(New York, New York, March 29, 2016) – Kristian Koktvedgaard has been re-appointed Chair of the Consultative Advisory Group (CAG) to the International Ethics Standards Board for Accountants® (IESBA®, the Ethics Board), the independent standard-setting body that develops the globally applicable Code of Ethics for Professional Accountants, now adopted or in use in 100+ jurisdictions around the world.
Mr. Koktvedgaard has served as IESBA CAG Chair since 2013 and was re-elected for a three-year term effective July 1, 2016 by the IESBA CAG membership. The re-appointment has been approved by the Public Interest Oversight Board (PIOB), which oversees the activities of the Ethics Board and of the CAG.
The IESBA CAG is an integral part of the IESBA’s standard-setting process and plays an important role in helping the board fulfill its public interest remit. An independent body currently consisting of 23 member and 3 observer organizations—including regulators, international investor and preparer groups, and other stakeholders with an interest in international ethical standards for professional accountants—the CAG provides advice on technical and public interest matters during the development of the Ethics Board’s standards and strategy and work plan.
Kristian Koktvedgaard stated, “It’s been very gratifying to lead such a diverse group, championing their shared interests in the development and maintenance of high-quality ethical standards for the global accountancy profession. We’ve seen, in some cases, a patchwork of regulation develop across jurisdictions in the aftermath of the global financial crisis. This is why it’s even more imperative for the IESBA to play a leadership role in the harmonization of standards in the areas of ethics and independence globally, while taking into account the diverse viewpoints from its various stakeholders. It’s an honor to be re-elected by my colleagues to lead the IESBA CAG, and I look forward to continuing the serve the public interest in this capacity.”
Mr. Koktvedgaard is Head of VAT, accounting, and auditing with the Confederation of Danish Industry. He represents BUSINESSEUROPE, a European growth and competitiveness advocacy group, on the IESBA CAG and the CAG of the International Auditing and Assurance Standards Board. He is a member of the Danish Accounting Council and the Danish disciplinary tribunal for State Authorized and Certified Public Accountants. He is also actively involved in the Danish Accounting Forum, a body that brings together Danish stakeholders to discuss accounting issues. In addition, he is a member of the BUSINESSEUROPE Accounting Sounding Board and serves as Chair of its VAT Policy Group. Previously, Mr. Koktvedgaard served on the Danish Supervisory Authority on Auditing.
As Chair, Mr. Koktvedgaard provides leadership to the IESBA CAG and plays a key role in ensuring that its views are heard and considered in the IESBA’s deliberations.
Commenting on the re-appointment, IESBA Chair Dr. Stavros Thomadakis said, “In his first three years as Chair, Kristian has demonstrated leadership, expertise, and tireless commitment to his role. The CAG has worked very effectively under his leadership and has provided valuable public interest input to the development of the Ethics Code. I appreciate and value Kristian’s dedication and contributions, and I look forward to continuing our constructive working relationship.”