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Revamped Ethics Standards in 2017

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

Oct 20, 2015

On October 20, 2015, the chair of the International Ethics Standards Board for Accountants (IESBA), Stavros Thomadakis, said that auditors and accountants will get clearer ethical guidance on a broad range of issues by the end of 2017.

One issue that will be clarified is what external auditors should do when they find out that their clients have breached a law, while another is how to improve auditor independence.

Currently, there is no clear policy on what auditors should do if they suspect a client of being involved in illegal activity. Here, one issue is the principle of client confidentiality which, for example, might prevent non-compliance with laws and regulations or breaches of environmental regulations from being disclosed or reported.

Review the article on the IESBA's Web site.

Correction list for hyphenation

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