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 (http://www2.deloitte.com/ca/en/legal/cookies.html) 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.

Global Ethics Board Releases Revamped Code of Ethics for Professional Accountants

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

Apr 09, 2018

On April 9, 2018, the International Ethics Standards Board for Accountants (IESBA) released a completely rewritten Code of Ethics for Professional Accountants that is easier to navigate, use and enforce.

Beyond the new structure, the Code brings together key ethics advances over the past four years, and is clearer about how accountants should deal with ethics and independence issues.

While the fundamental principles of ethics have not changed, major revisions have been made to the unifying conceptual framework—the approach used by all professional accountants to identify, evaluate and address threats to compliance with the fundamental principles and, where applicable, independence. New Code highlights include:

  • Revised “safeguards” provisions better aligned to threats to compliance with the fundamental principles;
  • Stronger independence provisions regarding long association of personnel with audit clients;
  • New and revised sections dedicated to professional accountants in business (PAIBs) relating to:
    • preparing and presenting information; and
    • pressure to breach the fundamental principles.
  • Clear guidance for accountants in public practice that relevant PAIB provisions are applicable to them;
  • New guidance to emphasize the importance of understanding facts and circumstances when exercising professional judgment; and
  • New guidance to explain how compliance with the fundamental principles supports the exercise of professional skepticism in an audit or other assurance engagements.

Renamed the International Code of Ethics for Professional AccountantsTM (including International Independence StandardsTM), the new Code becomes effective in June 2019.

Review the press release, the new Code and a resource page 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.