.png?sfvrsn=dd675fd5_2)
.jpg?sfvrsn=d4038e84_0)
-(1).png?sfvrsn=db949de5_0)
-(5).png?sfvrsn=3162fbc9_0)
/business-management-global-connection/istock-1167579720-c.jpg?sfvrsn=ff93f9a5_2)
/audit-assurance/istock-1169206203-c.jpg?sfvrsn=1d6f9b25_2)
/professionals/istock-845530100-c.jpg?sfvrsn=46efdedd_2)
/ethics-and-professionalism/istock-1141115724-c.jpg?sfvrsn=4e54d691_2)
/audit-assurance/istock-818732836-c-v3.jpg?sfvrsn=ae44e7b7_0)
.png?sfvrsn=905ee1bd_0)
/legal-secretarial/istock-866706340-c.jpg?sfvrsn=d7f57b8c_2)
As part of ISCA’s efforts to streamline the ISCA Code of Professional Conduct and Ethics (ISCA Code) with the Code of Ethics for Professional Accountants (IESBA Code) issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC), pronouncements issued in relation to the IESBA Code would be incorporated into the ISCA Code in due course.
In view of the above ISCA would like to seek comments on two EDs, which have been recently issued by the IESBA.
The first ED, Improving the Structure of the Code of Ethics for Professional Accountants—Phase 1 (Structure ED) represents the first application of proposed new structure and drafting conventions for the IESBA Code, covering both a number of the provisions of the Code dealing with its general application and selected sections addressing professional accountants in public practice. In addition to the use of clearer language, key features in the Structure ED include:
- Requirements clearly distinguished from application material;
- Increased clarity of responsibility for compliance with the IESBA Code’s requirements;
- A reorganization of the content of the IESBA Code; and
- A new Guide to the IESBA Code.
The second ED, Proposed Revisions Pertaining to Safeguards in the Code—Phase 1 (Safeguards ED) includes enhanced requirements and application material pertaining to the application of the Code’s conceptual framework, including safeguards.
Key enhancements proposed in the Safeguards ED, which is presented in accordance with the new structure and drafting conventions, include:
- More robust and prominent requirements related to the application of the conceptual framework, including a required overall assessment of the judgments made and conclusions reached;
- A clearer and more robust description of the concept of safeguards, and clarified and streamlined examples of safeguards; and
- New guidance regarding the application of the concept of a “reasonable and informed third party” that is essential to properly applying the conceptual framework.
Please note that for the purpose of the IESBA EDs, the existing SG provisions in the extant ISCA Code have not been incorporated.
Members are encouraged to provide your comments on the EDs, if any, by Friday, 19 February 2016.
Click here for first ED Click here for second ED