Exposure Draft, Proposed Application Material Relating to Professional Skepticism and Professional Judgment

May 11, 2017 | Exposure Drafts and Consultation Papers

Comments due by: Jul 25, 2017

This proposed guidance links key concepts in the IESBA Code of Ethics for Professional Accountants and clarifies their application, namely:

  • how compliance with the fundamental principles in the Code supports professional skepticism by auditors and assurance practitioners for audit, review, and other assurance engagements; and
  • the importance of professional accountants obtaining a sufficient understanding of the facts and circumstances known to them when exercising professional judgment in applying the conceptual framework underpinning the Code.

The proposed guidance addressing the fundamental principles and professional skepticism responds to a recommendation from the tripartite Professional Skepticism Working Group established by the IESBA, the International Auditing and Assurance Standards Board, and the International Accounting Education Standards Board. Once finalized, this material will be included in the clarified and restructured Code that the IESBA plans to complete by the end of 2017.


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Submitted Comment Letters

1. Crowe Horwath International
June 5, 2017

2. Financial Reporting Council  (United Kingdom)
June 13, 2017

3. Institute of Chartered Accountants of India
July 7, 2017

4. Association of Accounting Technicians
July 12, 2017

5. New York State Society of Certified Public Accountants  (United States)
July 14, 2017

6. RSM International
July 19, 2017

7. PricewaterhouseCoopers International
July 21, 2017

8. ICAS (Institute of Chartered Accountants of Scotland)  (United Kingdom)
July 24, 2017

July 24, 2017

10. IFAC Professional Accountants in Business Committee
July 24, 2017

11. KPMG International  (United Kingdom)
July 24, 2017

12. Wirtschaftsprüferkammer (WPK)  (Germany)
July 24, 2017

13. Asociacion Interamericana de Contabilidad AIC
July 24, 2017

14. Deloitte Touche Tohmatsu Limited
July 24, 2017

15. JICPA  (Japan)
July 24, 2017

16. PKF International Limited
July 25, 2017

17. IFAC SMP Committee
July 25, 2017

18. BDO
July 25, 2017

19. Chartered Professional Accountants of Canada  (Canada)
July 25, 2017

20. The South African Institute of Chartered Accountants  (South Africa)
July 25, 2017

21. FSR - danske revisorer  (Denmark)
July 25, 2017

22. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW)  (Germany)
July 25, 2017

23. Independent Regulatory Board for Auditors (IRBA)  (South Africa)
July 25, 2017

24. U.S. Government Accountability Office
July 25, 2017

25. Association of Chartered Certified Accountants
July 25, 2017

26. KICPA  (Korea, Republic of)
July 25, 2017

27. Hong Kong Institute of Certified Public Accountants  (Hong Kong (Special Administrative Region of China))
July 26, 2017

28. Association of National Accountants of Nigeria  (Nigeria)
July 26, 2017

29. SRA  (Netherlands)
July 26, 2017

30. Institute of Chartered Accountants of Pakistan  (Pakistan)
July 26, 2017

31. The Institute of Chartered Accountants in England and Wales  (United Kingdom)
July 26, 2017

32. Accountancy Europe  (Belgium)
July 26, 2017

33. The Malaysian Institute of Certified Public Accountants  (Malaysia)
July 26, 2017

34. EY
July 27, 2017

35. Grant Thornton International
July 27, 2017

36. The New Zealand Auditing and Assurance Standards Board
July 27, 2017

37. Compagnie Nationale des Commissaires aux Comptes  (France)
July 27, 2017

38. Institute of Chartered Accountants of Zimbabwe  (Zimbabwe)
July 29, 2017

39. Chartered Accountants Australia and New Zealand  (Australia)
August 1, 2017

40. (APESB) Accounting Professional & Ethical Standards Board Limited-Australia  (Australia)
August 1, 2017

41. Instituto dos Auditores Independentes do Brasil  (Brazil)
August 3, 2017

42. CPA Australia  (Australia)
August 8, 2017

43. Chartered Accountants Ireland  (Ireland)
August 30, 2017


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