On April 18, 2023, the International Ethics Standards Board for Accountants (IESBA) held a global webinar to review recent revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to address holistically the various independence considerations in an audit of group financial statements.

The hour-long Engagement Team – Group Audits (ET-GA) Independence webinar was led by Caroline Lee, former IESBA Member and ET-GA Task Force Chair, and Saadiya Adam CA (SA), IESBA Member and ET-GA Member, and was attended by 252 live participants worldwide.

Learn more about the ET-GA revisions here.

The International Ethics Standards Board for Accountants (IESBA) held a series of four global roundtables to obtain stakeholder input to help shape the development of new ethics and independence standards for sustainability reporting and assurance.

The all-day roundtables, held in person in Paris, France (March 24), Sydney, Australia (March 30), Singapore (April 3), and New York (April 6), allowed stakeholders to convey relevant information to be addressed in developing the new standards. They were attended by members of the investor and corporate governance communities, C-suite executives, data aggregators, rating agencies, regulators and oversight bodies; international policy-making organizations; national standard setters; preparers; professional accountancy organizations; and sustainability assurance providers, including accountancy firms and independent providers outside the accountancy profession.

Read the briefing materials for attendees here.

The IESBA announced in June 2022 its commitment to take timely action to develop fit-for-purpose, globally applicable ethics and independence standards as a critical part of the infrastructure needed to support transparent, relevant, and trustworthy sustainability reporting and assurance. Importantly, this strategic commitment sets up the IESBA’s ethics and independence standards as the third pillar to trustworthy sustainability reporting and assurance, alongside the standards being developed by the International Sustainability Standards Board (ISSB) and the International Auditing and Assurance Standards Board (IAASB).  

In December 2022, the IESBA approved two new standard-setting projects that will develop profession-agnostic ethics and independence standards for sustainability reporting and assurance and on the related topic of “use of experts.”

About IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).

This 9^th Colloquium brings together global thought leaders to discuss the “Mind the Gap” project launched by The Public Interest Oversight Board (PIOB) and engage with stakeholders to stimulate an exchange of views around the public interest in standard-setting and narrow the expectation gap.

The International Ethics Standards Board for Accountants (IESBA) today released final revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) to further increase the Code’s robustness and expand its relevance in a world being fundamentally reshaped by rapid technological advancements and accelerating digitalization.

The revisions will guide the ethical mindset and behavior of professional accountants in both business and public practice as they take advantage of the opportunities created by technology and adapt to new technology. Developed to remain relevant and applicable in the ever-evolving landscape of technology transformation, the revisions apply to the use of any technology, including to the extent possible, future technologies.

“Technological innovation is transforming how work is performed and how professional services are delivered as well as enabling new services in ways never before imagined,” said Ms. Gabriela Figueiredo Dias, IESBA Chair. “It is crucial and in the public interest that we provide strong, clear and principles-based standards to equip professional accountants around the world in navigating the ethical risks and challenges brought on by technology.”

The revisions, which were informed by extensive fact-finding and stakeholder outreach:

• Strengthen the Code in guiding the mindset and behavior of professional accountants when they use technology.
• Provide enhanced guidance fit for the digital age in relation to the fundamental principles of confidentiality, and professional competence and due care, as well as in dealing with circumstances of complexity.
• Strengthen and clarify the International Independence Standards (IIS) by addressing the circumstances in which firms and network firms may or may not provide a technology-related non-assurance service to an audit or assurance client.

The revisions to the IIS will be effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024. The other revisions to the ethics provisions of the Code will be effective as of December 15, 2024. Early adoption is permitted.

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.