Rollout Working Group Update Kim Gibson, IESBA Member and Working Group Chair IESBA Meeting, New York USA December 3-5, 2018

Objectives of the Session To receive an update on rollout activities To exchange views about responsibilities for adoption To consider alternative approaches for promoting revised and restructured Code and to encourage its adoption

Purpose of the WG To promote awareness of the changes to the Code in support of the Code’s adoption and implementation IESBA does not have the power to mandate adoption of the Code WG has been focused on explaining the nature of, and rationale for the changes made to the Code WG believes IESBA role to explain the changes to the Code is an important contribution towards supporting adoption that cannot be underestimated

Status of Rollout Activities One-stop-shop on IESBA website with resources about Code Videos, BfCs, Articles, Webinars and more… Ongoing Journal articles, Interviews & Social Media Ongoing outreach to stakeholders across the globe Regulators, firms, IFAC MBs, PAIBC, SMPC, IFAC CAP IAASB Webcast World Bank Train the Trainer Virtual Workshops

Outreach Coverage for 2018

Current Status of Adoption for IESBA Code Adopted, used as basis for national ethical standards or ethical codes of IFAC member bodies in 120+ countries Adopted by the largest 27 international networks of firms (the Forum of Firms) for transnational audits Translated in 39 languages, including all major UN languages (Chinese, French, Japanese, Russian and Spanish)

Status of Adoption for the New Code Australia | South Africa | Zimbabwe Jurisdictions Already Adopted Japan | Hong Kong | New Zealand Jurisdictions Already Committed NSS session planned in May 2019 Additional interactions planned with IFAC committees (e.g., CAP and FOF) Specific Adoption focused Activities

Responsibilities to Facilitate Adoption Facilitating Adoption is a Common Goal Raise public awareness of changes to the Code given its primary role Direct ability to influence adoption with FoF commitments and IFAC membership obligations IESBA IFAC Refer suggestions to IFAC

Matters for IESBA Consideration Does the Board agree with the WG’s view on IESBA’s and IFAC’s responsibilities in regards to adoption of the Code? Are there any additional activities within its remit in addition to raising public awareness that IESBA should undertake?

WG Proposals Short publication series Proposed approach for Series Proposed title “Decoding the Code of Ethics” Short topic-specific, uses story telling approach (3-5 min reading time per episode) Innovative way to leverage existing material to reach a wider audience Proposed approach for Series Initial drafts for illustration Future episodes to be authored by volunteers (e.g., IESBA members, TA, staff & friends of IESBA) Review and clearance by Staff and WG only

Use of More Webinars, Webcasts and Social Media WG Proposals Use of More Webinars, Webcasts and Social Media Use of webinars and webcasts Cost-effective way to engage stakeholders more directly Already held webinars with the World Bank and IAASB this year Increase use of webinars by IFAC and IAASB as well Use of Social media Increased flexibility and responsiveness Potential to reach a much larger group of audience Reaching the younger generations of PAs

Rationale for Proposed Approach Most resources on IESBA website already target NSS and firms Lack of general public’s awareness & negative perceptions about the Code impact adoption There is a need to enhance IESBA brand Change in how information is consumed in fast paced world Decisions makers, including NSS want concise, easy-to-digest, visually appealing interactive material about the Code in format that entices and draws in readers (not easy to produce) Firms, esp. SMPs want real-life scenarios that are more relatable Will traditional Staff Q&As/ FAQs hit the mark?

Matters for IESBA Consideration Does the Board agree with the WG’s proposals, including its proposal to launch a Short Publication Series? IESBA members are asked for views and suggestions about Any other matters that might help promote adoption of the Code Whether and if so how, IESBA may better encourage NSS and others to adoption the Code

The Ethics Board www.ethicsboard.org