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Abu-Ghazaleh: The Arabic Version of the Code of Ethics for Professional Accountants 2020 Released
26-Oct-2021
AMMAN - The Arab Society for Certified Accountants (ASCA Jordan) released the certified and translated Arabic version of the Code of Ethics for Professional Accountants, 2020, issued by the IFAC.
For the second time, this handbook was issued as a stand-alone publication, without the International Standards on Auditing, (ISAs). The handbook was completely reformulated following a new method of organization to become easy to navigate, use, and apply.
The version of the 2020 handbook includes the following:
• Revision of part 4B of the code of ethics to reflect the requirements and concepts used in the International Standard on Assurance Engagements (ISAE 3000 (revised)). Part 4B (revised), addresses the independence of assurance engagements, with respect to the periods that cover the main engagement. Part 4B will be effective for the periods starting on or after 15 June 2021, early application is allowed.
• Revisions to enhance the expected role and mentality of professional accountants. The revisions will enhance the aspects of integrity, objectivity, and professional behavior, and will raise the bar for the behaviors that all professional accountants are expected to follow by requiring them to maintain a questioning mentality in carrying out their professional activities; emphasizing the need for professional accountants’ awareness of the expected bias in their judgement and decisions.
• The reviews highlight the supportive role that corporate culture can play in promoting ethical and business behaviors. The changes relevant to the role and mentality were included in sections 100, 110, 120, and 220 and the glossary annexed to the code of ethics. The changes will be effective as of December 31, 2021, early application is allowed.