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The report emphasises the board’s long-term objective of facilitating the convergence of national and international ethics standards and continued work to support their consistent implementation.
It summarises the progress made on the IESBA's 2011 Work Plan, including key projects on conflicts of interest, addressing a breach of a requirement of the 'Code of Ethics for Professional Accountants' (the Code), and responding to a suspected illegal act. It also looks forward to 2012, outlining the board’s plans to add additional workstreams to its 2012 Work Plan in response to matters under consideration by the European Commission, US PCAOB, and others.
“As significant changes to the Code took effect on January 1 2011, we focused our 2011 outreach activities on helping those who had adopted the Code to understand these changes and implement the standards consistently”, said Ken Dakdduk, chair of the IESBA. “In issuing our first annual report, we aim to support our outreach activities by promoting transparency and communication with the board's stakeholders. The report highlights our achievements during 2011 and also the dynamic nature of the IESBA’s Work Plan. To best serve the public interest, the IESBA must continually review its activities and maintain the flexibility to respond to developments in the global regulatory and business communities.”
The report also includes a report from Richard Fleck, chair of the IESBA Consultative Advisory Group (CAG), which outlines the work of the CAG in providing input to the IESBA.