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Those Charged with Governance

Those Charged with Governance. Jan Munro IESBA June 2012 New York, USA . Those Charged with Governance. Background. Comment on breaches Exposure Draft Definition in Code not consistent with ISAs IESBA February 2012 agreed to review and align Breaches TF developed the material.

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Those Charged with Governance

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  1. Those Charged with Governance Jan Munro IESBA June 2012 New York, USA

  2. Those Charged with Governance Background • Comment on breaches Exposure Draft • Definition in Code not consistent with ISAs • IESBA February 2012 agreed to review and align • Breaches TF developed the material

  3. Those Charged with Governance Process • Project proposal • Exposure Draft

  4. Those Charged with Governance Existing Definition The persons with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the financial reporting process.

  5. Those Charged with Governance Proposed Definition The person(s) or organizations(s) (for example, a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the financial reporting process. For some entities in some jurisdictions, those charged with governance may include management personnel for example executive members of a governance board of a private or public sector entity, or an owner-manager.

  6. Those Charged with Governance Proposed Additional Paragraph In complying with requirements in this section to communicate with those charged with governance, the firm shall determine the appropriate person(s) within the entity’s governance structure with whom to communicate. If the firm communicates with a subgroup of those charged with governance, for example an audit committee, or an individual, the firm shall determine whether communication with all of those charged with governance is also necessary so that they are adequately informed.

  7. Those Charged with Governance Other Changes • Replace “those charged with governance” with “those charged with governance….or a sub-group thereof”

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