The International Ethics Standards Board for Accountants (IESBA) has released a consultation paper on its strategy and work plan for the 2014-2018 period.
The consultation paper shows the IESBA's plans in developing the 'Code of Ethics for Professional Accountants' (Code) to ensure it remains relevant and responds to global developments.
The Consultation Paper outlines four key strategic themes identified by the IESBA. The first theme is maintaining a focus on independence standards for audits of financial statements but also to more comprehensively address the particular ethical issues faced by professional accountants in business.
The second theme responds to perceived barriers to the adoption of the Code by reviewing the current structure and draft convention of the Code so that it is written in a way that is easier to understand and adopt
The third theme is in relation to regulatory developments around the nature and extent of services auditors can provide to their clients and continuing globalisation of capital markets increasing complexity and opacity in some areas, particularly collective investment vehicles
The fourth and final theme is forging closer working relationships with key stakeholder groups, including regulators and auditor oversight bodies, national standard setters, the profession, investors and International Federation of Accountants (IFAC) member bodies.
The paper also outlines the various projects the IESBA intends to undertake in responding to the above themes.
The Consultation Paper is open for comment until 28 February 2014.