Review of Part C of the Code. Jim Gaa IESBA December 2012 New York, USA . Review of Part C of the Code. Background. To inform the development of IESBA’s Strategy and Work Plan Preliminary Report to June IESBA Survey to identify priorities: August
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IESBA December 2012
New York, USA
Only a brief mention of the PAIB’s responsibility.
The structure of a revised principle-based section would be (a)a more positive and fuller statement of the responsibility of PAIBs to prepare and report information that is a faithful representation of economic events and state of affairs, (b) a discussion of the threats to providing such depictions (including the motives for altering or manipulating the information), and (c) presentation of safeguards.
Need to build on, but not overlap with, the work of financial reporting standard setters.
Professional and financial reporting standards
Unclear how a PAIB can dissociate from misleading reports, either internal or external, other than by resigning.
Provide guidance on how a PAIB can practically dissociate from misleading reports.