IAASB improves transparency in auditor’s report on independence to reflect revisions in the IESBA Code of Ethics
Oct 12, 2023
On October 12, 2023, the International Auditing and Assurance Standards Board (IAASB) released amendments aimed at bolstering transparency and providing auditors with a clear mechanism to action changes to the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics.
The updated IESBA Code mandates firms to publicly reveal their application of independence requirements for public interest entities in financial statement audits. The IAASB's revisions establish a concise and practical framework for fulfilling this obligation, facilitating effective communication in the auditor's report and with governance entities.
During the formulation of these changes, the IAASB closely collaborated and coordinated with the IESBA, ensuring alignment between crucial concepts in both organizations' standards to the best possible extent.
Review the amendments on the IAASB website.