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Updates from IESBA

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In February 2023, the International Ethics Standards Board for Accountants (IESBA) issued certain revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) relating to the definition of ‘engagement team’ and ‘group audit’. The revisions mainly dealt with the following matters:

  • Strengthen and clarify the independence principles that apply to individuals and firms engaged in a group audit,
  • Specify the need for appropriate communication on independence matters between the group auditor firm and component auditor firms participating in the group audit,
  • Amend the definitions of the terms ‘engagement team’ and ‘audit team’ in the Code to recognise the different and evolving engagement team structures, and address the implications of those definitional changes, etc

In this regard, recently IESBA issued certain Q&As on the aforementioned revisions. The Q&As aim to explain the alignment between the changes introduced by IESBA with the corresponding revisions made by IAASB in the International Standards on Auditing (ISAs) and International Standards on Quality Management (ISQMs) and enable the relevant stakeholders in understanding the revisions to the Code.

To access the text of the Q&As, please click here

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