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IESBA Strategy Survey 2014-2016

IESBA Strategy Survey 2014-2016. Ken Siong , IESBA Technical Director IESBA CAG Meeting April 10, 2013 New York. Overview of Responses. Survey distributed electronically to 700+ stakeholder contacts – 115 r esponses were received. Overview of Responses. Possible Projects.

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IESBA Strategy Survey 2014-2016

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  1. IESBA Strategy Survey2014-2016 Ken Siong, IESBA Technical Director IESBA CAG Meeting April 10, 2013 New York

  2. Overview of Responses • Survey distributed electronically to 700+ stakeholder contacts – 115 responses were received

  3. Overview of Responses

  4. Possible Projects • Most frequently identified issues relate to: • Smaller enterprises, SMPs and non-public entities • Relationships, including independence requirements for component auditors, and ethical requirements for entities that are not audit clients but parents or subsidiaries of audit clients • Other commonly recurring themes include: • Focus on learning, application material, adoption and implementation • Stable platform • Summary of requirements • Ethical issues pertaining to PAIBs • Further emphasis on outreach

  5. Possible Projects – Regulators and Oversight Bodies • Remediation • Enforceability of the Code • Ethical requirements for joint auditors • Ethical requirements relative to non-audit clients that are parents or subsidiaries of audit clients • Auditors’ cooperation with financial markets regulators • How to improve compliance through education and training

  6. Relative Prioritizations of Identified Items – Top 5

  7. Relative Prioritizations of Identified Items – Others

  8. Adoption and Implementation – Most Common Ideas • Development of application and implementation resources • Improving the content of the Code • Understand and address issues relevant to SMEs/SMPs • Enhance communication initiatives, including: • Thought leadership • Roundtables

  9. Adoption and Implementation – Other Ideas • Work with academic community to undertake research • Liaise with academics to add accounting material to curricula • Work with the IFAC Advisory Compliance Panel • Implement support structures for non-English speaking • Simplify standard-setting process • Institute a stable platform to allow IFAC member bodies and firms time to implement the Code

  10. Convergence – Various Suggestions • Place additional emphasis on more countries adopting the Code • Perform analysis of reasons for differences between the Code and national requirements • Analyze efforts of IFAC member bodies to implement the Code • Better coordination between the IESBA and IAASB • Coordinate with INTOSAI • Scope Sections 290 and 291 out of the independence requirements to facilitate convergence • Develop clear guidance on meaning of convergence and it would take to achieve it

  11. Forward Timeline • NSS discussion May 2013 • IESBA consideration of survey input and draft consultation paper June 2013 • CAG discussion September 2013 • IESBA approval final strategy December 2013

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