OROC Congress Ethics and Accountability. Lisbon, 22 October 2010 Hilde Blomme FEE Director of Practice Regulation. About FEE. 43 professional institutes of more than 500.000 accountants all contributing to a more efficient, transparent and sustainable European economy - PowerPoint PPT Presentation
Slide 1OROC Congress * About FEE 43 professional institutes of more than 500.000 accountants all contributing to a more efficient, transparent and sustainable European economy 32 European countries, including all 27 EU MS So let’s start by a few words on FEE. The profession in its entirety and its diversity: 45% in public practice in both large and small firms and this is more than auditors only: accountants acting as consultants in a variety of sectors and specialities from company law to corporate finance and sustainability, tax advisors… A majority of our members are not in public practice: business and public sector. Standing for trust and integrity * Catalyst in Europe How do we represent them? We’re very much focused on the policy debate and especially the EU policy debate and we are engaging on all issues that have an impact on the profession or on which the profession can add value by bringing its expertise and field experience, its values and its public interest dimension. We are in regular dialogue with the different policymakers, regulators and standards setters that you can see on this slide. We’re also informing our members and hope to be a catalyst for change in the profession. It’s from that perspective that we have worked on XBRL. Standing for trust and integrity * * FEE Discussion Paper on Integrity in Professional Ethics FEE Comparison Project on Auditor Independence Standing for trust and integrity * * Countries Status IESBA Code of Ethics (2009) 8 28 Considering adopting IESBA Code of Ethics (2009) 8 28 Ireland, UK IESBA Code of Ethics (2009) for cross-border purposes, some institutes also for national purposes 2 6 Estonia 1 3 National ethics code * PROPOSALS RE INDEPENDENCE * Supervision * Appointment and remuneration of auditors by third party, not company (shareholders) Mandatory audit tendering Prohibition provision non-audit services (NAS) (for all audits?) Pure audit firms European “qualification” passport for auditors with common independence rules (IESBA Code?) Permit provision of NAS to SMEs, like tax, HR, access to credit, certain accounting Standing for trust and integrity * * issued in September 2009 for comments by 31 January 2010 30 response letters received To promote debate Integrity is the core principle of professional behaviour, but the hardest to understand and instil in people More focus on guidance and training on integrity rather than independence and objectivity What does it mean? * Personal Professional BEHAVIOUR * * Relevance of the Code for FEE and FEE Member Bodies The Case for a Common Code Standing for trust and integrity * * Visit us @ www.fee.be
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