Curt Verschoor on Ethics

CHAPTER 5INTERNATIONAL ETHICS STANDARDS

IMA Ethics Code Compares Favorably to Global Code

The International Federation of Accountants (IFAC) is a global association of professional accountancy bodies from 127 countries. These national organizations represent accountants in public practice, education, governmental service, industry, and commerce. IFAC’s mission is to contribute to the development, adoption, and implementation of high-quality international standards and guidance. Ethical guidance is provided by the International Ethics Standards Board for Accountants (IESBA). Its mission is to set high-quality ethical standards for professional accountants and facilitate the convergence of international and national ethical standards, including auditor independence requirements, through the development of a robust, internationally appropriate code of ethics.

The latest codification of the IESBA Code of Ethics for Professional Accountants (IESBA Code) was issued in 2009 and published as a handbook in 2010. The IESBA Code is divided into three sections of guidance: (1) general applicability, (2) for professional accountants in public practice, and (3) for professional accountants in business (PAIB). The fundamental principles of general applicability are:

Integrity—to be straightforward and honest in all professional and business relationships.

Objectivity—to not allow bias, conflict of interest, or undue influence of others to override professional or business judgments.

Professional ...