In This Issue:

1. IFAC Seeks Nominations for 2009 IESBA Members
2. IESBA Approves Strategic Plan
3. First Part of Independence Revisions Approved
4. IESBA Considers Comments on Further Independence Revisions
5. Enhancing the Clarity of the Code of Ethics
6. 2008 Handbook Available in Print and Electronic Formats
7. IFAC Launches Database of Translations of International Standards
8. Share Ethics eNews with Your Colleagues
9. Upcoming Meetings

1. IFAC Seeks Nominations for 2009 IESBA Members

IFAC is seeking nominations from its member bodies for 2009 members of the IESBA and other IFAC boards and committees, as well as for the position of IFAC Deputy President. Two positions on the IESBA are also open to nominations from the Forum of Firms (through the Transnational Auditors Committee). For more information on the nominations process and the positions available, visit: http://www.ifac.org/nominatingcommittee.

2. IESBA Approves Strategic Plan

At its meeting in January 2008, the IESBA approved its Strategic and Operational Plan for 2008-2009, which provides details on future IESBA projects. The plan also indicates that, following completion and issuance of revisions to the independence sections of the IFAC Code of Ethics for Professional Accountants (see items 3 and 4 below) and absent any emerging urgent issues, no new independence exposure drafts will be issued before mid-2010. This will provide a period of stability for the independence requirements of approximately five years. The plan will be reviewed for compliance with due process at the Public Interest Oversight Board's (PIOB's) meeting in late-March 2008 and will be released following PIOB approval.

For more information on the IESBA's work program, visit: http://www.ifac.org/ethics.

3. First Part of Independence Revisions Approved

The IESBA has approved revisions to the independence requirements in the Code of Ethics resulting from its December 2006 exposure draft. Revisions include providing a definition of "public interest entities" and extending the listed entity provisions to all public interest entities. Other significant changes cover partner rotation, establishing a mandatory "cooling off" period before a key partner can join a former audit client, and strengthening guidance on non-audit services. The revisions will be reviewed for compliance with due process at the PIOB's March meeting.

The current version of the Code of Ethics can be downloaded free-of-charge from the IFAC online bookstore (http://www.ifac.org/store).

4. IESBA Considers Comments on Further Independence Revisions

In addition to the independence revisions recently approved, the IESBA is currently considering comments received on its July 2007 independence exposure draft. These proposed revisions cover the provision of internal audit services, relative size of fees from an assurance client, and contingent fees. The IESBA plans to approve the revisions from this project at its April 2008 meeting.

Comments received on the exposure draft can be viewed at http://www.ifac.org/Ethics/ExposureDrafts.php.

5. Enhancing the Clarity of the Code of Ethics

The IESBA is working to improve the clarity of the Code and plans to issue an exposure draft following its April 2008 meeting. The exposure draft will contain the final text from the output of the two independence projects discussed above, as well as a proposed effective date for the revised Code. The IESBA plans to approve the revised Code at its meeting in December 2008.

For more information, visit the IESBA's home page.

6. 2008 Handbook Available in Print and Electronic Formats

The 2008 edition of the Handbook of International Auditing, Assurance, and Ethics Pronouncements is now available for download free-of-charge from the IFAC bookstore (http://www.ifac.org/store). Print copies of the handbooks can be ordered for US $150.00 plus shipping from the bookstore or by calling +1 (212) 471-8722.

7. IFAC Launches Database of Translations of International Standards

IFAC has launched a database of third-party translations of IESBA pronouncements and other standards issued by IFAC's standard-setting boards. The database features information on the languages available, publication titles, names of translating organizations and, where available, lists of translated key terms. In addition, IFAC has released two updated policy statements to facilitate the translation and reproduction of its publications. For more information, visit: http://www.ifac.org/translations.

8. Share Ethics eNews with Your Colleagues

The IESBA issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive this eNews by following these simple steps:

1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
2. Enter your email address, name and country.
3. Select "Ethics eNews" from the check list, as well as any other eNews alerts that you would like to receive.

You will receive the next issue of the Ethics eNews directly into your inbox.

9. Upcoming Meetings

The IESBA next meets on April 15-17, 2008 in New York City, United States. For more information and to register to attend an IESBA meeting as a public observer, visit: http://www.ifac.org/Ethics/Meetings.php.

Meetings of the IESBA Consultative Advisory Group are also open to public observers. Its next meeting will be held on September 3, 2008 in Toronto, Canada. For more information, visit: http://www.ifac.org/Ethics/ConsultativeAdvisoryGroup.php.

For more information about any of the items mentioned above or other information about the IESBA, please contact: pr@ifac.org.

ED.

Information for the Website.

About the IESBA and IFAC

The IESBA develops ethical standards and guidance for use by professional accountants. It encourages member bodies of IFAC to adopt high standards of ethics for their members and promotes good ethical practices globally. The Public Interest Oversight Board oversees the activities of the IESBA and, as one element of that oversight, establishes its due process and working procedures.

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. Through its independent standard-setting boards, IFAC sets ethics, auditing and assurance, education, and public sector accounting standards. It also issues guidance to encourage high quality performance by professional accountants in business.