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Changes Align Part 4B to Assurance Terms and Concepts Used in ISAE 3000 (Revised)

(January 3, 2020)

The International Ethics Standards Board for Accountants (IESBA) today released Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). Part 4B of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) comprises the independence standards for assurance engagements other than audit and review engagements.

The revision fulfills a commitment the IESBA announced in its Strategy and Work Plan, 2019-2023 to review and change Part 4B of the Code to make the part’s provisions  consistent with the revised assurance terms and concepts in the International Auditing and Assurance Standards Board’s (IAASB’s) International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.

The main revisions, developed in coordination with the IAASB, include:

  • Changes in key terminology, including a revised definition of the term “assurance client”;
  • Amendments to certain independence requirements in light of the revised assurance client definition;
  • Greater clarity as to the parties to an assurance engagement and their roles and responsibilities, and the related independence requirements that apply; and
  • A clearer distinction between the types of assurance engagement covered in Parts 4A (addressing independence for audit and review engagements) and 4B of the Code.
“It is in the public interest that Part 4B of the Code is consistent with ISAE 3000 (Revised), clear on the applicable independence requirements and, most importantly, sufficiently robust and practicable for assurance practitioners in the field,” said IESBA Chairman Dr. Stavros Thomadakis. “The successful completion of this project reflects the IESBA’s strong commitment towards enhanced communication and coordination with the IAASB, to better serve the needs of stakeholders in today’s global economy.”


About the IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA serves the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards).

The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB).

David Johnson
Senior Manager, Communications
+1 212 286 9344

Prepared by IFAC's Communications Department. Contact communications@ifac.org for further information.
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