IESBA re-exposes two ethics proposals
07 Jun 2008
The International Ethics Standards Board for Accountants (IESBA) has issued a re-exposure draft of proposals to strengthen the independence requirements contained in the IFAC Code of Ethics for Professional Accountants.
The re-exposure draft contains two key proposals:
- The first would prohibit independent auditors from providing internal audit services related to internal controls, financial systems, or financial statements to an audit client that is a public interest entity.
- The second proposal requires that an annual pre- or post-issuance review be conducted by a professional accountant who is not a member of the firm when the revenues from one public interest entity client exceed 15 percent of total firm revenue for two consecutive years.
