Following the consideration and approval of due process by the Public Interest Oversight Board (PIOB), the International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), has issued its 2008-2009 Strategic and Operational Plan. The IESBA's strategy focuses on new projects and activities it will undertake following the completion of its current projects on independence and on improving the clarity of the IFAC Code of Ethics for Professional Accountants.
In considering which new projects and activities should be undertaken, the IESBA conducted an extensive consultative process including a survey of interested parties, including practitioners in large and small firms, accountants in business, regulators, members bodies, ethical standard setters, and academics to obtain their views on matters that the IESBA should consider in the next few years to achieve its objective. The new projects that will be started during the period covered by the strategic plan are:
- Developing additional guidance regarding the ethical responsibilities of professional accountants who encounter fraud and illegal acts; and
- Expanding the existing guidance for professional accountants who face conflicts of interest including matters such as the types of conflicts and institutional mechanisms that can safeguard confidential information, and assistance on managing conflicts.
In addition, the IESBA will further its convergence initiatives through consultation with national standard setters, regulators and others to determine the basis on which the IFAC Code of Ethics can be established as a global benchmark.
"We listened very carefully to stakeholders as we developed our strategic plan," states Richard George, IESBA Chair. "In addition to feedback on our project priorities, we have heard the desire for an increased focus on promoting convergence initiatives, and this is reflected in our plan."
The objective of the IESBA is to serve the public interest by setting high quality ethical standards for professional accountants and by facilitating the convergence of international and national ethical standards, thereby enhancing the quality and consistency of services provided by professional accountants.
The IESBA's Strategic and Operational Plan 2008-2009 can be downloaded free-of-charge from the IFAC online bookstore (http://www.ifac.org/store). For more information of the work of the IESBA, visit its home page at http://www.ifac.org/ethics.
About the IESBA and IFAC
The IESBA develops ethical standards and guidance for use by professional accountants. It encourages member bodies of IFAC to adopt high standards of ethics for their members and promotes good ethical practices globally. The Public Interest Oversight Board oversees the activities of the IESBA and, as one element of that oversight, establishes its due process and working procedures.
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 157 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international standards of ethics through the IESBA, IFAC, through its independent standard-setting boards, sets standards on auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high quality performance by professional accountants in business.