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IESBA Reinforces Auditor Independence Provisions; Further Limits Exceptions and Clarifies Guidance around Non-Assurance Services

  • IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

Apr 14, 2015

On April 14, 2015, the International Ethics Standards Board for Accountants (IESBA, the Ethics Board) released Changes to the Code Addressing Certain Non-Assurance Services Provisions for Audit and Assurance Clients. The changes enhance the independence provisions in the Code of Ethics for Professional Accountants (the Code) by, in particular, no longer permitting auditors to provide certain prohibited non-assurance services to public interest entity (PIE) audit clients in emergency situations, and ensuring that they do not assume management responsibility when providing non-assurance services to audit clients.

The revisions include the removal of provisions that permitted an audit firm to provide certain bookkeeping and taxation services to PIE audit clients in emergency situations, as these were susceptible to being interpreted too generally. The revisions also include corresponding changes to the Code’s non-assurance services provisions with respect to other assurance clients.

Review the press release on the IESBA's Web site.

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