Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers
IESBA
Jan 30, 2020 | Exposure Drafts and Consultation Papers
English
Comments due by: Mar 16, 2020
The Exposure Draft includes proposed guidance on the application of the conceptual framework in the Code to address the topic of the objectivity of an engagement quality reviewer (EQR), thereby supporting proposed ISQM 2 in addressing the matter of the eligibility of an individual to serve in an EQR role. In particular, the proposed guidance:
- Explains the different types of threat to compliance with the fundamental principle of objectivity that might be created in circumstances where an individual is being considered for appointment as an EQR for a given engagement;
- Sets out factors to consider in evaluating the level of the identified threats; and
- Suggests actions that might be safeguards to address the threats.
The development of the proposal benefited from cooperation with the IAASB within the established coordination framework of the two Boards. The IESBA is proceeding on an accelerated time frame to finalize the proposal in order to align closely with the anticipated finalization of ISQM 2 within 2020.
Comments on the Exposure Draft are requested by March 16, 2020 from all stakeholders.
Copyright © 2021 The International Federation of Accountants (IFAC). All rights reserved.
Submitted Comment Letters
1. Financial Reporting Council (United Kingdom)
March 9, 2020
2. Institute of Public Accountants
March 9, 2020
3. ICAEW (United Kingdom)
March 11, 2020
4. Institute of Singapore Chartered Accountants (ISCA) (Singapore)
March 12, 2020
5. New York State Society of Certified Public Accountants (United States)
March 13, 2020
6. The Institute of Chartered Accountants of Scotland (United Kingdom)
March 13, 2020
7. KPMG International
March 13, 2020
8. Baker Tilly International
March 13, 2020
9. Deloitte Touche Tohmatsu Limited
March 13, 2020
10. U.S. Government Accountability Office
March 13, 2020
11. Auditor-General of South Africa (South Africa)
March 16, 2020
12. KICPA (Korea, Republic of)
March 16, 2020
13. CPA Canada, Public Trust Committee
March 16, 2020
14. The Malaysian Institute of Certified Public Accountants (MICPA) (Malaysia)
March 16, 2020
15. NATIONAL BOARD OF ACCOUNTANTS AND AUDITORS - TANZANIA (Tanzania, United Republic of)
March 16, 2020
16. South African Institute of Chartered Accountants (South Africa)
March 16, 2020
17. BDO
March 16, 2020
18. Botswana Institute of Chartered Accountants (Botswana)
March 16, 2020
19. ACCA / CA ANZ
March 16, 2020
20. PricewaterhouseCoopers International Limited
March 16, 2020
21. Crowe Global
March 16, 2020
22. Moore Global
March 16, 2020
23. Ernst & Young Global Limited
March 16, 2020
24. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
March 16, 2020
25. Japanese Institute of Certified Public Accountants (Japan)
March 18, 2020
26. ICPAK (Kenya)
March 18, 2020
27. IBRACON (Brazil)
March 23, 2020
28. AICPA
March 23, 2020
29. Independent Regulatory Board for Auditors
March 23, 2020
30. New Zealand Auditing and Assurance Standards Board
March 24, 2020
31. Grant Thornton International Limited
March 24, 2020
32. IESBA SMPC
March 26, 2020
33. Accounting Professional & Ethical Standards Board Limited (APESB)
March 27, 2020
34. Wirtschaftsprüferkammer (Germany)
April 1, 2020
35. Accountancy Europe
April 3, 2020
36. MALAYSIAN INSTITUTE OF ACCOUNTANTS (MIA) (Malaysia)
April 13, 2020
37. CPA Australia Ltd
April 20, 2020
38. Audit Oversight Board, Securities Commission Malaysia (Malaysia)
May 5, 2020
Related Resources
- 2016 Handbook of the Code of Ethics for Professional Accountants
- Exposure Draft, Proposed Revisions to the Code to Promote the Role and Mindset Expected of Professional Accountants
- IESBA Proposes Significant Revisions To the International Independence Standards Related to Non-Assurance Services
- Proposed Revisions to the Fee-related Provisions of the Code
- Proposed Revisions to the Non-Assurance Services Provisions of the Code
