Date: January 3, 2013
Issue: Accounting and Auditing
To: International Ethics Standards Board for Accountants
Filing Type: Regulatory
Description: CCMC submitted comments to the International Ethics Standards Board for Accountants regarding its exposure draft “responding to a suspected illegal act”. While CCMC strongly believes that lawbreakers should be punished, we believe the current exposure draft should be modified to reflect the predominant role of national legal authorities and to avoid adverse consequences that may degrade information gathering needed for transparent and relevant financial reports. The letter outlines a handful of steps that a professional accountant should be expected to take, in appropriate circumstances, to report suspected illegal acts.