Proposed Revisions Pertaining to Safeguards in the Code—Phase 1

IESBA
Dec 21, 2015 | Exposure Drafts and Consultation Papers
English

Comments due by: Mar 21, 2016

This Exposure Draft (ED) includes enhanced requirements and application material pertaining to the application of the conceptual framework in the Code of Ethics for Professional Accountants (the Code), including safeguards.

Key enhancements proposed in the Safeguards ED, which is presented in accordance with the new structure and drafting conventions, include:

  • More robust and prominent requirements related to the application of the conceptual framework, including a required overall assessment of the judgments made and conclusions reached;
  • A clearer and more robust description of the concept of safeguards, and clarified and streamlined examples of safeguards; and
  • New guidance regarding the application of the concept of a “reasonable and informed third party” that is essential to properly applying the conceptual framework.
 

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Submitted Comment Letters

1. VRC  (Netherlands)
March 2, 2016

2. Crowe Horwath International
March 3, 2016

3. FSR - danske revisorer  (Denmark)
March 16, 2016

4. Institute of Singapore Chartered Accountants (ISCA)  (Singapore)
March 16, 2016

5. New Zealand Auditing and Assurance Standards Board of the XRB  (New Zealand)
March 17, 2016

6. The Institute of Chartered Accountants [Ghana] (ICAGH)  (Ghana)
March 18, 2016

7. Office of the Auditor-General of New Zealand  (New Zealand)
March 20, 2016

8. Grant Thornton International Ltd (GTI)
March 21, 2016

9. RSM UK  (United Kingdom)
March 21, 2016

10. Samenwerkende Accountantskantoren (SRA)  (Netherlands)
March 21, 2016

11. The Institute of Chartered Accountants of Bangladesh (ICAB)  (Bangladesh)
March 21, 2016

12. United States Government Accountability Office (GAO)
March 21, 2016

13. Independent Regulatory Board for Auditors (IRBA)  (South Africa)
March 21, 2016

14. National Association of State Boards of Accountancy  (United States)
March 21, 2016

15. South African Institute of Chartered Accountants  (South Africa)
March 21, 2016

16. KPMG IFRG Limited  (United Kingdom)
March 21, 2016

17. Malaysian Institute of Accountants (MIA)  (Malaysia)
March 21, 2016

18. Institute of Certified Public Accountants of Kenya  (Kenya)
March 21, 2016

19. Institut der Wirtschaftsprüfer e.V. (IDW)  (Germany)
March 21, 2016

20. Chartered Professional Accountants of Canada  (Canada)
March 21, 2016

21. KICPA  (Korea, Republic of)
March 21, 2016

22. RSM International Limited  (United Kingdom)
March 21, 2016

23. ICAEW  (United Kingdom)
March 21, 2016

24. Wirtschaftsprueferkammer  (Germany)
March 21, 2016

25. IFAC SMP Committee
March 21, 2016

26. ICAS  (United Kingdom)
March 21, 2016

27. Association of Accounting Technicians
March 21, 2016

28. BDO  (United Kingdom)
March 21, 2016

29. International Association of Insurance Supervisors (IAIS)
March 21, 2016

30. Deloitte Touche Tohmatsu Limited
March 21, 2016

31. Hong Kong Institute of Certified Public Accountants  (Hong Kong (Special Administrative Region of China))
March 22, 2016

32. FAR - the Institute for the Accountancy Profession in Sweden  (Sweden)
March 22, 2016

33. Ordre des Experts Comptables et Financiers de Madagascar (OECFM)  (Madagascar)
March 23, 2016

34. AICPA  (United States)
March 23, 2016

35. PricewaterhouseCoopers International Limited
March 24, 2016

36. Chartered Accountants Australia and New Zealand (CA ANZ)
March 24, 2016

37. Association of Chartered Certified Accountants
March 28, 2016

38. Accounting Professional & Ethical Standards Board Limited (APESB)  (Australia)
March 30, 2016

39. Institute of Public Accountants  (Australia)
March 31, 2016

40. CPA Australia (CPA Au)  (Australia)
April 1, 2016

41. Financial Reporting Council (FRC)  (United Kingdom)
April 1, 2016

42. ASSIREVI  (Italy)
April 4, 2016

43. Ernst & Young Global Limited
April 5, 2016

44. The National Federation of Certified Public Accountant Associations of the Republic of China (NFCPAAROC)  (Chinese Taiwan)
April 6, 2016

45. Compagnie Nationale des Commissaires aux Comptes (CNCC)
April 7, 2016

46. Royal Netherlands Institute of Chartered Accountants (NBA)  (Netherlands)
April 7, 2016

47. European Audit Regulators (EAIG)
April 12, 2016

48. The Japanese Institute of Certified Public Accountants  (Japan)
April 12, 2016

49. Fédération des Experts Comptables Européens (FEE)
April 14, 2016

50. Instituto de Censores Jurados de Cuentas de España  (Spain)
April 25, 2016

51. International Forum for Independent Audit Regulators (IFIAR)
May 10, 2016

52. Denise Silva Ferreira Juvenal  (Brazil)
May 22, 2016

53. International Organization of Securities Commissions (IOSCO)
June 6, 2016

 

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