Earlier today, the Staff of the International Ethics Standards Board for Accountants (IESBA) released a Questions & Answers (Q&A) publication, Ethics Considerations in Sustainability Reporting, Including Guidance to Address Concerns about Greenwashing. The publication highlights the relevance and applicability of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to ethics-related challenges in the context of sustainability reporting and assurance, especially circumstances involving misleading or false sustainability information (i.e., “greenwashing”). 

Among other matters, the publication spotlights key provisions in the Code that apply in preparing and presenting sustainability information. It emphasizes the professional accountant’s obligation to be straightforward and honest and refrain from being associated with information that is misleading or false, including in situations where they might experience pressure to do so.

The publication is intended to assist professional accountants, especially those in business, but might also be of interest to other professionals involved in preparing sustainability reports or disclosures. It will also be useful to regulators and audit oversight bodies, policy makers, investors, those charged with governance, national standard setters, professional accountancy organizations, and others with an interest in the work of professional accountants and in sustainability reporting and assurance.

About IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves 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 IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).

This non-authoritative publication provides seven hypothetical scenarios to illustrate how accountants can navigate practical issues in ethical leadership when using or implementing technology.

Each scenario highlights the application of specific requirements and guidance in the IESBA Code, in particular those related to compliance with the fundamental principles of ethics, and auditor independence.

Together with ICAEW, The International Federation of Accountants (IFAC) today released a new installment in its Anti-Money Laundering: The Basics educational series: Installment Eight: Crime Trends.  

The publication is part of a series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment eight looks at recent crime trends like human trafficking and terrorist financing and the role money laundering plays.  

Anti-Money Laundering: The Basics is user-friendly, easily accessible, and will be a resource for Small and Medium Practices (SMPs) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference.

Anti-Money Laundering: The Basics is featured on both the IFAC (landing page) and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point. 

For more information about IFAC, visit www.ifac.org.

For more information about ICAEW, visit https://www.icaew.com/.

Ms. Gabriela Figueiredo Dias will become the first Chairwoman of the IESBA from January 1, 2022. Ms. Figueiredo Dias will succeed Dr. Stavros Thomadakis, who has led the IESBA since 2015.

Ms. Figueiredo Dias has extensive experience in international standard setting, legal and regulatory structure and governance, and academia. She currently serves as the President of the CMVM (Portuguese Securities Market Commission), the authority responsible for regulating and supervising the markets of financial instruments, covering listed companies, asset managers, auditors and investment firms. There, she provides strategic direction to the Board, manages the organization and represents it before International Organizations such as IOSCO and OECD, the European Commission and the European Securities and Markets Authority (ESMA), as well as the Portuguese Government, the National Council of Financial Supervisors and market stakeholders. She has also served as head of the international and regulatory policy department and of the issuers and financial information department at CMVM and has extensive experience in and understanding of financial regulatory frameworks. In addition, she has served as a member of the ESMA Board and Management Board, member of the IOSCO Board, Vice-Chair of the OECD Corporate Governance Committee, Chair of the ESMA Investment Management Standing Committee, and she will remain in office as non-executive President of the General Board of the University of Coimbra in Portugal. She holds a master’s degree in law from the Coimbra University Law School.

“I am honored to be selected as the next IESBA Chair during this critical time of transition for the Board and the profession,” said Ms. Figueiredo Dias. “As President of the Portuguese Securities Commission, I have advocated for strong international standards, based on robust ethical principles and developed with the public interest in mind. The IESBA’s work in setting high-quality, internationally appropriate ethics standards for auditors, including in respect to their independence, and other professional accountants in business, the public sector and public practice is critical to the integrity and robustness of the global financial system and architecture, and I look forward to leading the IESBA in playing an impactful role toward a more sustainable global economy and society.”

“Having experienced firsthand the demands of this role, I am confident Gabriela’s knowledge of the field and unwavering commitment to enhancing ethics on behalf of the public interest will be invaluable assets to the IESBA,” said Stavros Thomadakis, IESBA Chairman. “I look forward to Gabriela’s service to the IESBA and believe she will be a strong and assiduous proponent of the Board’s collective vision.”

Ms. Figueiredo Dias’ appointment was recommended by the Interim Nominating Committee after an independent and extensive global search. Her appointment was endorsed by the IFAC Board and approved by the Public Interest Oversight Board, which oversees the IESBA.

"I’m pleased to convey that the Interim Nominating Committee recommended Ms. Figueiredo Dias via a very competitive process," said Makoto Sonoda, Interim Nominating Committee Chair. "The Committee has full confidence in Ms. Figueiredo Dias who will bring her extraordinary experience, a clear vision, and a vast network to the IESBA, all of which will contribute to the Board’s public interest mandate and mission of strengthening ethics standards globally.”

About the 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 the Interim Nominating Committee

Chaired by Mr. Makoto Sonoda, Chair of the Committee on Issuer Accounting, Audit and Disclosure (Committee 1) of the International Organization of Securities Commissions (IOSCO) and Director for International Accounting and Director for International Capital Market Regulation of the Financial Services Agency (FSA), the Interim Nominating Committee was formed by the Monitoring Group to conduct an independent global search for the new IESBA Chair.