Showcases Significant Milestones Reached in Elevating Ethics and Independence Standards
The International Ethics Standards Board for Accountants (IESBA) today released the Report, Elevating Ethics and Independence Standards for a Complex World, summarizing the Board’s accomplishments for 2020 and 2021.
“This Report includes my final message as IESBA Chairman and showcases the significant progress that the IESBA has made on behalf of the public interest during a time of great uncertainty,” said Dr. Stavros Thomadakis, former Chairman of the IESBA. “This includes the critical work that has been completed to strengthen the International Independence Standards, especially in relation to Non-Assurance Services, Fees, and the definition of a public interest entity; as well as timely and important milestones in projects related to Tax planning, Technology, and Independence in Group Audits. I am also proud of the extensive work that has been done jointly with certain National Standards Setters to highlight the applicability of the International Code of Ethics for Professional Accountants (including International Independence Standards) to the unique challenges posed by the COVID-19 Pandemic.”
The 2020-2021 Report provides an overview of the IESBA’s extensive stakeholder outreach efforts. It also provides information about the Board’s partnership with IFAC to promote awareness, adoption, and effective implementation of the Code.
“As evidenced by this report, the IESBA’s body of work during the years the world was engulfed in a global pandemic is as important as it is impressive,” said IESBA Chair Gabriela Figueiredo Dias. “The IESBA successfully pushed key strategic initiatives further – such as the work to strengthen the International Independence Standards – while skillfully pivoting to address the real-time issues affecting professional accountants brought on by innovations in technology and the COVID-19 pandemic.”
The Report also provides an overview of the IESBA’s Consultative Advisory Group (CAG) and includes a message from the IESBA CAG Chairman, Mr. Gaylen Hansen.
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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).