1. International Federation of Accountants International Ethics Standards Board for Accountants Ken Dakdduk, IESBA Chair Ethics CAG Meeting Barcelona, Spain March 3, 2010

2. Activities deferred in 2008-2009 –Conflicts of interest –Fraud and illegal acts New project –Independence – Related parties collective investment vehicles Adoption and implementation Convergence 2010-2012 Strategy and Work Plan

3. Definition of conflict of interest Examples of conflicts Conflict identification, evaluation and management Timing 2010-2012 Conflicts of Interest

4. Challenging project –Legislative and cultural differences –Interim consultation When to disclose confidential information when not required by law Nature of items to be addressed, threshold for taking action, process for responding Timing 2010-2014 Responding to Suspected Fraud and Illegal Acts

5. Related entity definition based on control and significant influence Does not work well for collective investment funds, including mutual funds Timing 2011-2014 Collective Investment Vehicles

6. Some material developed in 2009 Continue to assess what additional material might be useful Work closely with –Compliance Advisory Panel –SMP Committee –Developing Nations Committee Implementation and Adoption

7. Structure/format of Code –Visibility of independence prohibitions Understanding the conceptual framework approach Inadvertent violations Other Convergence Challenges

8. Develop a “visual” Extensive program of consultation with regulators and standard setters –Perspectives on convergence –How Code can be catalyst to achieve convergence Seeking input on –Using Code as benchmark for foreign auditors –Improvements that may be necessary for Code to gain greater acceptance Convergence Initiatives

9. Standard setting –Two projects to begin in 2010 –Seconded staffing from AICPA for no fee Cover out of pocket expenses only Adoption and Implementation –Will increase over 2009 Convergence –Will significantly increase over past years –Build on strong base established by the Code 2010 Activities