1 / 11

Enhancing Ethical Standards in Auditing: Survey and Strategy Overview

Explore responses, projects, and prioritizations related to enhancing ethical standards in auditing. Topics include relationships, outreach, cooperation with regulators, adoption, implementation, and convergence. Learn about proposed strategies and timelines.

kale
Download Presentation

Enhancing Ethical Standards in Auditing: Survey and Strategy Overview

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IESBA Strategy Survey2014-2016 Ken Siong, IESBA Technical Director IESBA CAG Meeting April 10, 2013 New York

  2. Overview of Responses • Survey distributed electronically to 700+ stakeholder contacts – 115 responses were received

  3. Overview of Responses

  4. Possible Projects • Most frequently identified issues relate to: • Smaller enterprises, SMPs and non-public entities • Relationships, including independence requirements for component auditors, and ethical requirements for entities that are not audit clients but parents or subsidiaries of audit clients • Other commonly recurring themes include: • Focus on learning, application material, adoption and implementation • Stable platform • Summary of requirements • Ethical issues pertaining to PAIBs • Further emphasis on outreach

  5. Possible Projects – Regulators and Oversight Bodies • Remediation • Enforceability of the Code • Ethical requirements for joint auditors • Ethical requirements relative to non-audit clients that are parents or subsidiaries of audit clients • Auditors’ cooperation with financial markets regulators • How to improve compliance through education and training

  6. Relative Prioritizations of Identified Items – Top 5

  7. Relative Prioritizations of Identified Items – Others

  8. Adoption and Implementation – Most Common Ideas • Development of application and implementation resources • Improving the content of the Code • Understand and address issues relevant to SMEs/SMPs • Enhance communication initiatives, including: • Thought leadership • Roundtables

  9. Adoption and Implementation – Other Ideas • Work with academic community to undertake research • Liaise with academics to add accounting material to curricula • Work with the IFAC Advisory Compliance Panel • Implement support structures for non-English speaking • Simplify standard-setting process • Institute a stable platform to allow IFAC member bodies and firms time to implement the Code

  10. Convergence – Various Suggestions • Place additional emphasis on more countries adopting the Code • Perform analysis of reasons for differences between the Code and national requirements • Analyze efforts of IFAC member bodies to implement the Code • Better coordination between the IESBA and IAASB • Coordinate with INTOSAI • Scope Sections 290 and 291 out of the independence requirements to facilitate convergence • Develop clear guidance on meaning of convergence and it would take to achieve it

  11. Forward Timeline • NSS discussion May 2013 • IESBA consideration of survey input and draft consultation paper June 2013 • CAG discussion September 2013 • IESBA approval final strategy December 2013

More Related