Ethics and Independence: Considerations for Accountants in Relation to the Military Conflict in Ukraine

25 October 2022
Accounting
South African Accounting Academy

The publication, The Ukraine Conflict: Key Ethics and Independence Considerations, draws the attention of professional accountants in business (PAIBs) and professional accountants in public practice (PAPPs), including firms, to a number of important provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) with which they must comply in carrying out their work as they navigate the unprecedented challenges and risks arising from the Russia-Ukraine war.

Among other matters, the Staff Alert highlights the ethical implications arising from the wide-ranging economic sanctions many jurisdictions have imposed on Russia and certain Russian entities and individuals as well as Belarus, and the related ethical responsibilities of PAIBs and PAPPs under the Code.

Click here to download the Staff Alert:

https://www.ifac.org/system/files/publications/files/FINAL-IESBA-Staff-Alert-Ukraine.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

Adherence with our Code of Conduct is crucial in the performance of our duties.
Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the IESBA.
The Code requires Professional Accountants (PAs) to comply with the fundamental principle of professional competence and due care. The Code also requires PAs to comply with the fundamental principle of professional behavior, which in turn requires PAs to comply with relevant laws and regulations.

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https://accountingacademy.co.za/profession/monthly-legislation-update

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