Notice
The International Ethics Standards Board for Accountants (IESBA) released on 4 May 2022 the report, Elevating Ethics and Independence Standards for a Complex World, which summarises the Board’s accomplishments for 2020 and 2021.
Information
The 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).
The report on IESBA Accomplishments (2020 – 2021) showcases the significant progress that the IESBA has made on behalf of the public interest. 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. The report also discusses the timely and important milestones achieved on projects related to Tax planning, Technology, and Independence in Group Audits. The report furthermore addresses the extensive work that has been done jointly with certain National Standards Setters to highlight the applicability of the Code and also mentions the unique challenges posed by the COVID-19 Pandemic.
Implications
SAIBA prescribes that all members should abide by the IESBA’s Code of Ethics for Professional Accountants. Members should stay abreast of latest developments with regards to the Code of Ethics for Professional Accountants to remain compliant and it is therefore important to understand the impact of the code on behalf of the public interest.
Context for the beginner
The 2020-2021 Report on IESBA Accomplishments can be accessed at the following link:
www.ifac.org/system/files/publications/files/IESBA-Report-on-Accomplishments-2020-2021.pdf
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