The Inducements project aims to strengthen the provisions in Part 2 of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the “restructured Code”) to assist professional accountants in business (PAIBs) in better dealing with the offering and accepting of inducements while complying with the fundamental principles, in particular the principles of integrity, objectivity and professional behavior.
The proposed enhancements to Part 2 are also applicable to professional accountants in public practice (PAPPs). This is because it is likely that circumstances PAPPs encounter involving inducements that might create threats to compliance with the fundamental principles would be similar to those encountered by PAIBs. Accordingly, consequential and conforming amendments are reflected in Part 3, Part 4A and Part 4B of the Code.
This project was formerly referred to as Phase 2 of the Review of Part C of the Code Project(Part C) project.
Lisa Snyder, former IESBA Member