The Handbook contains the entire Code of Ethics for Professional Accountants™ (the Code). This edition includes two new sections—225 and 360, and conforming amendments to other sections—addressing professional accountants’ responsibilities when they become aware of non-compliance with laws and regulations (NOCLAR). See NOCLAR standard, supporting documents, and guidance on the IESBA site: Responding to NOCLAR.
Changes regarding NOCLAR will be effective July 15, 2017. Early adoption is permitted. Access the mobile-optimized and fully searchable web-based version of the Handbook for personal use or purchase print copies now. This Handbook replaces the 2015 edition of the IESBA Handbook.
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The June meeting summary features updates on the IESBA’s current projects and initiatives, including: Structure of the Code of Ethics for Professional Accountants (the Code), Safeguards, Professional Skepticism, Long Association, and Part C. It also underlines a presentation from Brian Hunt, Vice Chair of the International Forum of Independent Audit Regulators.
The new standard, Responding to Non-Compliance with Laws & Regulations (NOCLAR), has been released and will be included in the 2016 Handbook in Q3. To enhance understanding and facilitate effective implementation of the standard, IESBA staff are developing Staff Q&As for publication later this year, among other resources (see more below).
New Standard, Responding to Non-Compliance with Laws & Regulations
On July 14, the IESBA released the new NOCLAR standard, which sets out a first-of-its-kind framework to guide professional accountants in what actions to take in the public interest when they become aware of potential violations of laws and regulations committed by a client or employer.
IESBA Chairman, Consultative Advisory Group (CAG) Chairman, and members discuss what accountants, including those operating in small- and medium-sized practices, and stakeholders need to know about the new standard.
The fact sheet summarizes key aspects of the new standard, including outcomes it seeks to achieve in the public interest, who will be affected by the standard, and what governments, national standard setters, professional accountancy organizations, firms, and others can do to contribute to addressing NOCLAR globally.
The Consultative Advisory Group (CAG) met via teleconference on June 20 to discuss significant matters arising on the exposure of proposals regarding Phase 1 of the IESBA’s Safeguards project.
On June 15, national ethics standard setters from 13 countries met in New York to discuss projects on the IESBA’s agenda and significant ethics-related developments affecting the global accountancy profession.
IESBA Leadership at IOSCO C1
The IESBA Deputy Chair presented on the vision for the IESBA’s future work at the International Organization of Securities Commission (IOSCO)’s Committee 1 meeting, in June. Hosted by the UK Financial Conduct Authority, the meeting also included presentations from the international standard setters for accounting and audit.
At its June 30-July 1 meeting, the Public Interest Oversight Board (PIOB) concluded that due process had been followed in the development and approval of the NOCLAR standard and related amendments to other sections of the IESBA Code.
The 2015 Annual Report, Elevating Global Ethics, summarizes the IESBA's achievements, project developments, and operating context in 2015 with reports and messages from the Chairman, CAG Chairman, and Technical Director.
IAASB Chairman Prof. Arnold Schilder and IESBA Chairman Dr. Stavros Thomadakis discuss audit quality, the Code of Ethics, NOCLAR, and professional skepticism, among other topics of mutual relevance, in this joint video interview.
