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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
