Presentation on theme: "Page 1 | Proprietary and Copyrighted Information Part C Review Jim Gaa, Chair, Part C Task Force IESBA Meeting New York October 13, 2014."— Presentation transcript:
Page 1 | Proprietary and Copyrighted Information Part C Review Jim Gaa, Chair, Part C Task Force IESBA Meeting New York October 13, 2014
Page 2 | Proprietary and Copyrighted Information March 2013: Project Proposal approved by IESBA. July 2014: First read of Phase 1, Sec. 320 and 370 October 2014: Second read of Phase 1, Sec. 300, 310, 320, 330, 340, 370 & Exposure Draft November 2014: Begin Phase 2. Background
Page 3 | Proprietary and Copyrighted Information General support from IESBA in July, subject to: Misleading Information: –Additional category of ways to mislead added. –“Judgment and discretion” to replace “discretion” Disassociation from Misleading Information: –Steps added to resolve association with misleading information. –Materiality not added. Misleading is an unqualified term. Section 320: changes from July
Page 4 | Proprietary and Copyrighted Information General support from IESBA in July, subject to. –Reference to intimidation threats added. 370.1 –“trusted friend” deleted and replaced by “another professional accountant”. 370.5 –Factors to consider when determining if the pressure could lead to a breach (370.5) are now distinguished from steps to take if pressure would lead to a breach (370.6), although they do overlap. –Construct changed from pressure “leads to” to “results in”. Section 370: Changes from July
Page 5 | Proprietary and Copyrighted Information Section 300: –Consequential changes suggested by NOCLAR Task Force can be incorporated now. –Part C TF notes that a safeguards project may have consequential effect on threats and safeguards in Section 300. Sections 310; 330; 340. No changes of substance. Sections 300; 310; 330; 340
Page 6 | Proprietary and Copyrighted Information PAIB Committee reviewed changes after agenda papers were posted and were supportive of changes, subject to: –The requirement in 320.4 may be too strong. It could be construed as requiring the PAIB to disclose too much information. Proposed: “shall consider including”. –370.5 Most businesses have a code of conduct, not an ethics policy. Proposed: refer to “code of conduct”. PAIB Committee comments on changes.
Page 7 | Proprietary and Copyrighted Information Do IESBA members have –Any further comments or questions on Section 320? –Any further comments or questions on Section 370? –Any comments or questions on Sections 300, 310, 330 or 340? Matters for Consideration
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