Transcript Future Strategy and Work Plan Ken Siong, IESBA Technical Director IESBA Meeting September 16-18, 2013 Sydney, Australia Page 1 | Confidential and Proprietary Information.

Future Strategy and Work Plan
Ken Siong, IESBA Technical
Director
IESBA Meeting
September 16-18, 2013
Sydney, Australia
Page 1 | Confidential and Proprietary Information
Background
• January 2013 strategy survey
• May 2013 NSS discussion
• June 2013 IESBA discussion – key tentative decisions
– Maintain current work plan
– Extend 2011-2012 Strategy and Work Plan (SWP) to end of 2014
– Continue to give outreach high priority
– Develop papers to convey Board views on “threats and safeguards”
conceptual framework and principles-based standards
– Articulate longer term vision for strategy to guide Board actions
– Shortlist of possible projects identified for further consideration
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Draft SWP Consultation Paper
• Proposal to extend strategy period to four years from
current three
– SWP 2015-2018
• Four strategic themes proposed
– Promoting and facilitating adoption and implementation
– Maintaining high-quality Code for global application
– Evolving Code for continued relevance in changing environment
– Increasing engagement and cooperation with stakeholders
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Draft SWP CP – Key Considerations
• Some current projects likely to extend into 2015 and beyond
• A number of factors guiding identification of potential actions
and priorities, e.g.
– Potential benefits to the public interest
– Extent to which public trust and confidence in profession will be
further enhanced
– Capacity and resources
• Need to maintain flexibility important
• Key assumption: high priority and resource allocation to
Structure of the Code work
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Draft SWP CP – Key Proposed Actions
• Prioritize Structure of the Code work
• Address enforceability and related matters
• Develop greater understanding of extent of adoption of
2009 Code
• Maintain strong focus on stakeholder outreach
• Review guidance regarding safeguards in the Code
• Undertake review of topic of fee dependency
• Explore guidance on topic of collective investment vehicles
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Sept 2013 IESBA CAG Discussion
• General support re strategic themes and topics chosen
• Some concerns regarding Code restructuring work
– Uncertainty re extent of resources needed
– Could crowd out development of new standards and guidance
• Some suggestions:
– Consider post-implementation review of new standards
– Develop communications that investors can understand
– Obtain better understanding of regulatory expectations of the
profession
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Forward Timeline
• PIOB approval of extension of 2011-2012 SWP Nov 2013
• IESBA approval of CP Dec 2013
• CAG update March 2014
• IESBA consideration of CP responses April 2014
• NSS discussion May 2014
• IESBA first-read of revised SWP July 2014
• CAG discussion Sept 2014
• Final IESBA approval Oct 2014
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Matters for Consideration
1. Are the proposed strategic themes appropriate?
2. Do the potential actions identified represent appropriate
priorities for the period?
3. Are the relative priorities of identified actions appropriate?
4. Are there actions not identified that should be taken up
(including any of the Audit Quality matters identified in
Agenda Item 9-B)?
5. Are there any other matters that should be considered in
finalizing the CP?
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