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Future Strategy and Work Plan

Future Strategy and Work Plan. Ken Siong , IESBA Technical Director IESBA Meeting September 16-18, 2013 Sydney, Australia. Background. January 2013 strategy survey May 2013 NSS discussion June 2013 IESBA discussion – key tentative decisions Maintain current work plan

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Future Strategy and Work Plan

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  1. Future Strategy and Work Plan Ken Siong, IESBA Technical Director IESBA Meeting September 16-18, 2013 Sydney, Australia

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. Matters for Consideration • Are the proposed strategic themes appropriate? • Do the potential actions identified represent appropriate priorities for the period? • Are the relative priorities of identified actions appropriate? • Are there actions not identified that should be taken up (including any of the Audit Quality matters identified in Agenda Item 9-B)? • Are there any other matters that should be considered in finalizing the CP?

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