IESBA Progresses toward Global Standard on Responding to Non-Compliance with Laws and Regulations; Issues Revised Proposal

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May 06, 2015

On May 6, 2015, the International Ethics Standards Board for Accountants (IESBA, the Ethics Board) released for re-exposure an enhanced standard, Responding to Non-Compliance with Laws and Regulations. The proposed standard sets out a new framework to guide auditors, other professional accountants in public practice, and professional accountants in business (PAIBs) in deciding how best to act in the public interest when they come across an act or suspected act of non-compliance with laws and regulations.

Among other matters, the proposed standard serves to better equip auditors and other professional accountants to address such issues by providing a pathway to disclosure to an appropriate authority in appropriate circumstances without the duty of confidentiality under the Code of Ethics for Professional Accountants acting as a barrier. It also places renewed emphasis on the importance of senior-level PAIBs promoting a culture of compliance with laws and regulations within their organizations.

Review the press release on the IESBA's Web site.

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