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Ethics: Final Technology-Related Revisions to the IESBA Global Code
- 05 May 2023
- CIPC
- South African Accounting Academy
The initial Exposure Draft was issued in February 2022, and has now been finalised.
The revisions will guide the ethical mindset and behaviour of professional accountants in both business and public practice as they take advantage of the opportunities created by technology and adapt to new technology. Developed to remain relevant and applicable in the ever-evolving landscape of technology transformation, the revisions apply to the use of any technology, including to the extent possible, future technologies.
The revisions, which were informed by extensive fact-finding and stakeholder outreach:
- Strengthen the Code in guiding the mindset and behaviour of professional accountants when they use technology.
- Provide enhanced guidance fit for the digital age in relation to the fundamental principles of confidentiality, and professional competence and due care, as well as in dealing with circumstances of complexity.
- Strengthen and clarify the International Independence Standards (IIS) by addressing the circumstances in which firms and network firms may or may not provide a technology-related non-assurance service to an audit or assurance client.
The revisions to the IIS will be effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024. The other revisions to the ethics provisions of the Code will be effective as of 15 December 15. Early adoption is permitted.
Click here to download the Final Revisions and Basis for Conclusions documents:
- https://ifacweb.blob.core.windows.net/publicfiles/2023-04/IESBA_Technology_related_Revisions_to_the_Code_final_2.pdf
- https://ifacweb.blob.core.windows.net/publicfiles/2023-04/Basis%20for%20Conclusions_IESBA_Technology_related_Revisions_to_the_Code_final.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- Auditors and accountants have to adhere to the IESBA Code of Conduct.
- This publication provides detail on some issues flowing forth from the recently Revised IESBA Code, and sets out the new final amendments and enhancement regarding technology-related issues.
- The final amendments will guide the ethical mindset and behaviour of professional accountants in business and in public practice as they deal with changes brought by technology in their work processes and the content of the services they provide.
- Adherence to the Code will assist with proper application of the ethical principles.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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