Glossary

Question 1

The role of IAASB

Answer 1

The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. In doing so, the IAASB enhances the quality and uniformity of practice throughout the world and strengthens public confidence in the global auditing and assurance profession.

Question 2

The role of IESBA

Answer 2

The IESBA is an independent standard-setting board that develops, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. This includes the International Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants.

The board also supports adoption and implementation, promotes good ethical practices globally, and fosters international debate on ethical issues faced by accountants.

Question 3

The role of IAESB

Answer 3

The IAESB was the independent standard-setting body that established the International Education Standards. These standards detail the principles professional accountancy organizations should follow to build a national accountancy profession that is fully capable of fulfilling the complex demands economies and societies place on it.

A rigorous due processwas followed in developing the IES. ThePublic Interest Oversight Boardoversaw the work of the IAESB and its Consultative Advisory Group to ensure that activities followed due process and were responsive to the public interest.

To remain relevant in an environment of rapid change, professional accountants increasingly must demonstrate skills beyond typically-recognized accountancy competencies. Today’s macro-trends have direct implications for the accountancy profession’s approach to professional development.

To ensure that the accountancy profession can address the challenges posed by a rapidly-changing environment, IFAC established a new comprehensive and integrated approach to advancing accountancy education and the global level and the IAESB ceased operation in 2019 (watch our video detailing the new approach).

This new approach builds on the high-quality work of the IAESB, which made a significant contribution to the accountancy profession by developing the International Education Standards and shaping the direction of quality accountancy education.

Question 4

Implied Social Contract
P.3 Definition
P.3 how to maintain the social contract

Question 5

West 2003 and Larson 1977 (P.3)

Answer 5

Motivation of Professions
Public interest / Altruism
Enlightened self-interest

Question 6

Altruism

Question 7

Enlightened self-interest

Question 8

THREE principles for making responsible decisions. (P.4)