The IFAC SMP Committee generally supports IESBA’s proposed revisions to the extant Code pertaining to the conceptual framework. However, it believes that the new overarching requirements for all PAs to apply the Conceptual Framework (R120.3 and R300.2) should be replaced with overarching objectives for the PA, which are supported by more specific requirements.

The IFAC SMP Committee acknowledges that the global environment is changing rapidly and many of the trends identified will impact the profession and may have potential implications for the IAESB’s International Educations Standards (IESs) in the future. However, the SMP Committee does not believe that any new IESs should be developed at this time to address emerging matters. In its opinion, the Board should focus its resources on a robust implementation monitoring exercise and continue promoting the adoption of the newly revised IESs.