Responding to a Suspected Illegal Act

IESBA

Aug 22, 2012 | Exposure Drafts and Consultation Papers

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Comments due by: Dec 15, 2012

This Exposure Draft (ED) proposes new requirements that address a professional accountant’s responsibilities regarding the disclosure of suspected illegal acts committed by a client or employer. The proposals describe the circumstances in which a professional accountant is required or expected to override confidentiality and disclose the act to an appropriate authority.

The ED proposes adding two new sections addressing illegal acts to the Code of Ethics for Professional Accountants (the Code)—one each for professional accountants in public practice and professional accountants in business—and several revisions to other related sections. The new sections clearly delineate the expected course of action for a professional accountant to take if those charged with governance do not respond to the issue appropriately.

Comments are welcome from all stakeholders. See also the press release for more information.

Submitted Comment Letters

FSR - danske revisorer (51.47 KB)
(Denmark)

Dec 19, 2012
KPMG (245.43 KB)
(United Kingdom)

Dec 19, 2012
IFAC Small and Medium Practices Committee (SMP) (222.83 KB)
(United States of America)

Dec 19, 2012
Chartered Accountants Ireland (318.89 KB)
(Ireland)

Dec 19, 2012
PricewaterhouseCoopers (588.6 KB)
(United Kingdom)

Dec 19, 2012
New Zealand Auditing and Assurance Standards Board (293.36 KB)
(New Zealand)

Dec 20, 2012
The Japanese Institute of Certified Public Accountants (58.82 KB)
(Japan)

Dec 21, 2012
Denise Silva Ferreira Juvenal (160.39 KB)
(Brazil)

Dec 23, 2012
CICPA (230.35 KB)
(China)

Dec 27, 2012
U.S. Chamber of Commerce (171.93 KB)
(United States of America)

Jan 3, 2013
CPA AUSTRALIA (189.52 KB)
(Australia)

Jan 8, 2013
Chartered Accountants Regulatory Board (321.71 KB)
(Ireland)

Jan 8, 2013
Independent Regulatory Board for Auditors (402.99 KB)
(South Africa)

Jan 8, 2013
Chartered Institute of Management Accountants (168.33 KB)
(United Kingdom)

Jan 8, 2013
Ernst & Young Global (154.89 KB)
(United Kingdom)

Jan 8, 2013
CNCC - Compagnie Nationale des Commissaires aux Comptes + Conseil Superieur de lâ��Ordre des Experts-Comptables (1.24 MB)
(France)

Jan 11, 2013
SAICA - The South African Institute of Chartered Accountants (297.93 KB)
(South Africa)

Jan 11, 2013
FRC - Financial Reporting Council (150.3 KB)
(United Kingdom)

Jan 15, 2013
NASBA - National Association of State Boards of Accountancy (291.75 KB)
(United States of America)

Jan 22, 2013
IOSCO - International Organization of Securities Commissions (255.01 KB)
(Spain)

Jan 22, 2013
7 independent European audit regulators and/or oversight bodies (133.11 KB)
(Netherlands)

Jan 23, 2013
California Society of CPAs (APAS Committee) - CALCPA (1.35 MB)
(United States of America)

Jan 24, 2013
California Society of CPAs - PCC Committee (329.42 KB)
(United States of America)

Jan 28, 2013
Nederlandse Beroepsorganisatie van Accountants - NBA (75.17 KB)
(Netherlands)

Feb 15, 2013