The International Ethics Standards Board for Accountants has proposed to strengthen the auditor independence standards in the ethics code to address long associations with audit and assurance clients.

Last Thursday, IESBA, which operates under the auspices of the International Federation of Accountants, released for public comment an exposure draft, Proposed Changes to Certain Provisions of the Code Addressing the Long Association of Personnel with an Audit or Assurance Client. The proposals respond to concerns about the appearance of independence and the need to ensure that the threats created by the long association of audit firm personnel with an audit client are appropriately addressed on all audit engagements.

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