Ethical Considerations for Accountants
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1 Ethical Considerations for Accountants Brian Walsh, Member International Ethics Standards Board for Accountants Dubai FSA Regional Audit Conference Professional Scepticism: Raising the bar November 22, 2011
2 About the International Ethics Standards Board for Accountants The objective of the International Ethics Standards Board for Accountants (IESBA) is to serve the public interest by setting high quality ethical standards for professional accountants through the development of a robust, internationally appropriate code of ethics.
3 Develops ethical standards and guidance for use by professional accountants in business and accountants in practice The Code of Ethics for Professional Accountants (The IESBA Code) Staff Q&A documents Ethical Considerations for Accountants What Does The IESBA Do? Promotes good ethical practices globally and fosters international debate on ethical issues faced by accountants Enhances the quality and consistency of services provided by professional accountants Facilitates the convergence of international and national ethical standards
4 The IESBA Code and Professional Scepticism The Conceptual Framework of the IESBA Code The Fundamental Principles of Professional Scepticism Integrity and Objectivity Professional Scepticism Auditor Independence
5 The Conceptual Framework of the IESBA Code PRINCIPLES Integrity Objectivity Professional Competence and Due Care Professional Behavior Confidentiality THREATS Self Interest Self Review Advocacy Familiarity Intimidation SAFEGUARDS Professional e.g., Entry requirements Professional Standards Work Environment e.g., Corporate Governance Structure Refusal / Resignation
6 Professional Scepticism: Fundamental Principles Integrity Be straightforward and honest in business relationships Materially false / misleading information Contrasting statements / information furnished recklessly Omits / obscures info required to be included Objectivity Judgment not compromised through bias, conflict or interest, undue influence
7 Professional Scepticism: Auditor Independence From the IESBA Code Independence of Mind Independence in Appearance Independence of Mind The state of mind that permits the expression of a conclusion without being affected by influences that compromise professional judgment, thereby allowing an individual to act with integrity and exercise objectivity and professional skepticism. Independence in Appearance The avoidance of facts and circumstances that are so significant that a reasonable and informed third party would be likely to conclude, weighing all the specific facts and circumstances, that a firm s, or a member of the audit team s, integrity, objectivity or professional skepticism has been compromised.
8 What Drives Professional Scepticism Concerns? Economic conflicts of interest Relationship among players Competence and expertise Cost pressure Addiction to please Contagious enthusiasm
9 Professional Scepticism: Potential Consequences of Concerns Fraud Aggressive earnings management Inadequate reflection of risk Inappropriate corporate activity Loss of market credibility Financial sustainability risk
10 Options for Raising the Bar Regulator Proposals Audit firm rotation Non-audit services / Audit-only firms Joint audits / Mandatory retendering Other areas of debate Management compensation Enforcement Integrated Corporate Governance
11 Options for Raising the Bar Integrated Corporate Governance
12 Options for Raising the Bar: The IESBA Code Development Work Three major projects*: Breach of a Requirement of the IESBA Code Conflict of Interest Responding to a Suspected Illegal Act * From the IESBA Strategy and Work Plan
13 Breach of a Requirement to the IESBA Code Reconsider provisions that address a breach of a requirement to the IESBA Code Exposure draft issued Communicate all independence breaches to audit committee Evaluate significance, determine whether action can be taken or if resignation necessary Stringent documentation requirements
14 Conflict of Interest Revise the provisions that address a conflict of interest Exposure Draft issued Clearer description of a conflict of interest Guidance on how to identify a conflict of interest Requirement to evaluate significance of threats and apply safeguards Examples of conflict management techniques Strengthening guidance on threats created by compensation and incentive arrangements
15 Suspected Illegal Act Objective Provide guidance for situations when accountant should exercise his duty or right to disclose confidential information What should accountant do in those situations? Determine whether accountant should have a responsibility to disclose If so, what, and under which circumstances?
16 Ethical Considerations for Accountants Brian Walsh, Member International Ethics Standards Board for Accountants Dubai FSA Regional Audit Conference Professional Scepticism: Raising the bar November 22, 2011
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