IFAC ethics proposals on auditor independence
Dec 30, 2006
The International Ethics Standards Board for Accountants (IESBA) has issued an exposure draft proposing to update and strengthen the auditor independence requirements contained in the IFAC Code of Ethics for Professional Accountants.
- extending the partner rotation requirements to all key audit partners on an audit of an entity of significant public interest;
- updating requirements related to the provision of non-assurance services, including setting out additional guidance on the provision of tax services to audit clients;
- providing guidance on key audit firm personnel accepting employment with audit clients that are entities of significant public interest; and
- extending the independence requirements to the audits of a wider range of entities of significant public interest.