The 2011-2012 IESBA Strategy and Work Plan, which sets the direction and priorities for the activities of the International Ethics Standards Board for Accountants (IESBA), has been approved by the IESBA, the IESBA Consultative Advisory Group, and the Public Interest Oversight Board. The IESBA plans to build upon the strong base established by the revised Code of Ethics for Professional Accountants (the IESBA Code) issued in July 2009. The 2011-2012 Strategy and Work Plan is focused on three strategic areas: development of standards; adoption and implementation; and convergence.
The IESBA plans to develop additional guidance for professional accountants on identifying and addressing a conflict of interest, responding to suspected illegal acts, and dealing with a breach of an independence requirement of the IESBA Code. The IESBA will also consider recommendations of an IESBA Working Group tasked with reporting on the unique and challenging issues faced by professional accountants in small- and medium-sized entities and small- and medium-sized practices in complying with the IESBA Code.
“The 2011-2012 Strategy and Work Plan reflects the IESBA’s commitment to serve the public interest by setting high-quality ethical standards for professional accountants,” said Ken Dakdduk, IESBA Chair. “This commitment is also demonstrated by facilitating the convergence of international and national ethical standards, including auditor independence requirements, through the development of a robust, internationally appropriate code of ethics.”
To determine the best course of action for furthering its objective of achieving convergence of the IESBA Code and national standards and regulations, the IESBA will also consider input from regulators and national standard setters and compare key provisions in the IESBA Code to the standards and regulations of select jurisdictions.
Please visit www.ifac.org/Ethics to access the plan or to learn more about the IESBA.
About the IESBA
The International Ethics Standards Board for Accountants (IESBA) 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.
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. It is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
# # #