IESBA proposes new application material in relation to professional scepticism and professional judgement
23 May, 2017
The International Ethics Standards Board for Accountants (IESBA) has issued an exposure draft that proposes new application material in relation to professional scepticism and professional judgement.
Specifically the exposure draft contains proposed new application material to:
- describe how compliance with the fundamental principals in the Code of Ethics for Professional Accountants (“the Code”) supports the exercise of professional scepticism in the context of audit and other assurance engagements; and
- emphasise the importance of professional accountants obtaining a sufficient understanding of the facts and circumstances known to them when exercising professional judgement in applying the conceptual framework.
It is proposed that the additions, if supported, will be included within the restructured Code which the IESBA plans to complete by December 2017.
Comments on the exposure draft are invited until 25 July 2017.
The press release and Exposure Draft are available on the IESBA website.
