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Non-Assurance Services: Project Proposal Caroline Gardner IESBA Member IESBA Meeting December 2012 New York, USA.

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Presentation on theme: "Non-Assurance Services: Project Proposal Caroline Gardner IESBA Member IESBA Meeting December 2012 New York, USA."— Presentation transcript:

1 Non-Assurance Services: Project Proposal Caroline Gardner IESBA Member IESBA Meeting December 2012 New York, USA

2 Independence I Independence II International Developments Public Interest Input –Comments from & strategy consultations IOSCO recommends that the IESBA: –Makes use of its related study; and –Reconsider its provisions on non-assurance services Context 2

3 Project –Objective Review non-assurance services provisions in the Code to ensure they continue to support a rigorous approach to independence for assurance services –Scope Main priority: Non-Assurance Services Audit Clients Lesser priority: Non-Assurance Services Other Assurance Clients –Focus includes: About the project Existing servicesMateriality$ limitsConvergence Other servicesApprovalExemptionsGuidance 3

4 Matters to consider include: –Whether the Codes emergency exception will be retained –Whether materiality is an appropriate basis for prohibitions –Whether management responsibilities include routine and administrative items –Whether and to what extent the following non-assurance services will be permitted, for e.g.: Matters to Consider BookkeepingInternal AuditLegalRecruitment Corporate financeIT SystemsTaxValuation 4

5 Process –2 phases? Timetable –ED Q2 2014, subject to decision re phased approach Information/Relevant Sources –Existing NAS provisions in major jurisdictions –IOSCO survey –Firms –Academic research? Other Considerations 5

6 IESBA members are requested to provide their views on the following matters related to the project: a.Objectives b.Scope c.Major issues to be addressed d.Approach to project e.Resource constraints f.Other items Discussion 6


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