The objective of the IESBA’s Benchmarking Working Group is to compare the International Independence Standards (IIS) that are applicable to PIEs (including the pending revisions arising from the Non-assurance Services and Fees Projects) to the relevant independence requirements that apply in major jurisdictions, starting first with the requirements of the US Securities and Exchange Commission and the US Public Company Accounting Oversight Board.
The initiative will serve to provide insights to stakeholders about the similarities and key differences between the IIS and independence requirements in major jurisdictions.
PROJECT FOCUS PAGE
IESBA March 2022 Meeting Highlights
The IESBA received the final report arising from benchmarking the International Independence Standards (IIS) against the independence rules and standards of the US Securities and Exchange Commission (SEC) and the US Public Company Accounting Oversight Board (PCAOB) (Benchmarking Phase 1). The IESBA also received an accompanying summary report that provides an overview of the similarities and key differences identified from the benchmarking analysis.
The final report and related summary will be published by May 2022.
Regarding the way forward, the IESBA agreed to focus its efforts on promoting the outcome of the Benchmarking Phase 1 work. Additional benchmarking phases will be considered in future subject to resource availability in light of current priorities.