IESBA updates international code of ethics for accountants

The IESBA 2022 edition contains recently approved revisions to the Code of Ethics for Professional Accountants.

The International Ethics Standards Board for Accountants (IESBA) released the 2022 edition of the Handbook of the International Code of Ethics for Professional Accountants (Including International Independence Standards).

The handbook replaces the 2021 edition and incorporates revisions that will become effective in December 2022.

The code sets out fundamental principles of ethics for professional accountants and provides a conceptual framework to identify, evaluate, and address threats to compliance.

The main updates to the code in the 2022 edition are:

  • The revisions to the nonassurance services (NAS) and fee-related provisions of the code.
  • The revisions to address the objectivity of an engagement quality reviewer (EQR) and other appropriate reviewers.
  • The quality management-related conforming amendments to the code that were issued as a result of the finalisation of the International Auditing and Assurance Standards Board's suite of quality management standards.

Early adoption of the above revisions is encouraged.

The new code also includes an approved change that is not yet effective. The 2022 edition contains the IESBA-approved provisions related to the revised definition of a public interest entity (PIE). The revised provisions specify a broader list of PIE categories, including a new category "publicly traded entity" to replace the category "listed entity".

Early adoption is permitted for the revised PIE provisions, which become effective for audits of financial statements for periods beginning on or after 15 December 2024.

The 2022 handbook can be found on the IESBA website. Paper copies can be purchased or a digital copy downloaded.

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