The International Federation of Accountants is proposing the first major revisions to its code of ethics for accountants since late 2001.
A new exposure draft from IFAC’s independent International Ethics Standards Board for Accountants largely updates and strengthens the independence requirements outlined in the ethics code.
In a statement, the board said that the changing environment of recent years led it to consider possible changes that might be needed. Over the two-year development period of the draft, the board consulted with a wide range of constituents. Significant modifications include:
- Expanding the applicability of partner rotation requirements;
- Updating requirements related to the provision of non-assurance services, including setting out additional guidance on the provision of tax services to audit clients; and,
- Extending independence requirements to the audits of a wider range of entities of significant public interest.
Comments on the draft are requested by April 30, 2007. The draft is available at www.ifac.org/EDs.
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