This document discusses international ethics standards for accountants as set by the International Ethics Standards Board for Accountants (IESBA). The IESBA Code of Ethics provides high quality ethical standards used globally. The IESBA seeks input from small- and medium-sized practices to understand how the Code applies and ensure their needs are addressed. A working group was formed and provided a report advising on knowledge of the Code, safeguards, and membership processes from the perspective of small- and medium-sized practices.

1. International Ethics Standards
Board for Accountants
Don Thomson, CA, IESBA Member
IFAC SMP Forum
Singapore
March 2012
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2. Global Ethics Standards
• Set out in IESBA Code of Ethics
• High quality ethical standards for use by professional
accountants around the world
• Public interest permeates
– Selection of Board members
– Transparency of debate
– Monitoring the Board
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3. SME and SMP needs
• Important component of IESBA strategy
• Input sought and welcomed
• Working Group formed to advise the Board
– Application of Code by professional accountants in SMEs and SMPs
– Individuals at last year's SMP Forum amongst those providing input
• Report provided to the Board
– Knowledge and understanding of the Code
– Safeguards
– Membership and processes
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4. IESBA attention to SMEs and SMPs
• Knowledge and understanding of the Code
– Preparing a synopsis of the Code
– Preparing guidance on the provision of accounting services to audit clients
• Safeguards
– Guidance will address the importance of management basing significant
judgments and decisions on an objective and transparent analysis and
presentation of the issues
• Membership and processes
– New member from an SMP; others with SME and/or SMP experience
– Reaching out to the SMP Committee and others
– Considering SME and SMP issues
• When planning new initiatives and when developing standards and guidance
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5. www.ethicsboard.org