The Annual Report summarizes the International Ethics Standards Board for Accountants (IESBA)’s achievements, project developments, and operating context in 2015.
In 2015, the IESBA achieved a high level of outputs with respect to standard setting, progressing all the projects on its Work Plan. The IESBA also continued to pursue an extensive stakeholder outreach program, sought closer coordination and cooperation with the IAASB, and dedicated attention to emerging issues of international relevance. Highlights include:
- Issuing a final pronouncement on the topic of non-assurance services;
- Approving four Exposure Drafts (EDs) on the topics of non-compliance with laws and regulations (NOCLAR), the structure of the Code, safeguards, and long association;
- Agreeing revisions to the Code under Phase 1 of the Part C project, pending restructuring of the revised provisions;
- Establishing a working group to undertake fact finding regarding certain fee-related matters, and providing input with a view to finalizing a staff publication on fees; and
- Joining a tripartite working group with the IAASB and the IAESB to explore whether there may be opportunities for enhancements in the respective boards’ standards on the topic of professional skepticism in response to feedback from regulatory and other stakeholders.
The IESBA is supported operationally by IFAC; thus, its financial results are included within IFAC’s audited financial statements, which are published as part of the 2015 IFAC Annual Review, which is forthcoming.
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