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 Comunicaciòn desde IESBA

Understanding IESBA’s New External Experts Standard  As professional accountants navigate complex areas like sustainability, technology, and tax planning, how can they ensure the external experts that they use are competent, capable and objective? Join IESBA’s free webinar to explore the new Using the Work of an External Expert standard — a principles-based framework that: Provides clear ethical guidance on evaluating external experts Helps safeguard against undue reliance on expert opinions Strengthens trust in financial and non-financial information Webinar Dates: March 3 | 23.00 UTC (6.00pm ET) – Register here March 4 | 13.00 UTC (8.00am ET) – Register here What you’ll learn: How the standard applies across sustainability, technology, tax, and other areas Key ethical considerations when working with external experts How this framework supports the heightened public interest for audits and other assurance services Don’t miss this opportunity to gain insight into this groundbreaking global ethics standard!

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Enabling a Profession in Global Transformation: Insights from IFAC’s PAIB Advisory Group

(New York, New York, January 09, 2025)

Professional accountants in business (PAIBs) play a crucial role in advancing sustainable business practices, promoting transparency, and enhancing the economic and social prosperity of communities across the globe. 

In its final meeting of 2024, IFAC’s PAIB Advisory Group explored the transformative role of PAIBs in tackling global challenges and seizing new opportunities to strengthen the role of accountants in driving business success and resilience. Discussions focused on navigating systemic risks, fostering innovation, and advancing sustainability to position PAIBs as key enablers of transformational change. 

Key themes included: 

• Embracing AI for Innovation: Generative AI is revolutionizing the work of PAIBs. A case study on internal audit highlighted its use, saving time and enhancing strategic insights. 
• Driving Climate Resilience: PAIBs are crucial in improving sustainability information and disclosure and mobilizing investments to support low-carbon transitions. 
• Integrated Thinking and Decision-Making: Breaking silos to enable holistic decision-making and creating long-term value requires integrated thinking capabilities which can vary by career stage or role. 
• Supply Chain Management and Procurement: PAIBs can partner with procurement, operations, and compliance teams to achieve ethical and sustainable procurement and supply chain management practices. 

Sanjay Rughani, PAIB Chair, said: “In this era of transformation, professional accountants are uniquely positioned to drive change and create value across organizations. By embracing innovation and integrated thinking, PAIBs can lead the way in shaping a resilient, sustainable future.” 

Explore their discussions in Enabling Global Transformation: Opportunities for Professional Accountants in Business.  

IFAC remains committed to equipping PAIBs with the tools and resources to thrive in a dynamic global landscape. The next PAIB Advisory Group meeting will take place in April 2025 in Tokyo, hosted by the Japanese Institute of Certified Public Accountants (JICPA). 

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 IAASB

New Guidance Available from IAASB on Using the ISA for LCE

(New York, New York, August 27, 2024)

The International Auditing and Assurance Standards Board (IAASB) has issued new guidance on the application of the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The Authority Supplemental Guidance will help users in determining the appropriate situations to use the standard.

The guidance will be particularly beneficial for legislative and regulatory authorities implementing the standard, firms developing related policies or procedures, and auditors determining whether the standard is appropriate to use for a specific engagement.

Accessible on the IAASB website, this guide complements previously released resources, including videos, webinars, and the Auditor Reporting Supplemental Guidance. Later this year, the IAASB will also issue an adoption guide and a first-time implementation guide. Collectively, these materials provide a comprehensive toolkit for navigating adoption and implementation of the ISA for LCE.

The new guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE

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 IAASB

Now Available from the IAASB: New ISA for LCE Guidance on Auditor Reporting

(New York, New York, July 11, 2024)

The International Auditing and Assurance Standards Board (IAASB) has released new supplemental guidance on auditor reporting as it relates to the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. Meant to be read with the ISA for LCE, the new guidance provides assistance for auditors about modifications to the auditor’s report when using the standard. The guidance also includes information on using emphasis of matter and other matter paragraphs, reporting on other information, and reporting on a material uncertainty related to going concern.

Additionally, the guidance features eight illustrative auditor’s reports, including examples of adverse opinions, disclaimer of opinions, and opinions when there is a material uncertainty related to going concern.

Accessible on the IAASB website, this new Auditor Reporting Supplemental Guidance complements previously released resources, including videos and webinars, which provide a robust toolkit for navigating the ISA for LCE, adoption, and implementation. Additional resources will be published this quarter, including an adoption guide, supplemental guidance on the authority of the standard, and a first-time implementation guide.

The new guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE

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New Report from International Federation of Accountants, ICAEW, and Basel Institute on Governance Urges Accountants in Business to Continue to Lead Anti-Corruption Actions

(New York, London, and Basel, Switzerland, July 03, 2024)

The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation.

The approach of an “integrated mindset”, as highlighted in the report, encourages company leadership to view financial and sustainability data in an interconnected, holistic way. Integrated Mindset in Practice provides guidance for companies—particularly professional accountants working in business—to apply this integrated approach to anti-corruption oversight and programs. The report underscores the crucial role of governance in environmental, social, and governance (ESG), emphasizing a commitment to an ethical culture of integrity and highlighting red flags for the accountants during their risk assessments.

The International Federation of Accountants (IFAC), the Institute of Chartered Accountants in England and Wales (ICAEW), and the Basel Institute on Governance have published a new, joint report, Integrated Mindset in Practice: Professional Accountants in Business and Anti-Corruption Compliance. It offers practical guidance and actionable strategies to approach anti-corruption initiatives with an integrated mindset, resulting in long-term value creation. The approach of an “integrated mindset”, as highlighted in the report, encourages company leadership to view financial and sustainability data in an interconnected, holistic way. Integrated Mindset in Practice provides guidance for companies—particularly professional accountants working in business—to apply this integrated approach to anti-corruption oversight and programs. The report underscores the crucial role of governance in environmental, social, and governance (ESG), emphasizing a commitment to an ethical culture of integrity and highlighting red flags for the accountants during their risk assessments. Advocating for a “whole of business” approach to anti-corruption, the report calls on professional accountancy organizations to encourage their members to fully embrace their role combatting corruption by: Recognizing themselves as key anti-corruption stakeholders. Supporting integrated thinking across their organizations. Being champions of Collective Action. Lee White, IFAC Chief Executive Officer: “The cost of corruption and financial crime are significant obstacles to economic prosperity and fairness in society. This report is a vital resource for professional accountants as business leaders to have an integrated mindset in continuing to respond to corruption and support economic prosperity.” Alan Vallance, Chief Executive of ICAEW: “Professional accountants are uniquely positioned to influence and implement an integrated mindset within organizations. With these tools and insights, they will be able to embed anti-corruption measures into their organizations’ broader ESG framework, ensuring that integrity and transparency remain at the forefront of business practices.” Vanessa Hans, Head of the Private Sector Division of the Basel Institute on Governance: “Importantly, this report encourages professional accountants to be champions of Collective Action as part of a “whole of business” approach to anti-corruption. Anti-corruption Collective Action brings business and stakeholders together to tackle the shared problem of corruptions. Accountants can play a crucial role in these efforts, driving initiatives that bring real change.” The report will be featured during “The CFO & Finance Function and Anti-Corruption: Cultivating an Integrated Mindset” webinar on July 9 at 13:00 UTC. Jointly hosted by IFAC, ICAEW and the Basel Institute on Governance, the webinar is organized under the auspices of the B20 and in collaboration with the OECD (Organisation for Economic Co-operation and Development) and Business at OECD (BIAC), as part of the 25th Anniversary of the OECD Anti-Bribery Convention campaign. Visit the IFAC website for more details and to register.

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 IFAC Identifies Key Areas Accountants Need to Update their Knowledge & Skills to Prepare for Increasing Sustainability Demands

The International Federation of Accountants (IFAC) has released a new publication setting out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. Equipping Professional Accountants for Sustainability: What's New and What Hasn't Changed speaks to the vital role accountants play in producing reliable sustainability-related data, reporting and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society’s needs.

Much of what accountants already do is transferable to sustainability; however, new topics and challenges require new ways of thinking and working. The framework aims to help professional accountants as well as professional accountancy organizations close any gaps between known and needed technical expertise, business acumen, behavioral competence, and ethics and professional values.

The publication was developed following previous sustainability and education research as part of work to revise the International Education Standards and with the support of the IFAC International Panel on Accountancy Education.

The publication is available on the IFAC website and complements IFAC's existing resources on sustainability, including webinars, podcasts, and publications, all of which are available on the IFAC Knowledge Gateway.

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 IESBA

IESBA to Hold Interactive Webinars on the Proposed IESSA and Ethics Standards Relating to Sustainability Reporting and Using the Work of an External Expert

(New York, New York, February 07, 2024)

The IESBA is holding interactive global webinars to present the key proposals in the Exposure Drafts on International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting and Using the Work of an External Expert.

The Exposure Draft on IESSA and ethics standards for sustainability reporting proposes a clear framework of expected behaviors and ethics provisions for use by all sustainability assurance practitioners, regardless of their professional backgrounds, as well as professional accountants involved in sustainability reporting. The goal of these standards is to mitigate greenwashing and elevate the quality of sustainability information, thereby fostering greater public and institutional trust in sustainability reporting and assurance.

The Exposure Draft on Using the Work of an External Expert proposes an ethical framework to guide professional accountants or sustainability assurance practitioners, as applicable, in evaluating whether an external expert has the necessary competence, capabilities, and objectivity in order to use that expert’s work for the intended purposes. The proposals also include provisions to aid in applying the Code’s conceptual framework when using the work of an external expert.

These proposed ethics (including independence) standards are especially relevant in a context where sustainability information is increasingly important for capital markets, consumers, corporations and their employees, governments and society at large, and when assurance providers outside of the accounting profession play a prominent role in sustainability assurance.

The webinars will provide useful information and valuable insight on the proposals in the Exposure Drafts for participants from all stakeholder groups, including regulators, preparers of sustainability information, sustainability assurance practitioners from all backgrounds, and investors.

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IFAC’s Professional Accountants in Business Advisory Group Welcomes New Members

(New York, NY, February 05, 2024)

Professional accountants in business (PAIB) play a vital role within various sectors such as commerce, industry, financial services, education, and the public and non-profit sectors. IFAC’s PAIB Advisory Group, established in 1977, is a global forum of finance and business leaders advising the global accountancy profession and its members on critical areas such as sustainability and digital transitions so that PAIBs are well prepared to meet the evolving needs of both business and the public sector in the future.

The newest PAIB Advisory Group members are:

• Mike Driver, Past President, CIPFA & Independent Non-Executive Director (United Kingdom)
• Ruth Gardiner Forbes, President and CEO, Fortis TCI Ltd (Turks and Caicos Islands)
• Lisa Kelley, Managing Director, Floating Interest Corporation (United States of America)
• Josephine Okui Ossiya, CEO, Capital Markets Authority of Uganda (Uganda)
• Aniket Sunil Talati, Senior Partner, Management Consultancy Services and Advisory, Talati & Talati LLP (India)
• Charles Xuereb, CEO, Trident Estates Plc (Malta)

With these additions, the PAIB Advisory Group has achieved gender parity. Sanjay Rughani remains Chair and Sharon Ditchburn has been appointed Deputy Chair.

"Every member brings a distinctive and valuable viewpoint on the contributions of professional accountants in business and finance leadership,” said Sanjay Rughani, Chair, IFAC PAIB Advisory Group. “We are privileged to welcome these new members who will share their diverse experiences and offer strategic insights on the profession, expanding its contribution to sustainable economic development worldwide and serve as global champions for the profession.”  

The continuing PAIB Advisory Group members are:  

• Sanjay Rughani, Chair, CEO, Standard Chartered Bank Uganda (Uganda)
• Sharon Ditchburn, Deputy Chair, & Managing Director/Founder, Capital Advantage Consultants (Australia)
• Zia-Ul-Mustafa Awan, CFO and Business Administrator, Pakistan Expo Centres Private Limited (Pakistan)
• Anastasija Boljević, Secretary General, Institute of Certified Accountants of Montenegro (Republic of Montenegro)
• Esther Bosch, Director Risk & Audit, Royal Schiphol Group (Netherlands) 
• Ibrahim (Murat) Çağlar, Chief Financial Officer, Sanovel (Türkiye)
• Eric Freudenreich, Independent Non-Executive Director (France)
• Lindawati Gani, Professor in Management Accounting, Faculty of Economics and Business, Universitas Indonesia (Indonesia) 
• Tim Herrod, Vice President, Global Procurement, Albemarle Corporation (Canada)
• Margaret Muinde, Financial Controller, Kenya Roads Board (Kenya)
• Maria del Dado Alonso Sanchez, Group CFO, Berlin Brands Group (Spain) 
• Milton Segal, Executive Director: Standards, South African Institute of Chartered Accountants (South Africa)
• Muhammad Samiullah Siddiqui, CFO, Oxford University Press Pakistan (Pakistan) 
• Nancy Sau Ling Tse, JP, Independent Non-Executive Director [Hong Kong (Special Administrative Region of China)]
• Ichiro Waki, Group CEO, JBA Group (Japan)
• Gloria Zvaravanhu, Managing Director, Old Mutual Insurance Company (Zimbabwe)

Member expertise is drawn upon to deliver timely reports, articles, and case studies relevant to professional accountants in business across the globe. Explore their latest insights. 

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 IFEA 

The International Auditing and Assurance Standards Board

IAASB Welcomes New & Reappointed Members

(New York, New York, January 16, 2024)

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome five new members following their appointments by the Public Interest Oversight Board (PIOB) in November 2023.

• Sami Alshorafa is the Deputy for Supervision, Capital Market Authority Saudi Arabia, where he is based. He leads the supervision of listed entities' financial statements, auditors, and governance as well as compliance of collective investment schemes. He has also worked as an audit partner at two of the big four audit firms.

Mr. Alshorafa: “Being part of the IAASB constitutes an excellent opportunity for accountants and specialists from different backgrounds and different geographical jurisdictions to come together with one main objective in mind, which is serving the public interest of the capital markets by cooperating in the development of high-quality auditing standards.”

• Hernán Casinelli is the Chair of the Accounting and Assurance Standards Board of Argentina, where he is based. He has held positions as a member of the International Accounting Standards Board’s SME Implementation Group and the IAASB's ISA for LCEs’ Reference Group.

Mr. Casinelli: “I look forward to working in the public interest to develop standards that enhance confidence in corporate reporting. I am certainly joining the IAASB at an exciting and challenging time.”

• Vishal Doshi is a Council member of the Institute of Chartered Accountants of India. He is also the Vice Chair of ICAI’s Auditing and Assurance Standards Board and a partner in K C Mehta & Co LLP, in India, where he is based.

Mr. Doshi: “The IAASB plays a very important role in global standards setting and I am looking forward to contributing towards the IAASB' s objectives to meet stakeholders’ expectations and serve public interest.”

• Robert Koethner is the retired Vice President, Chief Accounting Officer, Mercedes-Benz Group AG, a role he held for more than 20 years. During his career, he worked closely with audit firms as well as governance bodies, including supervisory boards and audit committees, on an international scale. He is based in Germany.

Mr. Koethner: “As a former Chief Accounting Officer for a publicly listed and globally operating company I am looking forward to share my experience from a preparers side with my fellow board members to deliver international high-quality auditing standards.”

• Chrystelle Richard is Associate Professor in Accounting, ESSEC Business School, and is based in France. Dr. Richard teaches financial accounting and sustainable reporting in bachelor, master, and executive programs. Her primary research interests focus on firms' oversight and new forms of economic governance, including public-private partnerships and financial industry regulation.

Dr. Richard: “I feel very privileged to serve the IAASB at such an exciting time. The challenges of sustainability as well as technological developments present the IAASB with an ambitious and demanding agenda in 2024 and beyond. I am deeply honored to provide my academic expertise to the IAASB, and I am fully committed to serve it with the highest sense of the public interest.”

The IAASB is also pleased to share that two members were re-appointed by the PIOB for terms that also began on January 1, 2024:

• Edo Kienhuis is PwC’s Global Standards Leader and a partner in the Audit and Assurance practice in Amsterdam, where he is a member of the National Office Methodology team and serves as an engagement quality review partner on several listed entities; and

• Wendy Stevens is the National Practice Leader for Quality & Risk Management (QRM) at Mazars in the US, the Mazars Group International Quality Management leader, and a member of the Mazars Group QRM Board.

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IFEA

The International Ethics Standards Board for Accountants

IESBA Welcomes New and Re-Appointed Members

(New York, NY, January 15, 2024)

On January 1, 2024, the International Ethics Standards Board for Accountants (IESBA) welcomed three new members following their appointments by the Public Interest Oversight Board (PIOB) in November 2023.

• Tomoyo Imura (Japan), Director, Member of the Board, and Member of the Audit & Supervisory Committee, Nomura Asset Management Co. Ltd.

 "I am honored to join the IESBA,’ said Ms. Imura. “I am eager to contribute to the enhancement of the IESBA standards, adapting them to the evolving global landscape. I firmly believe that maintaining an ethical mindset will be increasingly vital in the future."

• Amarjeet Singh (India), Member, Securities and Exchange Board of India (SEBI)

“'The societal expectations from today’s sustainability and technology-driven world of business and finance to have higher standards of ethics and integrity are rising,” said Mr. Singh. “The relevance of ethics in the financial world deserves center stage and needs greater public discourse. IESBA is playing a pivotal role in this space. It is a privilege to join the IESBA’s Board and contribute to its public interest work.”

• David Wray (France), retiring from Huawei, Global Finance, and current Board Member, International CFO Alliance (ICFOA)

“It is a genuine privilege to join IESBA at this important time of profound change for the accountancy profession and its global community of stakeholders,” said Mr. Wray.  “From the connectivity and digitalization of financial and sustainability information to technologies that stand ready to fundamentally change what we do as finance and audit professionals and how we do it, it is truly a once-in-a-lifetime experience to be part of this exciting journey. As an international finance leader, I look forward to helping shape the global profession and ensuring a transparent, connected, equitable, and level playing field for everyone globally, underpinned by the IESBA Code.”

The IESBA also welcomes the reappointments of:

• Saadiya Adam (South Africa), Senior Professional Manager for Standards at the Independent Regulatory Board for Auditors (IRBA) in South Africa

• Vania Borgerth (Brazil), Retired accountant, a PhD Candidate in Accountancy, Fucape Business School, Brazil; and Deputy Coordinator of International Relations at CBPS, the Brazilian Committee for Sustainability Pronouncements

• Sung-Nam Kim (Republic of Korea), Currently a non-partner advisor of EY Korea and a former Executive Auditor of the Korean Institute of Certified Public Accountants (KICPA)

• Andrew Mintzer (United States of America) a principal at Hemming Morse LLP, providing forensic accounting services, and

• Luigi Nisoli (Italy), Partner and Director of Independence at Deloitt

“It gives me great pleasure to welcome Tomoyo, Amarjeet, and David to the IESBA, and I congratulate Saadiya, Vania, Sung-Nam, Andy, and Luigi on their reappointments,” said IESBA Chair Gabriela Figueiredo Dias. “The challenges ahead for IESBA are significant as we take on issues of global importance, like ethics in sustainability reporting and assurance, accounting firm culture and governance, and the expansion of the scope of the Code. To meet these challenges, we’ve set aggressive targets and made global commitments. We know the opportunities ahead are great when we lead with ethics. By bringing in three new perspectives, and three new voices, we grow as a Board. By keeping the voices of Saadiya, Vania, Sung-Nam, Andy, and Luigi, we bring continuity and “board” knowledge alongside their valued input and deep understanding of our issues.  I look forward to all the diverse and unique insights as they will all add to IESBA’s knowledge base and help guide our strategic thinking.”

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IFAC Announces Plan to Revise International Education Standards for Sustainability Reporting and Assurance

(New York, New York, December 11, 2023)

The International Federation of Accountants (IFAC) today announced plans to revise the International Education Standards (IES) to bring greater focus to sustainability reporting and assurance competence and recognize the evolving role of professional accountants in this important area. IFAC anticipates launching a public consultation on proposed revisions to the standards in March 2024, marking a significant milestone for the global accountancy profession’s journey to advance sustainability disclosure standards that respond to the needs of investors and other stakeholders.

Extensive stakeholder outreach and research made it clear that while professional accountants’ skills and training are transferable to sustainability reporting and assurance, there’s a need for a focus on sustainability in the IES. The planned revisions will address this, including revised and new learning outcomes needed for professional development programs to best prepare future and current professional accountants for the increasing demands for sustainability reporting and assurance.

As IFAC commits to revising the IESs, in partnership with the IFAC International Panel on Accountancy Education, it encourages professional accountants to seize the opportunity to enhance their sustainability knowledge and expertise. IFAC CEO Kevin Dancey said, “As sustainability reporting and assurance become mainstream, professional accountants have a unique opportunity to lead and bring value. Professional accountants should begin their journey now to develop or enhance sustainability reporting and assurance abilities. It is imperative that we all commit to personal professional development, ensuring that we are ready to meet the moment with the competence and due care that define our profession.”

Professional accountancy organizations have crucial roles to play helping their members as they transition to increasing market demand for sustainability reporting and assurance. Collective action is needed at the global, regional and local levels to accelerate the pace at which existing knowledge is expanded upon. IFAC encourages its member organizations to enhance current learning requirements with respect to sustainability and to recognize those courses offered by others—including the IFRS Foundation's anticipated eLearning course, which may prove useful to PAOs to offer their members as it is designed to respond to market demand to begin implementing the inaugural IFRS Sustainability Disclosure Standards, IFRS S1 and S2.

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New Standard for Audits of Less Complex Entities Issued by IAASB

Standalone Standard Is Proportionate, Tailored, Easier to Navigate

(New York, New York, December 06, 2023)

The International Auditing and Assurance Standards Board (IAASB) today published the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, known as the ISA for LCE. The ISA for LCE is a standalone global auditing standard designed specifically for smaller and less complex businesses and organizations. Built on the foundation of the International Standards on Auditing (ISAs), audits performed using this standard provide the same level of assurance for eligible audits: reasonable assurance. The standard is effective for audits beginning on or after December 15, 2025 for jurisdictions that adopt or permit its use.

“The ISA for LCE underscores the IAASB’s commitment to ensuring the credibility and reliability of financial reporting for entities of all sizes. By leveraging the International Standards on Auditing as our starting point, we are cultivating an environment where audits are performed in a globally consistent and high-quality way for the smallest entities. The IAASB’s actions seek to inspire greater confidence and contribute to the overall stability and trustworthiness of information in the external reporting ecosystem. We have also heard that this standard should provide an impetus for the evolution of auditing in developing economies,” said IAASB Chair Tom Seidenstein. “We now turn to each jurisdiction and their oversight authorities and regulators to decide whether to adopt the standard. We encourage practitioners and others to reach out to the authorities in their jurisdictions to advocate for the ISA for LCE’s adoption.”

Released alongside the ISA for LCE are a Basis for Conclusions, which details feedback from the public consultation period, a high-level fact sheet, and a frequently asked questions document. Additional materials to help jurisdictions navigate adoption will be issued in 2024, including supplementary guidance, a fact sheet on adoption, and a first-time implementation guide. All materials can be accessed on the IAASB website: iaasb.org/ISAforLCE