IESBA Staff Release Additional Questions and Answers on Implementing Code of Ethics

Nov 07, 2012 | New York, New York | English

The staff of the International Ethics Standards Board for Accountants (IESBA) today released additional questions and answers (Q&As) to support the adoption and implementation of the IESBA’s Code of Ethics for Professional Accountants (the Code). The new Q&As cover issues related to materiality, partner rotation, public interest entities, and network firms, among several other topic areas.

To aid consistent application of the Code, the IESBA monitors the adoption and implementation of the Code to identify areas where support is needed. These Q&As respond to the needs identified.

The 141 member organizations of the International Federation of Accountants (IFAC), the global organization for the accountancy profession, are required to apply ethical standards at least as stringent as those stated in the Code. (IFAC associates are progressing toward this status.) In addition, under their membership obligations, members of the Forum of Firms, an association of international networks of accounting firms, agree to have policies and methodologies for transnational audits which conform to the Code.

“This publication reinforces the IESBA’s public interest mandate to support the global adoption and implementation of the Code. Globally adopted, high-quality ethics standards, including independence requirements, are vital to promoting sustainable, efficient capital markets,” said IESBA Chair Jörgen Holmquist. “Inconsistent application of the Code could undermine not only our efforts to promote global adoption but also the credibility of the Code itself,” he added. “So promoting consistent implementation is of critical importance.”

The new publication builds on a previous set of Q&As released in 2010 that includes support on the application of the conceptual framework approach, taxation services, related entities, and the definition of key audit partner, among a number of other topics. 

About the IESBA
The IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit for more information.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.


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