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The extant Code of Professional Conduct and Ethics issued by the Institute of Singapore Chartered Accountants (ISCA Code), effective 1 August 2009, was modelled after the IESBA Code published by IESBA in June 2005 (IESBA Code 2006) and also based on the ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code) set out in the Fourth Schedule of the Accountants (Public Accountants) Rules issued in 2009.
ACRA has since then, issued the revised ACRA Code in the earlier part of this year and it has been effective since 1 July 2015. Similarly, the IESBA Code has also been updated since. Thus, the ISCA Code is updated, for it to be in line with the IESBA and ACRA Codes.
Please click here for attached Exposure Draft (ED) to the Code of Professional Conduct and Ethics (2015).
Parts A and B of the revised ISCA Code are similar to the revised ACRA Code except for:
a) A section at the end of the ED titled “Future Changes” which tracks future amendments to provisions on non-assurance services (NAS) (pages 135-141). These provisions on NAS were issued by IESBA in April 2015; and
b) Part B of the ISCA Code has also included Interpretation 2005-01, which pertains to guidance on the application of the independence requirements contained in Section 291 to assurance engagements that are not financial statement engagements. The ACRA Code does not include Interpretation 2005-01.
Part C of the revised ISCA Code has been updated such that it is aligned with Part C of the IESBA Code 2015.
The above differences have been highlighted in the preamble to the ED (page 5). We have also attached Appendix 1- Basis for Conclusion for Changes to the Code Addressing Certain Non-Assurance Services Provisions for Audit and Assurance Clients for reference.
Effective dates
- The revised ISCA Code will be effective from 1 January 2016; and
- The amendments to the NAS provisions [mentioned in (a) above] will be effective on 15 April 2016, except for changes to Section 290, which will be effective for audits of financial statements for periods commencing on or after 15 April 2016.
ISCA requires all comments to be submitted to technical@isca.org.sg by Wednesday, 11 November 2015.
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