New Code for Auditors in Italy Modeled after the IESBA Code
The International Ethics Standards Board for Accountants (IESBA) congratulates the Italian Ministry of Economy and Finance on the announcement today of the launch of a new Code of Ethics and Independence for Auditors in Italy. This new Italian Code of Ethics (Codice italiano di etica e indipendenza dei revisori legali dei conti), which is based off IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) with specific adaptations and localizations for compatibility and operability with the Italian and European regulatory frameworks, replaces the country’s previous code of ethics, adopted in 2018.
“On behalf of IESBA, I applaud the Italian Ministry of Economy and Finance for this important commitment to ethics and independence, and to the public interest,” said Gabriela Figueiredo Dias, IESBA Chair, who was invited to speak at the announcement event in Rome today. “This code will provide statutory auditors with a stronger ethics and independence framework, significantly elevating the ethical bar for an important group of professionals who are formally provided with public faith in reviewing financial statements and whose work is, therefore, critical to create trust in corporate information and to support sound business relations and a well-functioning economic system.”
The IESBA Code places a responsibility on all professional accountants to act in the public interest. The strength and global acceptance of the Code are evident as it has been adopted or is used in over 130 jurisdictions, translated into about 40 languages, and adopted by the 34 largest international networks of accounting firms for transnational audits.
About the IESBA
The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.