On June 12, 2023, the Consultative Advisory Group (CAG) of the International Public Sector Accounting Standards Board (IPSASB) elected Ms. Fabienne Colignon as its chair to lead its advisory efforts for the next three years. The CAG advises the IPSASB on technical projects and issues, as well as on its Strategy, adoption of standards, and other pressing issues.

Ms. Colignon is a long-serving, active and experienced member of the CAG and a regular observer of the IPSASB since her appointment in 2016. Ms. Colignon has extensive expertise in public sector accounting and reporting through her role with the French Public Sector Accounting Standard-Setter, Conseil de Normalisation des Comptes Publics (the CNoCP), a council body within the Ministry of Finance, and her prior experience as a Practice Fellow with the IFRS Interpretations Committee.

Ms. Colignon now takes the helm of the IPSASB CAG, which is composed of 22 representatives of public sector organizations and individuals that are interested in, or affected by, the IPSASB’s work, including those engaged in the preparation, audit, or evaluation of public sector financial reports. Ms. Colignon will succeed Mr. Thomas Müller-Marqués Berger who has led the IPSASB CAG since its inception in 2016.

“I am very appreciative of the trust CAG members have placed in me,” said Ms. Colignon. “I am honored to lead this exceptional group of public sector experts as it continues to serve as the IPSASB’s strategic advisor, helping to set priorities and to advance the public interest, especially during this uniquely challenging time.”  

“On behalf of the IPSASB, it is my great pleasure to welcome Fabienne as CAG Chair,” said IPSASB Chair Ian Carruthers. “Fabienne takes on her new role at a critical time as we enter a new phase of our financial reporting work, at the same time as beginning to advance public sector sustainability reporting. I’m confident her background and experience will ensure the perspectives of CAG members continue to enrich the IPSASB’s work in developing high-quality public sector reporting standards. I would also like to take this opportunity on behalf of IPSASB to thank Thomas Muller-Marques Berger for his outstanding leadership over the last 7 years as the inaugural CAG Chair. Under his strong leadership the CAG has matured in its role and made an increasingly significant contribution to the important projects that IPSASB has successfully taken forward during this period. I look forward to working with Fabienne to help her build on the strong foundations Thomas has laid.”

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

This comprehensive review of anti-corruption corporate reporting by the largest publicly traded companies worldwide decodes the current state of anti-corruption reporting practices and highlights the urgent need for enhanced quality, reliability, and comparability in this crucial area. It also raises a series of policy questions around jurisdictional differences, comparability, governance, and the completeness and reliability of the information provided.

The IFAC Small- and Medium- Practices Advisory Group (SMPAG) welcomes the opportunity to provide input to the International Ethics Standards Board for Accountants (IESBA) Exposure Draft on the proposed revisions to the Code addressing tax planning and related services.

This tool will help professional accountancy organizations take leading roles in the anti-corruption fight in their jurisdictions. Global Fight, Local Actions: Anti-Corruption Advocacy Workbook for PAOs equips PAOs and accountancy profession leaders with the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs.

The SMPAG supports the IAASB’s principles-based approach and limited number of requirements. We recognize the importance of the IAASB reacting to changes in the environment, including with advancements in different technologies being used both by auditors and entities they are auditing. We support the fact that ISA 500 (Revised) should apply to all information intended to be used as audit evidence, irrespective of its source. We also agree with the clarification that not all information is itself audit evidence.

As the IAASB will be aware, in its response to the ISA for LCE Exposure Draft and in multiple other letters, the SMPAG raised strong concerns in relation to group audits being excluded from the standard and the impact this could have on severely limiting its use. It therefore welcomes the IAASB reconsidering its decision and developing proposals that address audits of less complex groups. It also support the inclusion as a separate Part 10.

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a database of Public Interest Entity (PIE) definitions by jurisdiction (jurisdictional PIE database) to further support the adoption and effective implementation of the revisions to the definitions of listed entity and PIE (PIE revisions) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The revised PIE provisions specify a broader list of categories of entities as PIEs whose audits should be subject to additional independence requirements to meet stakeholders’ heightened expectations concerning auditor independence when an entity is a PIE.

The IESBA Staff has developed the jurisdictional PIE database as a resource to assist regulators, national standard setters, and other relevant bodies in developing or revising their definitions of PIE at the local level based on the IESBA’s PIE definition. This database covers 78 jurisdictions in the Americas, Europe, Africa, Asia, and Oceania.

Among other things, the PIE revisions:

• Expanded the list of PIE categories in the Code, including a new category, “publicly traded entity,” to replace the category “listed entity.”
• Recognize the essential role local bodies responsible for the adoption of the Code play in delineating the specific entities that should be scoped in as PIEs in their jurisdictions, encouraging them to properly define the PIE categories in the expanded definition and adding any other categories relevant to their environments.
• Introduce a transparency requirement for firms to publicly disclose the application of independence requirements for PIEs where they have done so.

The PIE revisions become effective for audits of financial statements for periods beginning on or after December 15, 2024. Early adoption is permitted and encouraged.

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Overall, the Small and Medium Practices Advisory Group (SMPAG) generally supports the IAASB’s Proposed Strategy and Work Plan for 2024-2027.