Structure of the Code Don Thomson, Task Force Chair IESBA Meeting

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Presentation transcript:

Structure of the Code Don Thomson, Task Force Chair IESBA Meeting London January 12 – 14, 2015

Background Research & recommendations – improve usability Structure of the Code Background Research & recommendations – improve usability Distinguishing requirements from guidance Clarifying language & identifying responsibility Reorganization & electronic features Widespread support; timely action encouraged Consultation Paper – responses due February 4

Restructured Code characteristics Structure of the Code Restructured Code characteristics Changes being considered include Segments that are more self-contained Explanations of the purpose of each segment Clarified requirements & application guidance Higher profile for the conceptual framework Improved navigability

Rebranding the Code Currently "Code of Ethics" … "Ethics Standards" Structure of the Code Rebranding the Code Currently "Code of Ethics" … "Ethics Standards" Consider "International" in title – clarity & brand Some suggested "Code" & "Standards" in title Independence has features of a code & standards Other segments more characteristic of a code Independence component title to be consistent with principles-based conceptual framework

Definitions Alignment proposed as part of this project Structure of the Code Definitions Alignment proposed as part of this project Assurance engagement (partial) Engagement quality control review (partial) Financial statements & special-purpose F/S Alignment not proposed as part of this project Firm, independence, review engagement

Other matters Renumbering & reordering Structure of the Code Other matters Renumbering & reordering Working on refinements that reduce repetition Drafting conventions (agenda item 3-B) - shared Editor – selection & engagement in near future Electronic Code – preliminary version issued Improving navigability – organization, searching