IESBA Embarks on their Journey to Review and Revise Code of Ethics
A survey has been launched by IESBA-International Ethics Standards Board for Accountant, the purpose of which is to identify the issues that need to be addressed when revisiting the code and principles with regards to ethics so that to provide accounting professionals with a code of conduct in relation to ethics which these professionals can use and follow when making decisions and conducting themselves in different environments.
The survey is the first action taken by IESBA in the direction of gathering information and views on specific issues, developments, priorities, and needs so that to formulate a code that not only remains relevant globally but also assists in adoption and implementation of high quality ethical standards all around the world.
The survey basically lists a number of topics that in future could turn out to be a strategic priority for the IESBA and therefore the respondents are asked to rank the topics from 1 to 6 as part of their list of top six priorities. Another issue to consider is that any changes made with respect to the ethical standards must become effective after June 2020, so that to provide accountancy regulators, companies and firms with time to absorb the changes and also to adjust their systems and practices according to the changes made to the ethical codes and standards.
The survey also seeks views on latest trends and developments in technology so that to understand the transformative impact of these trends and developments in technology and innovation with respect to accounting, finance and assurance functions and also to explore their ethical implications
The survey also features discussion on topics such as tax planning and related services, communication with those charged in governance, revisiting the definition and description of different terms, materiality, requirements with regards to documentation and the steps to be taken in consequence of a code breach.
All the Responses in reaction to the topics discussed in the survey will become the basis of the development of a consultation paper with respect to the IESBA’s work plan and strategy beyond 2018. The IESBA consultation paper is anticipated to be issued in the year 2018.