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IESBA Proposes Revisions to Part 4B of Code to Align with Terms and Concepts Used in ISAE 3000

18-Jun-2019

The International Ethics Standards Board for Accountants (IESBA) has released for public comment Exposure Draft, proposed revisions to Part 4B of the Code to reflect terms and concepts used in ISAE 3000 (Revised).
Part 4B of the revised and restructured International Code of Ethics for Professional Accountants (including International Independence Standards) comprises the independence standards for assurance engagements other than audit and review engagements, as defined in the Code.
The proposed revision fulfils a pre-commitment the IESBA announced in its proposed Strategy and Work Plan, 2019-2023 to review Part 4B of the Code for any changes needed to make the provisions in that Part consistent with the revised assurance terms and concepts in the International Auditing and Assurance Standards Board's International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
The proposals in the Exposure Draft are as follows.
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
Simplified guidance on assurance engagements that refer to the definitive source of explanatory material on such engagements in IAASB literature
The proposals were developed in close cooperation with representatives of the IAASB, as part of the coordination program of the two standard-setting boards.
Comments on the Exposure Draft are requested by June 26 from all stakeholders.
IESBA is an independent global standard-setting board. The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust globally operable International Code of Ethics for Professional Accountants (including International Independence Standards).
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost three million accountants in public practice, education, government service, industry, and commerce.
Wijeya Newspapers Ltd
Document DAFTSL0020190418ef4i00015
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