tax planning arrangement in circumstances of uncertainty. This includes a consideration of the reputational, commercial, and wider economic consequences arising from the way stakeholders might view the arrangement.
• Communicating relevant matters or concerns with the individual client, management, or those charged with governance, including as part of an escalation process where necessary.
• Developing an appropriate level of documentation throughout the process to substantiate the judgments, decisions, and actions.

Watch the recordings now and learn more about these important proposals. 

Monday, February 27 | 10 am – 11 am EST | Click here, led by Jens Poll

Tuesday, February 28 | 4 pm – 5 pm EST | Click here, led by Andrew Mintzer

Tuesday, February 28 | 9 pm – 10 pm EST | Click here, led by Channa Wijesinghe

Gaylen R. Hansen has been reappointed as the chair of the Consultative Advisory Group (CAG) to the International Ethics Standards Board for Accountants (IESBA), effective October 1, 2022. Mr. Hansen’s reappointment, approved by the Public Interest Oversight Board, follows his re-election by IESBA CAG members at the September 2022 CAG meeting.

The IESBA CAG is an independent body comprising regulators, preparers, international investors and user groups, and other stakeholders interested in developing and maintaining high-quality international ethics (including independence) standards for professional accountants and designed to serve the public interest.

"It is an honor to be re-elected by my colleagues," said Mr. Hansen. "I am confident that the IESBA CAG will continue to play an important role in providing invaluable advice not only on IESBA's key projects for the coming year but also on its future strategic vision and goals."

"Under Gaylen’s stewardship, the CAG has made significant contributions to the IESBA's standard-setting projects. The CAG’s perspectives, insights, and suggestions have enriched the IESBA’s considerations and deliberations in the broadest possible sense, enabling the board to advance high-quality ethics and independence standards in the public interest," said Gabriela Figueiredo Dias, IESBA Chair.

Mr. Hansen will serve as IESBA CAG Chair until December 31, 2023, when the IESBA CAG and the International Auditing and Assurance Standards Board (IAASB) CAG will both be transitioned to a new IAASB and IESBA Stakeholder Advisory Council (SAC). The creation of the SAC¹  is one of the outcomes of implementing the Monitoring Group’s recommendations regarding strengthening the international audit and ethics standard-setting system.

About Mr. Hansen

Mr. Hansen retired as an audit partner of EKS&H in 2018 following over forty years of engagement in the accounting profession. His career has encompassed lengthy periods in public practice as an auditor and quality control partner and briefly as the controller of a small private company that went public during his tenure. Since 2010, he has represented the National Association of State Boards of Accountancy (NASBA) on the Consultative Advisory Groups (CAGs) for the IESBA and the IAASB.

Previously he has served on the AICPA's Auditing Standards Board, which promulgates practice standards for the audits of all U.S. non-issuers, as a chair of NASBA and on the Colorado State Board of Accountancy, which regulates and disciplines all the state's certified public accountants and their firms. He has also served on the AICPA's Professional Ethics Executive Committee (PEEC), establishing and enforcing the ethics and independence requirements in the AICPA's Code of Professional Conduct. He is a former member of the PCAOB's Standing Advisory Group (SAG) and, during 2007 – 2008, served on the U.S. Treasury's Advisory Committee on the Auditing Profession (ACAP).

About the IESBA CAG

The IESBA Consultative Advisory Group (CAG) is an integral and important part of the IESBA's formal process of consultation. Representatives of CAG member organizations provide advice on numerous areas, including the IESBA's agenda, project timetable (work program) and priorities, and technical advice on projects and other matters of relevance to the activities of the IESBA.

About the IESBA

The IESBA is an independent global standard-setting board. The IESBA's mission is to serve 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 Code).

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).