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IESBA: Using the work of an external expert – Final Pronouncement
- 27 February 2025
- Ethics and Professionalism
- South African Accounting Academy
Summary:
The International Ethics Standards Board for Accountants® (IESBA®) has published the Final Pronouncement on Using the work of an External Expert.
Article:
The Using the Work of an External Expert Final Pronouncement provides an ethical framework to guide professional accountants or sustainability assurance practitioners, as applicable, in evaluating whether an external expert has the necessary competence, capabilities and objectivity in order to use that expert’s work for the intended purposes.
The standard also include provisions to aid in applying the Code’s conceptual framework when using the work of an external expert.
The pronouncement introduces new sections in Parts 2 and 3 of the International Code of Ethics for Professional Accountants (including International Independence Standards)™ (the Code), and a section in the International Ethics Standards for Sustainability Assurance (including International Independence Standards)™ (IESSA™) (Part 5 of the Code).
The following new sections have been added to the Code:
- Section 290 – Using the Work of an External Expert for PAIBs
- Section 390 – Using the Work of an External Expert for PAPPs
- Section 5390 – Using the Work of an External Expert for SAPs
You can access the Basis for Conclusions document at https://ifacweb.blob.core.windows.net/publicfiles/2025-01/Using%20the%20Work%20of%20an%20External%20Expert%20-%20Basis%20for%20Conclusions.pdf
Click here to download the 52-page Final Pronouncement:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an accountant, auditor and independent reviewer, you need to comply with International Code of Professional Conduct.
- Failure to adhere to the Code may lead to disciplinary action.
- Auditors, Independent Reviewers and Accountants should be aware of the latest standards of the International Code of Ethics for professional accountants, as well as supplementary educational material that have been issued.
- This ethics pronouncement will provide a principle-based framework to guide the ethical behaviour of PAIBs, PAPPs and SAPs when using the work of an external expert.