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SEC Concept Release Possible Revisions to Audit Committee Disclosures

Thursday, September 3, 2015

IMA’s Committee on Ethics (CoE) submitted a comment letter to the International Ethics Standards Board for Accountants (IESBA) on its Exposure Draft (ED), “Responding to Non-compliance with Laws & Regulations.”

The CoE wholeheartedly upholds IESBA’s overarching objective to serve the public interest by setting high quality ethics standards for professional accountants. The CoE agrees that Code should provide ethical requirements and guidance to help meet its responsibilities and we commend the Board for continuing to pursue closure on the extremely controversial subject of whistleblowing. However, the CoE is not confident the ED will accomplish its stated purpose of providing guidance on “when to blow the whistle,” or more importantly, how best to do so, particularly for professional accountants in business (PAIBs).

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