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IESBA: Updated Q&A – Clarifying Public Interest Entity (PIE) Definition for Global Compliance
- 05 September 2024
- Auditing and Assurance
- South African Accounting Academy
This updated IESBA staff Q&A publication introduces two revisions:
- A new question and answer (nr 16) addressing the scenario where a jurisdiction either lacks a PIE definition or has excluded one or more of the mandatory categories in the IESBA PIE definition.
- Q&A 20 has been updated to align with the revisions to ISA 700 (Revised) arising from Track 1 of the IAASB’s PIE project to use the auditor’s report to enhance transparency about the relevant ethical requirements for independence applied for certain entities, such as PIEs, when performing an audit of financial statements.
The Q&A publication is designed to highlight, illustrate or explain aspects of the PIE revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement. It aims to assist national standards setters, professional accountancy organizations, and firms in adopting and/or implementing the PIE revisions.
The PIE revisions are effective for audits of financial statements for periods beginning on or after 15 December 2024.
The International Auditing and Assurance Standards Board (IAASB) have confirmed that they will account for IESBA Staff’s Updated Q&As on Listed and PIE Definitions.
Click here to download the updated FAQ document:
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 IAASB and IESBA.
- The definitions of Listed Entity and Public Interest Entity determine which sections of the IRBA Code must be applied by auditors and accountants.