The International Ethics Standards Board for Accountants
(IESBA), an independent standard-setting body of the International
Federation of Accountants (IFAC), issued an ED that contains
substantive revisions to the independence standards of the IFAC Code
of Ethics for Professional Accountants.
The changes:
Expand the applicability of partner rotation requirements
with respect to listed entities and remove the provision that allows
flexibility for small firms to apply alternative safeguards.
Strengthen requirements related to provision of
non-assurance services, including setting out additional guidance on
the provision of tax services to audit clients.
Extend the more restrictive listed entity independence
requirements to the audits of a wider range of entities of significant
public interest.
The AICPA Professional Ethics Executive Committee will be evaluating the proposal and providing comment. Comments are due by April 30. The ED is available at www.ifac.org/EDs .
