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ISCA issues Exposure Draft – Proposed Changes to EP 100 Code of Professional Conduct and Ethics (EP 100 ED) to adopt the Final Pronouncements relating to the Restructured Code and Revisions to the Code Pertaining to the Offering and Accepting of Inducements issued by International Ethics Standards Board for Accountants (IESBA).
The EP 100 ED incorporates several substantive additions and revisions, including:
- An enhanced and more prominently featured conceptual framework.
- Clearer and more robust provisions pertaining to safeguards that are better aligned with threats to compliance with the fundamental principles and to independence.
- New and revised sections dedicated to professional accountants in business (PAIBs) relating to preparing and presenting information and pressure to breach the fundamental principles.
- Clear guidance for professional accountants in public practice (PAPPs) that relevant PAIB provisions set out in Part 2 of the proposed EP 100 are applicable to them.
- Strengthened provisions for PAIBs and PAPPs pertaining to the offering or accepting of inducements, including gifts and hospitality.
- New application material to emphasize the importance of understanding facts and circumstances when exercising professional judgement.
- New application material to explain how compliance with the fundamental principles supports the exercise of professional scepticism in an audit or other assurance engagement.
A mapping table, included as Appendix to the Explanatory Memorandum in the ED, maps the existing sections in EP 100 (revised on 11 December 2019) to the corresponding sections in the proposed EP 100.
The ISCA Ethics Committee (EC) takes a leading role in the development of ethics standards in Singapore to enhance public trust and confidence in the accounting profession in Singapore. As such, the ISCA EC would like to seek views on the proposed changes to EP 100 in the ED.
Written comments to the ED are requested to be submitted to technical@isca.org.sg by 23 April 2020.
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