Strategic Focus Areas for International Ethics Standards Board for Accountants (IESBA)

The International Ethics Standards Board for Accountants (IESBA) is gearing up for the next four years with a focus on two key strategic areas. IESBA chair Gabriela Figueiredo recently outlined the board’s plans in a podcast with CA ANZ.

The first area of focus is on the culture and governance of accounting firms. Figueiredo emphasized the importance of creating a good culture and governance within firms to prevent unethical behaviors from taking root.

The second strategic area involves the possible extension of ethics standards to non-professional accountants. Figueiredo highlighted the need for a common and consistent framework that applies to all professionals offering similar services, in the interest of the profession and users.

Additionally, IESBA is working on enhancing ethics in tax planning, with the recent release of new standards addressing tax planning and related services. Figueiredo stressed the importance of providing a robust framework for professional accountants to navigate ethical dilemmas in tax planning.

Despite the need for further improvements in ethics across the accounting profession, Figueiredo remains optimistic about the future. She noted a growing awareness among accounting professionals about the importance of ethics.

During a recent event hosted by CA ANZ in Sydney, Figueiredo and a delegation from IESBA engaged in discussions about the dynamic nature of professional ethics. CA ANZ CEO Ainslie van Onselen emphasized the critical role of IESBA in ensuring that the Code of Ethics remains up-to-date and reflective of public expectations.

Van Onselen underscored the importance of ethics as an ongoing conversation for the profession, highlighting the need for constant vigilance and adaptation in the ever-evolving field of ethics. The work of IESBA is seen as essential in reinforcing public trust in the accounting profession’s work.