IESBA seeks feedback on key issues for code of ethics revision

The International Ethics Standards Board for Accountants (IESBA) has launched a survey seeking comments, views, and insights from stakeholders as the first step in identifying the key issues it should address in revising its code of ethics for professional accountants

Dr. Stavros Thomadakis, IESBA chairman, said: ‘By the end of 2017, the IESBA expects to have completed major projects to strengthen the code as well as restructure it for greater clarity and usability.

‘This survey is an important first step in gathering views on specific developments, needs, and priorities that will enable the code to remain globally relevant, reinforce its high quality, and facilitate adoption and effective implementation.’

The survey sets out a number of potential topics that could be future strategic priorities for the IESBA and asks respondents to indicate their top six priorities. Amongst the issues under consideration is whether to pause the introduction of any new changes to the code becoming effective until after June 2020 in order to give accountancy firms and regulators time to absorb them.

It also asks for views whether IESBA should carry out work to understand the transformative effects of trends and developments in technology and innovation on the assurance, accounting and finance functions, and explore their ethical implications, along with new methods of service delivery.

Other topics up for discussion include materiality, the definition of a public interest entity, documentation requirements, action in case of breaches, and tax planning.

Responses to the survey will inform the IESBA’s development of a formal consultation paper on its strategy and work plan beyond 2018. The consultation paper is expected to be issued in 2018.

The survey closes on July 18, 2017.

The IESBA strategy survey is here.

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