Collective Investment Vehicles and Pension Funds - Auditor Independence

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The IESBA has launched a public consultation to gather feedback on auditor independence for audits of Collective Investment Vehicles ("CIVs") and Pension Funds (“Investment Schemes”). The consultation paper seeks views on whether revisions to the International Code of Ethics for Professional Accountants, including International Independence Standards, are necessary to address the independence of auditors when they audit these Investment Schemes. The IESBA aims to ensure that its standards are clear and fit for purpose in maintaining appropriate auditor independence in such audits.

These Investment Schemes enable investors to pool their funds and often rely on external parties (“Connected Parties”) for functions that are typically managed internally in conventional corporate structures. This structure introduces specific relationships that need careful consideration to identify and address threats to auditor independence. The consultation paper highlights these relationships and seeks input on key areas when auditing Investment Schemes.

  • The definition of "related entity" in the Code and its applicability to audits of Investment Schemes.
  • The Connected Parties that should be considered in relation to the assessment of auditor independence with respect to the audit of an Investment Scheme.
  • The application of the Code’s conceptual framework when assessing threats to independence resulting from interests, relationships, or circumstances between the auditor of an Investment Scheme and Connected Parties.

The IESBA invites comments from all interested parties, including financial industry representatives, audit firms, experts, investors, regulators, and jurisdictional standard setters. Stakeholders are encouraged to submit their feedback electronically through the IESBA website by June 30, 2025. The feedback will inform the IESBA Project Team's report and recommendations on whether enhancements or clarifications to the Code are warranted.

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