Proposed Changes to Certain Provisions of the Code Addressing Non-Assurance Services for Audit Clients
The proposed changes aim to enhance the independence provisions in the Code of Ethics for Professional Accountants (the Code) by:
Providing additional guidance and clarification regarding what constitutes management responsibility, including enhanced guidance regarding how the auditor can better satisfy itself that client management will make all judgments and decisions that are the responsibility of management, when the auditor provides non-assurance services to an audit client;
Providing better guidance and clarification on the concept of “routine or mechanical” services relating to the preparation of accounting records and financial statements for non-public interest entity audit clients; and
Removing the provision that permits an audit firm to provide certain bookkeeping and taxation services to public interest entity audit clients in emergency situations.
Please note: As of June 23, 2014, an editorial correction has been made to the ED. The mark-up section now shows the proposed deletion of paragraphs, 290.164, 290.174, and 291.145, which had inadvertently been omitted in the original.
Submitted Comment Letters
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Audit Oversight Board, Securities Commission Malaysia (1.26 MB)(Malaysia)
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The Institute of Chartered Accountants of India (ICAI) (11.65 KB)(India)
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Federation of European Accountants (FEE) (218.93 KB)()
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ASSIREVI (42.92 KB)(Italy)
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Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW) (395.88 KB)(Germany)
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ICAEW (213.92 KB)(United Kingdom)
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Malaysian Institute of Accountants (875.2 KB)(Malaysia)
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Wirtschaftsprüferkammer (WPK) (212.73 KB)(Germany)
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PwC (267.88 KB)(United Kingdom)
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ISCA (489.82 KB)(Singapore)
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New York State Society of Certified Public Accountants (176.83 KB)(United States of America)
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Office of the Auditor-General of New Zealand (439.83 KB)(New Zealand)
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The Malaysian Institute of Certified Public Accountants (MICPA) (119.34 KB)(Malaysia)
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IMA (Institute of Management Accountants) (69.91 KB)(United States of America)
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THE INSTITUTE OF CHARTERED ACCOUNTANTS [GHANA] (1.8 MB)(Ghana)
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Association of International Accountants (217.94 KB)(United Kingdom)
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Crowe Horwath International (115.04 KB)(United States of America)
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Mexican Institute of Public Accountants - Committee on Professional Ethics (370.11 KB)(Mexico)
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Grant Thornoton International (90 KB)(United States of America)
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IFAC Small and Medium Practices Committee (57.68 KB)(United States of America)
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The Institiute of Chartered Accountants of Bangladesh (97.08 KB)(Bangladesh)
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New Zealand Auditing and Assurance Standards Board (179.08 KB)(New Zealand)
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The Japanese Institute of Certified Public Accountants (17.45 KB)(Japan)
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Korean Institute of Certified Public Accountants (117.13 KB)(Korea)
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ICAS (311.67 KB)(United Kingdom)
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Ernst & Young Global Limited (285.07 KB)(United Kingdom)
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Association of Chartered Certified Accountants (89.96 KB)(United Kingdom)
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National Audit Office (111.76 KB)(United Kingdom)
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Independent Regulatory Board for Auditors (272.17 KB)(South Africa)
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Independent Regulatory Board for Auditors (272.17 KB)(South Africa)
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Institute of Certified Public Accountants of Kenya (177.07 KB)(Kenya)
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American Institute of CPAs (345.26 KB)(United States of America)
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KPMGI (191.24 KB)(United Kingdom)
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ZICA (124.63 KB)(Zambia)
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Kreston International Limited (214.93 KB)(United Kingdom)
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South African Institute of Chartered Accountants (279.65 KB)(South Africa)
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CPA Canada (64.92 KB)(Canada)
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PKF International Limited (226.91 KB)(United Kingdom)
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Asociacion Interamericana de Contabilidad (AIC) (168.79 KB)(United States of America)
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Accounting Professional & Ethical Standards Board (669.7 KB)(Australia)
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Dubai Financial services Authority (160.27 KB)(United Arab Emirates)
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FAR - the Institute for the Accountancy Profession in Sweden (36.88 KB)(Sweden)
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The Institute of Chartered Accountants of Pakistan - ICAP (396.08 KB)(Pakistan)
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Moore Stephens LLP (83.04 KB)(United Kingdom)
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National Association of State Boards of Accountancy (NASBA) (142.79 KB)(United States of America)
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Deloitte Touche Tohmatsu Limited (DTT) (1.42 MB)(United States of America)
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United States Government Accountability Office (114.98 KB)(United States of America)
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Altaf Noor Ali Chartered Accountants (76.62 KB)(Pakistan)
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Mazars (65.34 KB)(France)
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Association of National Accountants of Nigeria (ANAN) (294.67 KB)(Nigeria)