Conforming Amendments to the IAASB’s International Auditing Standards as a Result of the Revised IESBA Code [Completed]

Effective date:

The con­form­ing amend­ments are  ef­fec­tive as of July 15, 2020

Last up­dated:

August 2020


    The IAASB's International Standards (the ISAs) refer to the IESBA Code in various ways, ranging from simple references to the title of the IESBA Code to detailed references to specific paragraphs in the IESBA Code as it existed before April 2018.

    The revised IESBA Code was issued and is effective from June 15, 2019. The IESBA's Basis for Conclusions, Improving the Structure of the Code of Ethics for Professional Accountants, indicates that the IESBA was careful to not inadvertently change the meaning of the IESBA Code or weaken it.

    A project to update the IAASB Handbook for the revised IESBA Code was necessary to address inconsistencies between the International Standards in the Handbook and the revised IESBA Code. The purpose of making the revisions is solely to align the extant wording with the revised IESBA Code and not to re-evaluate or discuss the merits of each reference, thus ensuring that the International Standards can continue to be applied effectively together with the revised IESBA Code. Hence, these amendments are limited in nature, as developing them does not involve re-consideration of the objectives, requirements and application material of the International Standards, in their own right. The amendments generally involve little or no judgment in preparing them as there are no, or very limited, options for amending the wording.

    On November 15, 2019, the IAASB issued an Exposure Draft of the conforming amendments to the ISAs re the Revised IESBA Code.

    Given the limited nature of the amendments proposed and because the conforming amendments do not create any new obligations, the IAASB is proposing that the conforming amendments become effective approximately 90 days after the approval of the due process by the Public Interest Oversight Board. Such a timeframe is considered necessary to allow jurisdictions sufficient time for translation of the final text of the International Standards, for national adoption processes to occur, and for practitioners to update templates and associated internal materials. The IAASB considered whether a longer effective date would be in the public interest, but concluded that it would prolong the nonalignment between the IAASB International Standards and the revised IESBA Code, would delay the production of the IAASB Handbook, and that a longer effective date is unnecessary due to the limited nature of the conforming amendments. As part of the Exposure Draft process, the IAASB sought comments on the effective date of the conforming amendments.

    The amend­ments to the ISAs were fi­nal­ized and issued by the IAASB on April 8, 2020. They are effective as of July 15, 2020.

    Sim­i­lar changes to the CSAs were approved by the AASB and issued to the CPA Canada Handbook – Assurance on August 1, 2020. The requirements in the following standards have been revised to reflect changes in the provincial Codes of Professional Conduct: (i) CAS 220, Quality Control for an Audit of Financial Statements, paragraphs 9 and 10; (ii) CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information, paragraph 34; and (iii) CSRE 2400, Engagements to Review Historical Financial Statements, paragraph 25. The revised requirements are effective July 15, 2020. Editorial changes have been made to other standards as a result of the conforming amendments to Canadian standards resulting from the IAASB conforming amendments.


    Other developments

    August 2020

    On August 1, 2020, the conforming amendments were issued to the CPA Canada Handbook – Assurance by the AASB.

    July 2020

    On July 31, 2020, the AASB released the Basis for Conclusions that summarizes the process the AASB followed in revising various standards as a result of IAASB conforming amendments to the IAASB International Standards as a result of the revised IESBA Code.

    April 2020

    On April 8, 2020, the IAASB released conforming amendments to the IAASB’s International Standards as a result of the recently restructured and revised International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards).

    January 2020

    On January 17, 2020, the AASB issued an Exposure Draft proposing to adopt, with appropriate amendments, proposed revisions to International standards issued by the International Auditing and Assurance Standards Board (IAASB). Comments are requested by March 27, 2020.

    November 2019

    On November 15, 2019, the IAASB issued an Exposure Draft of the conforming amendments to the ISAs re the Revised IESBA Code. Comments are requested by January 10, 2020.


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