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Structure of the Code. Don Thomson, Working Group Chair and IESBA Member IESBA Meeting September 16-18, 2013 Sydney. Background. Input from certain regulators Raise visibility of requirements and prohibitions Clarify who is responsible for meeting them

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structure of the code

Structure of the Code

Don Thomson, Working Group Chair and IESBA Member

IESBA Meeting

September 16-18, 2013

Sydney

background
Background
  • Input from certain regulators
    • Raise visibility of requirements and prohibitions
    • Clarify who is responsible for meeting them
  • SME/SMP input – enhance understandability
  • April 2013 – CAG input received
  • June 2013 – terms of reference approved
research overview
Research Overview
  • Questions - usability, understandability, navigability
  • Research being performed May to October 2013
    • 34 participants to date; 5 continents
    • NSS, IFAC member bodies, regulators
    • Large firm, SMP Committee
  • Preliminary analysis; still finalizing conclusions
options that would change code
Options that Would Change Code
  • Support for change
  • Visibility
    • Understandability, enforceability, convergence
  • Plain English, drafting conventions
    • Long & complex sentences, quasi-legal style
    • Understandability, translation
  • Repackaging – pros and cons more balanced
options that would change code1
Options that Would Change Code
  • Responsibility
    • 290 does not generally prescribe responsibility
    • 290.12 refers to compliance with ISQC 1
      • No specific reference to responsibility
    • 154 “shall” statements in Section 290
    • Some regulators, not all, expressed concern
      • Enforcement and consistency
options that would not change code
Options that Would not Change Code
  • Off-Code Guidance/Complementary Materials
    • Additional guidance for trainers and users
      • Particularly SMPs and PAs in business
    • Summaries, flow charts, FAQs, case studies
    • Reinforce and not detract from Code
    • Need impacted by structural improvements
    • Electronic Code helpful but not urgent need
september cag input
September CAG input
  • General support
  • Findings align with some stakeholder initiatives
  • Consider reading age, including impact on length
  • Consider a summary/overview; drill down to detail
  • Electronic Code interconnected with other options
  • Consider resources; balance this and new matters