IESBA Proposes Code of Ethics revisions
The International Ethics Standards Board for Accountants (IESBA) has issued for comment an Exposure Draft, Proposed Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). Part 4B of the International Code of Ethics sets out the independence standards for assurance engagements other than audit and review engagements.
The proposed revisions are intended to ensure consistency with the revised assurance terms and concepts in the International Auditing and Assurance Standards Board’s International Standard on Assurance Engagements (ISAE) 3000 (Revised).
The proposals include:
- Changes in key terminology, including a revised definition of the term “assurance client”;
- Enhanced and clarified independence requirements for attestation engagements;
- Clarification of the types of assurance engagement addressed in Part 4B; and
- Simplified guidance on assurance engagements that refer to the definitive source of explanatory material on such engagements in IAASB literature.
Comments on the Exposure Draft are requested by June 26, 2019.