Changes in key terminology, including a revised definition of the term “assurance client”;
Enhanced and clarified independence requirements for attestation engagements;
Clarification of the types of assurance engagement addressed in Part 4B; and
Simplified guidance on assurance engagements that refer to the definitive source of explanatory material on such engagements in IAASB literature.
The proposals were developed in close cooperation with representatives of the IAASB, as part of the coordination program of the two standard-setting boards.
Comments on the Exposure Draft are requested by June 26, 2019 from all stakeholders.
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).
About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
To Reflect Terms and Concepts Used in ISAE 3000 (Revised)
This exposure draft seeks views from practitioners and other stakeholders in relation to proposed revisions to Part 4B of the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards) to reflect terms and concepts used in International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
IESBA Technical Advisor for Vania Borgerth and Tomoyo Imura
Country
Japan
Masahiro Yamada is Partner of PricewaterhouseCoopers Arata LLC based in Tokyo, and has been responsible for independence matters since July 2016. Mr. Yamada has been auditing a number of multi-national clients since he became a CPA in 1987.
Mr. Yamada is a member of the Japanese Institute of Certificed Public Accountants and has served as a member of the Ethics Committee of the JICPA since 2016. Mr. Yamada has a bachelor fo commerce from Keio University in Tokyo.
CA. Kemisha Soni, second term Central Council Member, has been nominated by ICAI as Technical Advisor to CA. Sanjiv Chaudhary. She is a fellow member of ICAI, Law Graduate and also holds a Diploma in Information Systems Audit. Prior to that she has served as an Observer – IESBA for 2017-18. She has also represented ICAI on Committee on Professional Ethics and Independence and SMP Committee of SAFA.
Owing to her vast experience, professional expertise and sharp acumen, she has served as a Director to the Boards of Madhya Pradesh Stock Exchange and Shubhalaxmi Mahila Co- operative Bank Ltd, Indore. She also served as Regional Arbitrator at the prestigious Bombay Stock Exchange and National Stock Exchange.
Besides holding the Chair at Board of Studies of ICAI, she currently is a Vice Chairperson of the Ethical Standard Board, Convenor of Women Members Empowerment Group and a member of a wide spectrum of committees.
A big thanks to all respondents to our proposed Strategy and Work Plan 2019-2023. Your feedback was discussed at our December 2018 meeting and informed the revisions made to the SWP. The revised SWP was approved in December and will be released in April 2019, subject to the Public Interest Oversight Board’s confirmation that due process has been followed.
Two webinars, and a new video resource as we count down to New Code Effective Date!
Hard to believe, but less than 6 months to go before the revised and restructured Code becomes effective! To support its roll-out, we’re holding two global 90 minute webinars suitable for any professional using, enforcing, teaching or engaging with the Code.
Additionally, learn more about the IESBA’s revised and restructured Code; and the importance of having an Ethics Code for professional accountants and earn yourself CPE credits! For more and latest support materials, continue to check our dedicated webpage.
We applaud the IAASB’s Quality Management Exposure Drafts!
We congratulate the International Auditing and Assurance Standards Board (IAASB) for issuing proposed Quality Management standards! The proposed standards reinforce the need for firms to comply with the fundamental principles of ethics and independence requirements. They will make a meaningful contribution to enhanced audit quality. We encourage all our stakeholders to provide their input to the IAASB’s exposure draft, which asks important questions about ethics and independence matters. The link below will take you to the IAASB’s consultation page. Make your voice heard!
The IESBA’s proposed eCode will be a major new way of engaging with the Code of Ethics. At our last meeting the IESBA received a preview of its potential to provide users with a great experience that will also facilitate consistent application and enforcement. We anticipate launching the e-Code’s first phase by June 2019, coinciding with the revised and restructured Code’s effective date.
The IESBA® approved Terms of Reference for its Technology Working Group. As part of a multi-phased approach, the Working Group will engage widely with its stakeholders to gather activity information, including in relation to artificial intelligence, robotic process automation, data analytics and big data. We’re looking forward to the Working Group’s update at our next meeting in March 2019.
On November 8, 2018, our Chair, Dr. Stavros Thomadakis, gave a keynote address in Sydney at the Accounting Professional & Ethical Standards Board (APESB) dinner. Celebrating great news that the Restructured International Code of Ethics has been incorporated into Aussie ethical standards, Stavros shared his thoughts about the Code’s essentials, its global positioning, and the challenges and opportunities faced by both standard setters and Code users.
Read the minutes and working papers for all our IESBA meetings. They’re a great information source about project progress and how we support and protect the public interest. The IESBA’s multi-stakeholder Consultative Advisory Group (CAG) meets a week before the board to provide strategic input on our meeting agenda materials, as well as our projects and initiatives more broadly. You can also read all the CAG’s minutes and working papers.
To join one of the two webinars, any professional using, applying and enforcing the Code should click the link on their preferred date below to register:
Effective mid-June 2019, the Code reinforces professional accountants’ responsibility to comply with the five fundamental principles of ethics and emphasizes the International Independence Standards that apply in performing audits, reviews and other assurance engagements.
More information about the Code is available at the IESBA’s website.
