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International Ethics Standards Board for Accountants

International Ethics Standards Board for Accountants. Ken Dakdduk, IESBA Chair. Ethics CAG Meeting. Barcelona, Spain. March 3, 2010. 2010-2012 Strategy and Work Plan. Activities deferred in 2008-2009 Conflicts of interest Fraud and illegal acts New project

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International Ethics Standards Board for Accountants

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  1. International Ethics Standards Board for Accountants Ken Dakdduk, IESBA Chair Ethics CAG Meeting Barcelona, Spain March 3, 2010

  2. 2010-2012 Strategy and Work Plan • Activities deferred in 2008-2009 • Conflicts of interest • Fraud and illegal acts • New project • Independence – Related parties collective investment vehicles • Adoption and implementation • Convergence

  3. Conflicts of Interest Definition of conflict of interest Examples of conflicts Conflict identification, evaluation and management Timing 2010-2012

  4. Responding to Suspected Fraud and Illegal Acts • Challenging project • Legislative and cultural differences • Interim consultation • When to disclose confidential information when not required by law • Nature of items to be addressed, threshold for taking action, process for responding • Timing 2010-2014

  5. Collective Investment Vehicles Related entity definition based on control and significant influence Does not work well for collective investment funds, including mutual funds Timing 2011-2014

  6. Implementation and Adoption • Some material developed in 2009 • Continue to assess what additional material might be useful • Work closely with • Compliance Advisory Panel • SMP Committee • Developing Nations Committee

  7. Convergence Challenges • Structure/format of Code • Visibility of independence prohibitions • Understanding the conceptual framework approach • Inadvertent violations • Other

  8. Convergence Initiatives • Develop a “visual” • Extensive program of consultation with regulators and standard setters • Perspectives on convergence • How Code can be catalyst to achieve convergence • Seeking input on • Using Code as benchmark for foreign auditors • Improvements that may be necessary for Code to gain greater acceptance

  9. 2010 Activities • Standard setting • Two projects to begin in 2010 • Seconded staffing from AICPA for no fee • Cover out of pocket expenses only • Adoption and Implementation • Will increase over 2009 • Convergence • Will significantly increase over past years • Build on strong base established by the Code

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