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EP 100 IG 3 provides guidance to address the concerns that professional accountants may face when adopting the NOCLAR Pronouncement in EP 100, which is expected to be effective as of 1 April 2020.
The concerns were brought to ISCA’s attention through its various outreach initiatives with the relevant stakeholders. ISCA Ethics Committee examined the concerns raised and deliberated on how best to address them in the IG 3.
Below are the key areas addressed in the IG 3:
- addressing conflicts between NOCLAR requirements and existing laws and regulations;
- what is considered “clearly inconsequential”;
- the concept of “public interest”;
- the professional clearance between predecessor and proposed successor auditors with respect to tipping-off;
- the legal protection available to whistle-blowers; and
- the disclosure of NOCLAR to an appropriate authority with respect to group audit.
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