Revised IFAC Code of Ethics

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19 Jul 2009

The International Ethics Standards Board for Accountants (IESBA) has issued a revised Code of Ethics for Professional Accountants (Revised 2009), clarifying requirements for all professional accountants and significantly strengthening the independence requirements of auditors.

The revised Code, which is effective on 1 January 2011, includes the following changes:
  • Extending the independence requirements for audits of listed entities to all public interest entities.
  • Requiring a cooling off period before certain members of the firm can join public interest audit clients in certain specified positions.
  • Extending partner rotation requirements to all key audit partners.
  • Strengthening some of the provisions related to the provision of non-assurance services to audit clients.
  • Requiring a pre- or post-issuance review if total fees from a public interest audit client exceed 15% of the total fees of the firm for two consecutive years.
  • Prohibiting key audit partners from being evaluated on or compensated for selling non-assurance services to their audit clients.
The revised Code may be downloaded from IFAC's Website.


Correction list for hyphenation

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