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Revisions to the Code of Ethics concerning auditor-client long association and comment letters were discussed at IESBA’s April meeting

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

Apr 15, 2015

On April 15, 2015, the International Ethics Standards Board for Accountants (IESBA) released revisions to the Code of Ethics concerning auditor-client long association and comment letters were discussed at IESBA’s April meeting.

The board considered comment letters received on recent exposure to have been largely supportive. Key matters raised include:

  1. whether an exemption from rotation measures being considered should be allowed where partner/firm rotation is already required by jurisdictional laws or regulations - majority of board were not comfortable this would be in public interest.
  2. whether the engagement quality review partner should be subject to the same 5 year cooling off period as the engagement partner – majority of board recognized that given attached responsibilities, visibility and threats to independence, engagement partner role does justify stricter measures but still considering options/approach on this matter.

Recommendations from task force to be provided to board’s July meeting.

Review the meeting highlights on the IESBA's Web site.

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