IESBA Sets New Ethical Standards for Sustainability Assurance and External Expert Use

NEW YORK, December 5, 2024 – The International Ethics Standards Council for Accountants (IESBA) has taken important steps to improve ethical reporting practices and ensure sustainability. At its December 2024 meeting, the Council adopted ​two key standards to enhance ​public confidence in these ​areas.

First, IESBA introduced the International Standards of Ethics for Sustainability Guarantee (IESSA), with revisions to the International Code ​of ​Ethics for Professional Accountants (including the International Standards of ​Independence). According to IESBA, these measures ​establish a global reference point for ethical behaviour and independence in relation ​to reporting and sustainability guarantees, ensuring that professionals adhere to consistent and ​rigorous ethical guidelines.

In addition, the Council approved revisions to the Code concerning the use of external experts. These changes provide an ethical framework for assessing the skills, skills and objectivity of external experts recruited by professional security and sustainable development accountants. According to IESBA, this framework ​is designed to ​defend the integrity and reliability of ​professional services that integrate external experience.

In the future, IESBA has also adopted a project plan to develop ​a new standard ​focusing on the ​culture and governance of accounting companies. This initiative will address critical issues such as ethical leadership and accountability within accounting companies, with the aim of ​promoting environments that ​prioritize ethical behaviour and decision-making.

The December meeting ​also marked the departure ​of ​two valued board members: Vice-Chair Laurie Endsley ​and Andy Mintzer. Its service and important contributions were essential to shaping IESBA’s initiatives ​and promoting its mission.

December meeting ​recordings will soon be available on IESBA YouTube channel, providing stakeholders with information on Council deliberations and decisions. IESBA is preparing for the global publication of ​new ​sustainability standards in January 2025, ​indicating significant progress in the ethical standards of the profession.

For more information, interested parties are encouraged to ​visit the official IESBA website on ethicsboard.org.

IESBA acts as an independent global standardisation body committed to the public interest by establishing high quality ethical standards, including independence requirements. These standards are essential to the ethical ​behaviour of companies and organizations, building public confidence in financial and non-financial ​reporting, which is essential to the effective functioning and sustainability of organizations, financial markets and economies around the ​world.

In collaboration with the International Audit and Guarantee ​Standards Board, IESBA is part of the International ​Foundation for Ethics and Auditing. The Public Interest Monitoring Office monitors the activities of the IESBA and ​IAASB, ensuring that its standards effectively meet public interest considerations.