Restructured Code – Rollout Don Thomson, Structure Task Force Chair Gary Hannaford, Safeguards Task Force Chair IESBA Meeting, Livingstone Zambia December 4-8, 2017

What’s Next? Approved texts available on IESBA’s website by late Jan 2018 With IESBA input, Staff to develop standard release package PIOB approval of due process anticipated in Mar 2018; release soon afterwards

Restructured Code Changes to Code = major improvements Improvements critical to strengthening regulatory trust in the Code and the profession Improvements to Code = significant change Clearer language with more explicit provisions + new Guide = greater understandability Revised safeguards provisions Applying enhanced CF requires a change mindset New and revised PAIB provisions; new section re pressure to breach FPs Promoting awareness of improvements to Code critical to success

Promoting Awareness and Implementation Support IESBA has an important role to facilitate, but Critical for others (e.g., NSS, MBs, firms) to embrace improvements to Code and take action now to support its effective implementation Standard release package alone is not enough Strategic approach needed to communicate changes to Code in a clear and consistent manner Social media campaign, e.g., Twitter, Linked-in In person presentations and other targeted outreach Videos, webcasts and webinars

E-Code Web-based extant E-Code was first launched in 2014 Provides enhanced access and greater ease of use and navigation of Code New WG established to: Determine changes needed to E-Code in light of restructured Code approval Explore how to further utilize technology in making the Code and other support materials (e.g., BfCs and Q&As) more accessible and usable WG to present preliminary views about scoping, approach and timing during March 2018 IESBA meeting

Matters for IESBA Consideration Board members asked to exchange views about actions that should be taken to promote awareness of, and support the effective implementation of restructured Code by: IESBA Others (e.g., MBs, NSS, firms, regulators and other policy makers)

Post-implementation Review Calls for IESBA to conduct “post-implementation review” Structure and Safeguards Task Forces believe that Relevant and timely information need from those who implement, inspect and enforce Code is critical Coordination with firms, regulators and audit oversight authorities needed Important to determine approach for post-implementation review of Code more broadly (i.e., one for each project vs having as one broad initiative)

Matter for IESBA Consideration IESBA members are asked whether, and if so, when and how, a “post-implementation review” for the Structure and Safeguards projects should be undertaken