The International Ethics Standards Board for Accountants (IESBA) released a “high-level summary” of prohibitions in relation to independence for audits of public-interest entities (PIEs), a news release said.
The summary is designed to highlight nonassurance services, relationships, interests, or circumstances that are prohibited for PIE audits, the release said, but it is not a substitute for reading the International Code of Ethics for Professional Accountants (including International Independence Standards). Footnote references to the relevant provisions in the Code have been provided to assist in further understanding of the prohibitions.
IESBA’s publication will be a “useful reference to stakeholders, including regulators and audit oversight bodies, audit firms and individual audit practitioners, the corporate governance community, investors, preparers, and educational bodies or institutions”, the release said.
FRC opens Stewardship Code consultation
As part of the UK Financial Reporting Council’s (FRC’s) review of the UK Stewardship Code 2020, the regulator is holding a series of roundtable discussions on the efficacy of the 2020 Code, a news release said. The roundtables are taking place at the FRC: 125 London Wall, EC2Y 5AS.
Discussions will take place from 26 March to 7 May. The events are designed for asset managers, asset owners, corporates, and service providers, the release said.
Email stakeholderengagement@frc.org.uk to express your interest in attending, specifying a date. If you are unable to attend, feedback can be submitted to stewardshipcode@frc.org.uk.
FCA sets out plan for final year of 3-year strategy
In its business plan for this year, the UK Financial Conduct Authority (FCA) set out an ambitious programme of work in the final year of its three-year strategy to achieve better outcomes for consumers and markets, a news release said.
Specific issues it will prioritise include contributing to UK competitiveness and growth by improving the attractiveness and reach of UK wholesale markets; supporting firms to invest; innovating and expanding through its innovation services; and continuing to make it quicker and easier for firms to apply for authorisation.
“[The FCA] has adapted its rules and improved its processes to ensure the UK remains an attractive place to invest,” the release said. “This includes proposing the most far-reaching package of reforms to the listing regime for decades to encourage a greater range of companies to list in the UK and compete on the global stage.”
FRC launches study on UK sustainability market
The FRC announced the launch of its first market study to examine the UK market for sustainability assurance services, a news release said, to ensure this rapidly growing market is functioning effectively and providing high-quality assurance over companies’ sustainability reporting.
“It is the first time the FRC has conducted a market study, which is a powerful regulatory tool for exploring issues within a market in depth,” the release said, “and can lead to proposals to improve how the market functions for the benefit of all stakeholders.”
According to the release, the study will explore:
- Choice, quality, and competition in the sustainability assurance market;
- Capacity constraints and barriers to entry or expansion;
- Potential impacts from changing international regulations; and
- Any interplay between the sustainability assurance and statutory audit markets.
The FRC is inviting all interested parties to submit comments and evidence on the sustainability assurance market by 13 June. The market study is expected to conclude in early 2025.
To take part in the regulator’s study, email competition@frc.org.uk.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.