Transcript Slide 1

OVERSIGHT & CONSULTATION
KEY
ACCOUNTABILITY
OVERSIGHT
CONSULTATION/ADVICE
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IESBA’s Mission
• To serve the public interest, by:
– Setting high quality ethical standards,
including independence standards
– Facilitating convergence of international and
national standards
– Result = enhanced quality of services and
strengthened confidence in the accounting
profession
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2003 IFAC Reforms
• Ensure that IFAC activities are responsive to
the public interest
– Increased transparency
– Greater public and regulatory input
– Increased dialogue with regulators
• Created the PIOB, IESBA CAG, and the
Monitoring Group
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Monitoring Group
• International regulators/organizations
– International Organization of Securities Commissions
– Basel Committee on Banking Supervision
– European Commission
– International Association of Insurance Supervisors
– World Bank
– Financial Stability Board
• Monitors 2003 IFAC Reforms
• Works closely with the PIOB
• Provides consultation to the CAG and PIACs
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Consultative Advisory Group
• Provides advice on IESBA’s agenda, work plan,
and priorities
• Provides technical advice on projects
• Members interested in development of high quality
ethical standards for professional accountants
• CAG Chair attends IESBA meetings and is a
member of the IESBA’s Planning Committee
• Meets twice a year, meetings are public
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Members of the CAG
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Asian Financial Executives’ Institutes
Auditing Practices Board
Basel Committee on Banking Supervisions
BusinessEurope
CFA Institute
European Federation of Accountants and Auditors
for SMEs
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Members of the CAG (continued)
• European Federation of Financial Executives'
Institutes
• Fédération des Experts Comptables Européens Gulf
State Regulatory Authorities
• Graduate School of Finances and Management,
Russia
• IAASB CAG
• Institute of Internal Auditors
• International Organization of Securities
Commissions (IOSCO)
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Members of the CAG (continued)
• International Organization of Supreme Audit
Institutions (INTOSAI)
• North American Financial Executives Institutes
• Public Company Accounting Oversight Board
(PCAOB)
• Sri Lanka Accounting and Auditing Standards
Monitoring Board (SLAASMB)
• World Bank
• World Federation of Exchanges
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PIACs
• The IESBA is one of three “public interest
activity committees”
– PIACs are IFAC standard-setting bodies that
have the greatest impact on the public interest
• Other PIACS are
– IAESB
– IAASB
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IESBA
• 18 voting members
– 9 practitioners and 9 non practitioners
– 10 member bodies, 5 forum of firms, 3 public
representatives
– 2/3 members required for approval
• 4 observers
– CAG Chair
– European Commission
– Japanese FSA
– Public Company Accounting Oversight Board
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IESBA Planning Committee
• Ken Dakdduk, Chair
• Michael Niehues
• Isabelle Sapet
• Bob Franchini
• Volker Röhricht
• Richard Fleck
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Forum of Firms
• Association of international networks of accounting
firms
• Currently 21 members
• Conducts its business through Transnational
Auditors Committee (TAC)
• Membership obligation – for transnational audits,
including all listed entities, have policies and
methodologies that conform to the Code
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Other
• Definition of public accountant – need for
consistent definition within IFAC
• Corporate governance – IFAC focus
• European Commission – current priorities
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PIOB
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