An international ethics panel has proposed new requirements around how auditors and accountants should respond when they spot activity that looks potentially illegal.
The International Ethics Standards Board for Accountants has published an exposure draft for public comment to better explain a professional accountant’s responsibilities when one suspects an employer or a client has committed an illegal act. It is meant to help auditors and accountants know when they would be expected or required to breach confidentiality and take their concerns to management, the board, or outside authorities.
