Whistleblowing guide for accountants timely

THE high-profile Panama Papers episode has taken whistleblowing to a whole new level. The colossal amount of information involved - 11.5 million documents or 2.6 terabytes, equivalent to the storage capacity of about 167 of the common 16-gigabyte thumb drives - the prominent list of notables implicated so far and the massive coordination effort undertaken to investigate the information and release it to the public, is of an unprecedented scale. The saga has given whistleblowing the perfect stage for its moment in the limelight.

In a few months, the International Ethics Standards Board for Accountants (IESBA) is expected to issue new provisions, with elements concerning whistleblowing, to guide accountants (including auditors) in responding to any actual or suspected non-compliance with laws and regulations.

This is by no means a knee-jerk reaction to the Panama Papers. The IESBA has been on this project for many years. Accountants in jurisdictions, including Singapore, who adopt the ethics standards issued by the IESBA will have clearer guidelines to follow regarding whistleblowing, under the requirements of the new standard going forward.