CPA Canada and IESBA Issue Complementary Staff Guidance on the Evolving Risks for Money Laundering, Terrorist Financing and Cybercrime
Earlier today, the Staff of the South African Independent Regulatory Board for Auditors, (IRBA) the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) jointly released the publication, Navigating the Heightened Risks of Fraud and Other Illicit Activities During the COVID-19 Pandemic, including Considerations for Auditing Financial Statements.
The publication highlights the heightened risks of fraud arising from the disruptive and uncertain COVID-19 environment and the implications for professional accountants in business, including accountants in government, and professional accountants in public practice, including auditors.
Concurrently, the Staff of Chartered Professional Accountants of Canada (CPA Canada) and IESBA jointly released a Staff Alert, COVID-19 and Evolving Risks for Money Laundering, Terrorist Financing and Cybercrime. This document highlights the heightened risks of money laundering, terrorist financing and cybercrime in the COVID-19 environment. It describes the implications for both professional accountants in business and public practice.
The documents were developed by the IRBA and CPA Canada Staff under the auspices of a Working Group formed by the IESBA and national ethics standard setters (NSS) from Australia, Canada, China, South Africa, the UK, and the US. Chaired by Mr. Richard Fleck, IESBA Deputy Chair, the Working Group’s mandate is to develop implementation support resources to assist accountants effectively apply the International Code of Ethics for Professional Accountants (including International Independence Standards) when facing circumstances created by the COVID-19 pandemic. The publications benefited from input from IESBA and IAASB Staff.
Both documents can be found on the IESBA COVID-19 resource page.
About the IESBA-NSS Working Group
The Working Group organizations comprise: Accounting Professional & Ethical Standards Board (Australia); CPA Canada; the Chinese Institute of Certified Public Accountants; IRBA (South Africa); the UK Financial Reporting Council; and the American Institute of Certified Public Accountants (US).
About IRBA
The Independent Regulatory Board for Auditors (IRBA) is the statutory body controlling that part of the accountancy profession involved with public accountancy in South Africa. Its strategic focus is to protect the financial interests of the public by ensuring that only suitably qualified individuals are admitted to the auditing profession and that registered auditors deliver services of the highest quality and adhere to the highest ethics standards.
About CPA Canada
Chartered Professional Accountants of Canada (CPA Canada) is one of the largest national accounting organizations in the world and is a respected voice in the business, government, education and non-profit sectors. CPA Canada is a progressive and forward-thinking organization whose members bring a convergence of shared values, diverse business skills and exceptional talents to the accounting field. Domestically, CPA Canada works cooperatively with the provincial and territorial CPA bodies who are charged with regulating the profession. Globally, it works together with the International Federation of Accountants and the Global Accounting Alliance to build a stronger accounting profession worldwide. As one of the world’s largest national accounting bodies, CPA Canada carries a strong influential voice and acts in the public interest.
About IESBA
The International Ethics Standards Board for Accountants (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).
About IAASB
The International Auditing and Assurance Standards Board (IAASB) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance.