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Independence II - Completed



The December 2006 exposure draft proposing changes to Section 290 of the Code of Ethics for Professional Accountants and proposing a new Section 291 addressing independence matters indicated that there were three additional areas which would be addressed by the IESBA ("Independence I" project). In July 2007, the IESBA issued an exposure draft addressing these areas:

  • Provision of internal audit services to an audit client;
  • Relative size of fees from an audit client that is an entity of significant public interest; and
  • Additional guidance with respect to providing services to an assurance client on a contingent fee basis.

The comment period for this exposure draft ended on October 15, 2007.

In May 2008, the IESBA issued a re-exposure draft of proposals relating to internal audit and relative size of fees. The comment period for this exposure draft ended on August 31, 2008.

The IESBA approved the proposed changes to the independence requirements contained in the Code in December 2008. In June 2009, the Public Interest Oversight Board confirmed that due process had been followed in the development of these changes to the Code.