IESBA issues exposure draft

Chennai, Jan 10 (UNI) The International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), has issued an exposure draft updating and strengthening the independence requirements contained in the IFACE code of ethics for professional accountants across the globe.

Talking to the mediapersons here today, IFAC President Fermin Del Valle said "the changing environment in the past few years has led the IESBA to consider the required revisions to auditor independence.

"Over the two-year development period of the exposure draft, the IESBA consulted with interested stakeholders, including regulators, standard setters, leaders of accountancy organisations and members of the profession," he added.

Mr Fermin Del Valle, who was here for an international auditing conference, further said "significant proposed modifications to the code include expanding the applicability of partner rotation requirements, updating requirements related to the provision of non-assurance services, including setting out additional guidance on the provision of tax services to audit clients and extending the independence requirements to the audits of a wider range of entities of significant public interest." UNI