The proposal also expands the section of the IESBA Code concerning financial interests to include the topics of compensation and incentives linked to financial reporting and decision making.
The approach contained in the IESBA Code is that PABs should evaluate the significance of potential threats to unethical behavior against the safeguards designed to prevent such behavior.
Consequently, the most important IESBA
strategy to continue to reinforce public trust is to promote the recognition and widespread adoption of the IESBA
Code of Ethics for Professional Accountants throughout the world.
Code fully embraces the conceptual framework approach, and the Codification Project provides an opportunity to further integrate the framework into the AICPA Code.
Nasser Al Shaali, CEO of the DIFC Authority said: "The organisation of the CAG meetings of the IAASB and IESBA
in DIFC reflects Dubai's rising profile as a leading global financial hub.
To assist members and other interested parties in analyzing the GAO independence proposal, the AICPA has prepared a comparison of the GAO proposal to relevant provisions of the AICPA and IESBA
The revised definition focuses on how networks operate and how they present themselves to third parties," states Richard George, IESBA
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.
The latest edition of the IESBA
Code was updated and revised in July 2009 and is effective Jan.
Like every member firm in the KPMG global network, KPMG Capital Holding Limited and its subsidiary entities, and the entities they invests in are subject to the same rules and regulations promulgated by the regulatory bodies responsible for establishing standards for auditor Independence (for example, the US SEC, PCAOB, AICPA, IESBA
and those established by the various countries in which the investments reside).
On August 22, 2012, IESBA
issued an exposure draft (ED) titled "Responding to a Suspected Illegal Act" that would modify COEPA to outline the types of situations where a professional accountant would have an ethical responsibility to blow the whistle.
Over the past year, the IESBA
has considered several revisions to the code's independence requirements.