IFAC Code of Ethics for Professional Accountants

The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting body that develops an internationally appropriate Code of Ethics for Professional Accountants (the Code).

The objective of the IESBA, as outlined in its Terms of Reference, is to serve the public interest by setting high-quality ethics standards for professional accountants. The IESBA’s long-term objective is convergence of the Code's ethical standards for professional accountants, including auditor independence standards, with those issued by regulators and national standard setters. Convergence to a single set of standards can enhance the quality and consistency of services provided by professional accountants throughout the world and can improve the efficiency of global capital markets.

The IESBA’s membership consists of 18 board members from around the world, of whom no more than 9 are practitioners and no fewer than 3 are public members (individuals who are expected to reflect, and are seen to reflect, the wider public interest). Members are appointed by the IFAC Board, based on recommendations from the IFAC Nominating Committee and with the approval of the Public Interest Oversight Board (PIOB), which oversees the activities of the IESBA.

The standard-setting process of the IESBA includes the involvement of the PIOB and the IESBA’s Consultative Advisory Group (CAG), which provides public interest input into the development of the IESBA’s standards and guidance.

In developing its standards, the IESBA is required to be transparent in its activities, and to adhere to due process as approved by the PIOB. Board meetings, including meetings by teleconference, are open to the public, and agenda papers are available on its website.