25 06 2018
What is NOCLAR?
The NOCLAR standard was recently released by the International Ethics Board for Accountants (IESBA).
NOCLAR is defined as any act or suspected act of omission or commission, intentional or unintentional, committed by a client or the professional accountant’s employing organisation, or by those charged with governance (TCWG), by management or by other individuals working for or under the direction of a client or employing organisation which is contrary to the prevailing laws or regulations.
This standard sets out a framework to guide auditors and other professional accountants in what actions to take in the public interest when they become aware of a potential illegal act committed by a client or employer.