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Proposed Revisions to the Non-Assurance Services Provisions of the Code

| Exposure Drafts and Consultation Papers
Comments due by:

Due to the COVID-19 pandemic the comment deadline is extended to June 4

The proposed revisions to the non-assurance services provisions of the code include:

  • A prohibition on providing NAS to an audit client that is a public interest entity (PIE) if a self-review threat to independence will be created;
  • Further tightening of the circumstances in which materiality may be considered in determining the permissibility of a NAS;
  • Strengthened provisions regarding auditor communication with those charged with governance (TCWG), including, for PIEs, a requirement for NAS pre-approval by TCWG; and
  • Stricter requirements regarding the provision of some NAS, including certain tax and corporate finance advice.

The NAS ED also includes enhanced guidance to assist firms in evaluating the level of threats to independence when providing NAS to audit clients.

To facilitate stakeholder review of the proposals, comments have been included alongside each paragraph to indicate the derivation of the proposed provisions, i.e., whether they are from particular paragraphs in the extant Code or represent new material. A staff-prepared Comparison Mapping Table supplements this ED to assist respondents in understanding the nature of the proposed revisions to the extant Code.

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Submitted Comment Letters

  1.  (United Kingdom)
  2.  (United States of America)
  3.  (Japan)
  4.  (New Zealand)
  5. SRA – Netherlands (182.75 KB)
  6.  (Tanzania, United Republic of)
  7.  (Saudi Arabia)
  8.  (France)
  9.  (United States of America)
  10.  (United Kingdom)
  11.  (Japan)
  12.  (Belgium)
  13.  (United States of America)
  14.  (United States of America)
  15.  (United States of America)
  16.  (Ghana)
  17.  (Germany)
  18.  (Japan)
  19. Nexia International (177.15 KB)
     (United Kingdom)
  20.  (United Kingdom)
  21.  (Italy)
  22.  (Uganda)
  23.  (United States of America)
  24.  (Ireland)
  25.  (Malaysia)
  26.  (South Africa)
  27.  (India)
  28.  (Rwanda)
  29. Crowe Global (146.72 KB)
     (United States of America)
  30. KPMG IFRG Limited (107.71 KB)
     (United Kingdom)
  31.  (United States of America)
  32.  (Malaysia)
  33.  (Hong Kong, Special Administrative Region of China)
  34.  (New Zealand)
  35. IOSCO (4.14 MB)
  36.  (Korea)
  37.  (United Kingdom)
  38.  ()
  39.  (Belgium)
  40.  (Sweden)
  41. Moore Global (181.63 KB)
     (United Kingdom)
  42.  (Malaysia)
  43.  (Ireland)
  44.  (Germany)
  45.  (United Kingdom)
  46.  (United States of America)
  47.  (Bangladesh)
  48.  (Botswana)
  49.  (United Kingdom)
  50. RSM International (323.22 KB)
     (United Kingdom)