preparing, presenting and/or filing information. This is because the work typically PAIB’s involves accumulating, distilling, and interpreting information from others, namely colleagues who work at the source (e.g., in operating departments) of an entity’s transactions. We believe the increasing complexity of business transactions and financial reporting and the increasing use of estimates and management judgments require PAIBs to demonstrate enhanced levels of attentiveness and sensitivity to the integrity of information with which PAIBs are associated. Relying on the Work of Others The involvement in the preparation or presentation of information could place the PAIB’s PAIB in a compromising position of being associated with material beyond their competence or training. In particular, where a PAIB must rely on the work of others for areas beyond the expertise, we believe the Board should consider strengthening the provisions beyond PAIB’s simply requiring the public accountant to take reasonable steps to be satisfied that such work enables the professional accountant to fulfill the obligations of recording, maintaining, preparing, presenting and/or filing information in a manner that is fair and honest, in accordance with the fundamental principles. For example, should the provisions Board’s require the public accountant to understand and consider the competence, capabilities and objectivity of the other individual; obtain an understanding of the field of expertise of the other individual; and so forth? PAIB Responsibilities The Paper states that: professional accountant who is responsible for recording, maintaining, preparing “A or presenting information shall do so in a manner that is fair and honest, in accordance with the fundamental principles.” We believe the and may not be commonly used and thus may not be term “fair honest” consistently interpreted and applied by public accountants. The Board should consider using a more universally accepted term such as and “true fair.” We further note that with respect to the and concept, the “fair honest” PAIB’s “responsibility involves taking reasonable steps to:
preparing, presenting and/or filing information. This is because the PAIB’s work typically involves accumulating, distilling, and interpreting information from others, namely colleagues who work at the source (e.g., in operating departments) of an entity’s transactions. We believe the increasing complexity of business transactions and financial reporting and the increasing use of estimates and management judgments require PAIBs to demonstrate enhanced levels of attentiveness and sensitivity to the integrity of information with which PAIBs are associated. Relying on the Work of Others The PAIB’s involvement in the preparation or presentation of information could place the PAIB in a compromising position of being associated with material beyond their competence or training. In particular, where a PAIB must rely on the work of others for areas beyond the PAIB’s expertise, we believe the Board should consider strengthening the provisions beyond simply requiring the public accountant to take reasonable steps to be satisfied that such work enables the professional accountant to fulfill the obligations of recording, maintaining, preparing, presenting and/or filing information in a manner that is fair and honest, in accordance with the fundamental principles. For example, should the Board’s provisions require the public accountant to understand and consider the competence, capabilities and objectivity of the other individual; obtain an understanding of the field of expertise of the other individual; and so forth? PAIB Responsibilities The Paper states that: “A professional accountant who is responsible for recording, maintaining, preparing or presenting information shall do so in a manner that is fair and honest, in accordance with the fundamental principles.” We believe the term “fair and honest” may not be commonly used and thus may not be consistently interpreted and applied by public accountants. The Board should consider using a more universally accepted term such as “true and fair.” We further note that with respect to the “fair and honest” concept, the PAIB’s “responsibility involves taking reasonable steps to:
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