This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IESBA Takes Decisive Step Forward on Restructured International Code of Ethics; Issues Final Set of Proposals

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

Jan 24, 2017

On January 24, 2017, the International Ethics Standards Board for Accountants (IESBA) announced completion of the major first phase of its strategic project to restructure its Code of Ethics for Professional Accountants (the Code). In addition, it also released new proposals that will enhance and complete the fully restructured Code with strengthened ethics requirements for accountants.

The outcome of the first phase is a new structure and drafting convention, as well as a major restructured portion of the Code. The IESBA now enters the final stage of this project. Comprised of three Exposure Drafts (EDs), this final stage sets out new proposals that:

  • Restructure select sections of the Code, including recently finalized provisions addressing accountants’ response to non-compliance with laws and regulations (NOCLAR), long association of audit firm personnel with an audit or assurance client, and ethical issues that professional accountants in business (PAIBs) often face (Structure ED-2);
  • Revise the safeguards-related provisions in the independence sections of the Code pertaining to non-assurance services provided to audit and other assurance clients (Safeguards ED-2); and
  • Clarify the applicability of PAIB provisions to professional accountants in public practice (Applicability ED).

Comments on Safeguards ED-2 and the Applicability ED are requested by April 25, 2017. Comments on Structure ED-2 are requested by May 25, 2017.

Review the press release on the IESBA's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.