Final answer:
The International Ethics Standards Board for Accountants (IESBA) is a part of the International Federation of Accountants (IFAC) and is responsible for setting ethical standards for professional accountants globally.
Step-by-step explanation:
The relationship between the International Ethics Standards Board for Accountants (IESBA) and the International Federation of Accountants (IFAC) is an organizational and functional connection within the global accounting profession.
The IESBA operates under the umbrella of the IFAC and is responsible for setting high-quality ethical standards for professional accountants. The IESBA's ethical standards are known as the Code of Ethics for Professional Accountants, which serves as an international benchmark for accountancy ethics.
The IFAC is a global organization supporting the accounting profession and establishes various standards in areas such as auditing, education, and ethical conduct.
The IESBA, being an independent standard-setting body within the IFAC structure, focuses specifically on the ethical aspect of the profession.
It seeks to establish a robust and universally applicable set of ethical principles that are designed to guide accountants in their work, irrespective of their role or the jurisdiction in which they practice.
Through their collaborative effort, the IFAC supports the adoption and implementation of the IESBA's ethical standards by member bodies, thus ensuring that the integrity and professionalism of the accounting practice are maintained worldwide. The strength of this relationship lies in the IFAC's advocacy and promotion of these ethical standards, coupled with the expertise of the IESBA in developing them.