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OROC Congress Ethics and Accountability. Lisbon, 22 October 2010 Hilde Blomme FEE Director of Practice Regulation. About FEE. 43 professional institutes of more than 500.000 accountants all contributing to a more efficient, transparent and sustainable European economy

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oroc congress ethics and accountability

OROC CongressEthics and Accountability

Lisbon, 22 October 2010

Hilde Blomme

FEE Director of Practice Regulation

about fee
About FEE
  • 43 professional institutes of more than 500.000 accountants all contributing to a more efficient, transparent and sustainable European economy
  • 32 European countries, including all 27 EU MS
fee representing the profession and adding value to members
FEE: Representing the Profession and Adding Value to Members

With PCAOB, SEC, etc. With EC, EP, EU Council & Committees

With IFAC & its Boards: IAASB, IESBA, IAESBA, CAGs, IPSASB, etc.

Inform, advise & influence

Facilitate consensus between

Catalyst in Europe

institutes, accountancy firms (big & small)

EU & intl. regulation, policy standard setting, etc.

areas of activities
Areas of Activities

Financial Reporting

Auditing

Sustainability

Accounting

Ethics

Qualification and Market Access

Insurance

Company Law Corporate Governance

SMEs-SMPs

Banks

Public Sector

Taxation

And more…

overview europe and ethics
Overview: Europe and Ethics
  • IESBA Code of Ethics in European Countries
  • European Commission Green Paper on Audit Policy
  • FEE Discussion Paper on Integrity in Professional Ethics
  • FEE Comparison Project on Auditor Independence
slide6
IESBA Code of Ethics

in European Countries

slide8
European Commission

Green Paper on Audit Policy

PROPOSALS RE INDEPENDENCE

green paper
Green Paper
  • Proposals re:
    • Role of auditors
    • Governance and independence audit firms
    • Supervision
    • Concentration and market structure
    • Creation European Market
    • Simplification: SMEs & SMPs
    • International cooperation
proposals to enhance independence of auditors
Proposals to Enhance Independence of Auditors
  • Appointment and remuneration of auditors by third party, not company (shareholders)
  • Mandatory audit tendering
  • Mandatory audit firm and partner rotation
  • Prohibition provision non-audit services (NAS) (for all audits?)
  • Pure audit firms
  • Limit proportion fees from 1 audit client
  • European “qualification” passport for auditors with common independence rules (IESBA Code?)
  • Permit provision of NAS to SMEs, like tax, HR, access to credit, certain accounting
slide11
FEE Discussion Paper

on Integrity

in Professional Ethics

integrity in professional ethics
Integrity in Professional Ethics
  • FEE Discussion Paper
    • issued in September 2009 for comments by 31 January 2010
    • 30 response letters received
    • Analysis of responses being finalised
    • To promote debate
  • Integrity is the core principle of professional behaviour, but the hardest to understand and instil in people
  • More focus on guidance and training on integrity rather than independence and objectivity
  • What does it mean?
integrity is more than words
Integrity is more than Words...

BEHAVIOUR

Personal

Professional

embedding organisational integrity
Embedding Organisational Integrity

Leadership

Strategy

Policies

Information

Culture

Be honest and truthful

Awareness

Deal fairly

Predictability

Comply with laws

Transparency

Promote public interest

Show consistency

Long-term view

Be open-minded

People

Take corrective action

slide15
FEE Comparison Project

on Auditor Independence

  • Relevance of the Code for FEE and FEE Member Bodies
  • The Case for a Common Code