The Ukraine Conflict: Key Ethics and Independence Considerations

Oct 03, 2022 | Guidance & Support Tools

This Staff Alert highlights the ethical implications arising from the wide-ranging economic sanctions many jurisdictions have imposed on Russia and certain Russian entities and individuals as well as Belarus, and the related ethical responsibilities of PAIBs and PAPPs under the Code. It also highlights:

  • Key ethics considerations for PAIBs in relation to the preparation and presentation of information, especially as regards accounting for and disclosing the impact of the Ukraine conflict on their employing organizations’ business; and
  • Key ethics considerations for PAPPs in relation to client and engagement acceptance, and in the context of audits of financial statements, key independence considerations relating to overdue fees and the Code’s prohibition against assuming management responsibility.

Regardless of the environment in which professional accountants operate, the provisions of the Code serve to enhance the quality and consistency of services accountants provide, thus contributing to public trust and confidence in their work.

This publication may also be of interest to national standard setters, the investor and corporate governance communities, regulators and audit oversight bodies, preparers other than PAIBs, professional accountancy organizations, and others with an interest or role in the work of PAIBs and auditors and other PAPPs.


Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.


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