The International Ethics Standards Board for Accountants released
The latest revisions aim to guide the ethical mindset and behavior of accountants in both business and public practice as they adapt to the latest technology. As technology is constantly evolving, most recently in the realm of artificial intelligence programs like ChatGPT, the revisions will 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 IESBA chair Gabriela Figueiredo Dias in a statement. "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 aim to strengthen the ethics code in guiding the mindset and behavior of professional accountants when they use technology. They provide improved guidance 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.
The revisions will also strengthen and clarify IESBA's International Independence Standards, or 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 starting on or after Dec. 15, 2024. The other revisions to the ethics provisions of the ethics code will take effect as of Dec. 15, 2024, but early adoption is allowed.
