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Part C Review

Part C Review. Jim Gaa, Chair, Part C Task Force IESBA Meeting New York October 13, 2014. Background. March 2013: Project Proposal approved by IESBA. July 2014: First read of Phase 1, Sec. 320 and 370

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Part C Review

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  1. Part C Review Jim Gaa, Chair, Part C Task Force IESBA Meeting New York October 13, 2014

  2. Background • March 2013: Project Proposal approved by IESBA. • July 2014: First read of Phase 1, Sec. 320 and 370 • October 2014: Second read of Phase 1, Sec. 300, 310, 320, 330, 340, 370 & Exposure Draft • November 2014: Begin Phase 2.

  3. Section 320: changes from July • General support from IESBA in July, subject to: • Misleading Information: • Additional category of ways to mislead added. • “Judgment and discretion” to replace “discretion” • Disassociation from Misleading Information: • Steps added to resolve association with misleading information. • Materiality not added. Misleading is an unqualified term.

  4. Section 370: Changes from July • General support from IESBA in July, subject to. • Reference to intimidation threats added. 370.1 • “trusted friend” deleted and replaced by “another professional accountant”. 370.5 • Factors to consider when determining if the pressure could lead to a breach (370.5) are now distinguished from steps to take if pressure would lead to a breach (370.6), although they do overlap. • Construct changed from pressure “leads to” to “results in”.

  5. Sections 300; 310; 330; 340 • Section 300: • Consequential changes suggested by NOCLAR Task Force can be incorporated now. • Part C TF notes that a safeguards project may have consequential effect on threats and safeguards in Section 300. • Sections 310; 330; 340. No changes of substance.

  6. PAIB Committee comments on changes. • PAIB Committee reviewed changes after agenda papers were posted and were supportive of changes, subject to: • The requirement in 320.4 may be too strong. It could be construed as requiringthe PAIB to disclose too much information. Proposed: “shall consider including”. • 370.5 Most businesses have a code of conduct, not an ethics policy. Proposed: refer to “code of conduct”.

  7. Matters for Consideration • Do IESBA members have • Any further comments or questions on Section 320? • Any further comments or questions on Section 370? • Any comments or questions on Sections 300, 310, 330 or 340?

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