Slide 2

IESBA revises International Code of Ethics for Professional Accountants

IESBA has taken a major step forward in strengthening Auditor Independence by releasing a Comprehensive Package of New Measures to Safeguard Auditor Independence in relation to Non-Assurance Services and Fees Paid by Audit Clients provisions of the Code.

The package of new measures includes:

  • A far-reaching prohibition on audit firms from providing a NAS that might create a self-review threat to an audit client that is a public interest entity.
  • New provisions to enable and promote more robust engagement between auditors and those charged with governance of public interest entities about independence matters relating to NAS and fees.
  • Strengthened provisions to address undue fee dependency on audit clients.
  • Provisions to stimulate greater public transparency about fees paid by audit clients that are public interest entities to assist stakeholder judgments about auditor independence.
  • Comprehensive guidance to steer auditors’ threat assessments and actions in relation to NAS and fees.

The revised NAS and fee-related provisions become effective for audits of financial statements for periods beginning on or after 15 December 2022. Early adoption is permitted and encouraged.

Click here to download the final pronouncements:


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