Global Ethics Board proposes changes to promote role, mindset expectations

• Move to strengthen international code of ethics 

The International Ethics Standards Board for Accountants (IESBA) has proposed changes to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to promote the role and mindset expected of all professional accountants. 

The Exposure Draft, Proposed Revisions to Promote the Role and Mindset Expected of Professional Accountants, puts forward changes that further strengthen the Code. 

The proposed revisions respond to stakeholder calls for the IESBA to explore whether and how the Code could contribute to strengthening the application of concepts underlying professional scepticism by all professional accountants. 

Among other matters, the proposals: 

• Highlight professional accountants’ wide-ranging role in society and the relationship between compliance with the Code and a professional accountant’s responsibility to act in the public interest;
• Include enhancements to the robustness of the fundamental principles of integrity, objectivity and professional behaviour;
• Further strengthen the Code through requiring professional accountants to have an inquiring mind when applying the conceptual framework; and
• Highlight the importance of being aware of bias and having the right organisational culture.

The proposals were developed in coordination with the International Auditing and Assurance Standards Board and the International Accounting Education Standards Board. 

The IESBA invites all stakeholders to comment on the Exposure Draft by visiting the Ethics Board’s website. Comments are requested by 31 October. 

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. 

The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards). 

The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. 

The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).