13. Upcoming Dates
The Exposure Draft includes the first application of the proposed new structure and drafting conventions for the Code. See the IESBA Update for implementation implications and the IESBA’s plan for coordinating the restructuring of the Code with its other open projects.
Key features of the Exposure Draft include: more robust requirements related to the application of the conceptual framework in the Code, including an assessment of judgments and conclusions made; a clearer description of the concept of safeguards; and new and enhanced guidance.
The IESBA will re-expose on a limited basis certain revised provisions in Section 290 of the Code dealing with long association of audit personnel with an audit client. The Exposure Draft will open in the coming weeks with a 90-day comment period.
The most recent IESBA meeting was held November 30–December 4 in New York. Meeting highlights include updates on the Responding to Non-compliance with Laws and Regulations, Structure of the Code, Safeguards, and Long Association projects.
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The IESBA has approved changes to Part C of the Code addressing professional accountants in business, including revisions to Section 320 on the preparation and presentation of information, a new Section 370 on pressure to breach the fundamental principles, and related conforming amendments to other sections. The changes will now be redrafted to align with the new format developed under the Structure project. See timeline.
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IESBA staff have developed a new publication, Ethical Considerations Relating to Audit Fee Setting in the Context of Downward Fee Pressure, highlighting important considerations in the Code for auditors in relation to the setting of audit fees. It responds to stakeholder concerns regarding downward pressure on fees as a factor that can potentially adversely impact audit quality.
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At its most recent meeting, the IESBA discussed significant comments from among the 76 responses received on the Exposure Draft, Responding to Non-Compliance with Laws & Regulations. The IESBA will consider and aim to finalize the revised provisions at its March 2016 meeting. The provisions will then be redrafted to align with the new format for the Code developed under the Structure project. See timeline.
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Additions and changes to provisions in the 2015 Handbook of the Code of Ethics for Professional Accountants (log in required) come into effect in April 2016. Register or log in for access to the web-based Handbook or to purchase print copies.
IESBA Chairman Dr. Stavros Thomadakis recently spoke with the Institute of Singapore Chartered Accountants about his vision for the IESBA and the role of accountants in deterring corrupt behavior, among other topics. The article first appeared in IS Chartered Accountant in November 2015.
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The Call for Nominations for the Independent Standard-Setting Boards in 2017 sets out upcoming opportunities for membership on the IESBA. The deadline for nominating qualified candidates along with their completed applications is January 31, 2016.
The International Auditing and Assurance Standards Board® (IAASB®) invites comment on Enhancing Audit Quality in the Public Interest: A Focus on Professional Skepticism, Quality Control, and Group Audits, which highlights potential standard-setting activities the IAASB could take to enhance audit quality. The Invitation to Comment highlights, in particular, a joint initiative among the IAASB, IESBA, and International Accounting Education Standards Board® on professional skepticism.
The IESBA is recruiting at the Senior Technical Manager level for its staff team based in New York. Visit our website for the full job description and required skills and experience for this role.
- January 31, 2016: Deadline for Submitting Nominations for New IESBA members
- March 7, 2016: IESBA CAG Meeting, Paris, France
- March 14–16, 2016: IESBA Meeting, Madrid, Spain
- March 21, 2016: Comment Period for Safeguards Exposure Draft closes
- April 18, 2016: Comment Period for Structure Exposure Draft closes
For more info, or to register to attend a meeting as an observer, visit Ethics Board Meetings and Ethics Board CAG Meetings.