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International Ethics Standards Board for Accountants

This document outlines key discussions and strategic initiatives from the IESBA Ethics CAG Meeting held in Barcelona on March 3, 2010. It highlights the Ethics Board's 2010-2012 strategy, focusing on critical areas such as conflicts of interest, fraud, and the implementation of independence standards. Significant challenges related to legislative differences and convergence in ethical practices are addressed, alongside plans for greater consultation with stakeholders like regulators and standard setters. The document aims to ensure effective adoption of ethical standards in global accounting practices.

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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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