Transcript Structure of the Code Don Thomson, Working Group Chair and IESBA Member IESBA CAG Meeting April 10, 2013 New York Page 1

Structure of the Code
Don Thomson, Working Group Chair
and IESBA Member
IESBA CAG Meeting
April 10, 2013
New York
Page 1
Background
• February 2012: How to improve structure of Code to raise
the visibility of its requirements and prohibitions, and
clarify who is responsible for meeting them
• June 2012: An example of a possible reformatting
approach. Additional clarity steps should be considered
• December 2012: Briefly discussed aspects of this initiative
and supported establishment of the Working Group (WG)
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Proposed WG Terms of Reference
• Limited to brief agreed in February 2012, visibility and
responsibility, or extended to clarity and understandability?
• Propose: Scope of initiative should address broader
matters of clarity and usability
• Changes to enhance clarity and usability may impact
interpretations
• Consider whether any changes would be better handled
by separate projects
Page 3
Short Term Initiatives
• Enhance accessibility
• Without changing standards
• Develop examples:
– Highlighting
– Summaries
– Hyperlinks
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Responsibility
• Increase visibility of responsibilities in the Code
• May require formal project proposal
• Determine importance and urgency
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Research leading to longer term
• Barriers to adoption
• Complexity and translation
• Usability by SMPs and PAIBs
• Consistency of interpretation
• For possible longer term comprehensive review
• If sufficiently important and urgent, may warrant ST initiative
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Research Plan
• IFAC member bodies, in conjunction with CAP
• Regulators
• IESBA CAG
• NSS liaison group
• Firms
• IFAC SMP Committee
• IFAC PAIB Committee
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Proposed Timeline
• September 2013: A status report, including examples of
ST initiatives
• December 2013: A preliminary report on research findings
• March 2014: Results of short term initiatives and
preliminary research findings and recommendations for
further action
– Consider Consultation Paper
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Matters for IESBA CAG Consideration
CAG representatives are asked for views on the:
• Short term and longer term initiatives
• WG’s initial status report
• WG’s draft Terms of Reference
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