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Updates from IAASB

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The International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards) (the IESBA Code) now requires firms to publicly disclose when they have applied the independence requirements for Public Interest Entities (PIEs) in an audit of financial statements.

In order to action this new requirement, recently, the International Auditing and Assurance Standards Board (IAASB) released certain narrow scope amendments to the International Standard on Auditing (ISA) 700 (Revised), Forming an Opinion and Reporting on Financial Statements and ISA 260 (Revised), Communication with Those Charged with Governance. These amendments provide a clear and practical framework for implementing the new requirement introduced by IESBA through appropriate communication in the auditor’s report and with those charged with governance.

To access the text of the IAASB amendments, please click here

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