For example, the first words of the Handbook of the Code of Ethics for Professional Accountants (Handbook) mention the interests of the public: "A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest." The Handbook is published annually by the International Ethics Standards Board for Accountants (IESBA
), a part of the International Federation of Accountants (IFAC).
PEEC participates in all aspects of the IESBA
's standard-setting activities and ensures that the U.S.
That said, the IESBA
has a similar general statement in its Code of Ethics.
's mission is to set "high-quality ethics standards for professional accountants" and work toward convergence of global and national standards.
The proposed interpretation, "Responding to Non-Compliance with Laws and Regulations," is based on the PEEC's review of a new standard adopted by the International Ethics Standards Board for Accountants (IESBA
) in April 2016.
is an international organization that aims to issue high-quality ethical standards and other similar pronouncements for professional accountants globally.
A year after that final ruling, the IESBA
published its exposure draft, reigniting the debate about whether or not auditors ought to use internal compliance procedures first.
In August 2012, the IESBA
published an exposure draft, Responding to a Suspected Illegal Act.
aims to help make sense of the varied practices and deliver a set of ethical standards for professional accountants around the world.
The latest codification of the IESBA
Code of Ethics for Professional Accountants (IESBA
Code) was issued in 2009 and published as a handbook in 2010.
Lastly, although there are similarities between the two applicable codes of ethics, accounting instructors still face the dilemma of how to allocate class time to these topics and whether to teach both the AICPA code and the IESBA
According to the revised ET section 91, Francis would not be disciplined by the AICPA as long as the foreign component auditor follows the IESBA
standards at a minimum.