![]() ![]() Facing these conditions simultaneously demands renewed focus on the dynamics that exist in the relationship between professional accountants and entities as they face extraordinary circumstances for at least the next few years.ġ. The Working Group’s charge is to develop implementation support to assist professional accountants in effectively applying the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) when facing circumstances created by the COVID-19 pandemic.īelow is an examination of several ethics considerations that will be especially pressure tested during this period of recovery. have been meeting regularly to discuss the key ethics issues exacerbated by COVID-19. ![]() Since Q2 of 2020, members of a Working Group formed by the International Ethics Standards Board for Accountants (IESBA) and National Standard Setters (NSS) from Australia, Canada, China, South Africa, the U.K., and the U.S. Professional accountants must anticipate a continued period of heightened uncertainty and prioritize their ethics responsibilities all the more. Just as the economic impacts of this crisis unfolded in an uneven and unpredictable manner around the world, so too will recovery efforts. Others will continue to navigate the intricacies of government support schemes, and, as those taper, some entities will find themselves on the brink of insolvency. ![]() However, as jurisdictions around the world progress toward a more hopeful future, the ethics challenges the accountancy profession and stakeholders face are far from over.Īs the pandemic fades, many entities will be eager to demonstrate their potential by posting quick wins and an accelerating recovery. In response, professional accountants have shown tremendous resilience. For more than a year, the world has been duly tested by the challenges resulting from the COVID-19 pandemic. ![]()
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