Proposed Revisions to the Non-Assurance Services Provisions of the Code

IESBA

Jan 21, 2020 | Exposure Drafts and Consultation Papers

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Comments due by: Jun 4, 2020

Due to the COVID-19 pandemic the comment deadline is extended to June 4

The proposed revisions to the non-assurance services provisions of the code include:

A prohibition on providing NAS to an audit client that is a public interest entity (PIE) if a self-review threat to independence will be created;
Further tightening of the circumstances in which materiality may be considered in determining the permissibility of a NAS;
Strengthened provisions regarding auditor communication with those charged with governance (TCWG), including, for PIEs, a requirement for NAS pre-approval by TCWG; and
Stricter requirements regarding the provision of some NAS, including certain tax and corporate finance advice.

The NAS ED also includes enhanced guidance to assist firms in evaluating the level of threats to independence when providing NAS to audit clients.

To facilitate stakeholder review of the proposals, comments have been included alongside each paragraph to indicate the derivation of the proposed provisions, i.e., whether they are from particular paragraphs in the extant Code or represent new material. A staff-prepared Comparison Mapping Table supplements this ED to assist respondents in understanding the nature of the proposed revisions to the extant Code.

Submitted Comment Letters

United Kingdom Financial Reporting Council (762.08 KB)
(United Kingdom)

Mar 16, 2020
United States Government Accountability Office (139.41 KB)
(United States of America)

Apr 28, 2020
Japan Institute of Certified Public Accountants (177.17 KB)
(Japan)

May 1, 2020
Auditor-General of New Zealand (509.71 KB)
(New Zealand)

May 4, 2020
SRA – Netherlands (182.75 KB)
(Netherlands)

May 4, 2020
National Board of Accountants & Auditors – Tanzania (465.5 KB)
(Tanzania, United Republic of)

May 4, 2020
Capital Market Authority in Saudi Arabia (149.56 KB)
(Saudi Arabia)

May 5, 2020
Committee of European Auditing Oversight Bodies (CEOAB) (167.68 KB)
(France)

May 6, 2020
National Association of State Boards of Accountancy (NASBA) (265.45 KB)
(United States of America)

May 6, 2020
Institute of Chartered Accountants in England and Wales (ICAEW) (212.1 KB)
(United Kingdom)

May 7, 2020
International Forum of Independent Audit Regulators (IFIAR) (1.95 MB)
(Japan)

May 11, 2020
European Federation of Accountants and Auditors for SMEs (291.93 KB)
(Belgium)

May 13, 2020
New York State Society of CPAs (173.23 KB)
(United States of America)

May 20, 2020
US Center for Audit Quality (250.93 KB)
(United States of America)

May 21, 2020
Grant Thornton International Ltd. (214.72 KB)
(United States of America)

May 21, 2020
Institute of Chartered Accountants Ghana (1.62 MB)
(Ghana)

May 22, 2020
Wirtschaftsprüferkammer (265.35 KB)
(Germany)

May 25, 2020
Japan Audit & Supervisory Board Members Association (96.79 KB)
(Japan)

May 27, 2020
Nexia International (177.15 KB)
(United Kingdom)

Jun 1, 2020
Baker Tilly International (245.65 KB)
(United Kingdom)

Jun 1, 2020
Association of the Italian audit firms (247.31 KB)
(Italy)

Jun 2, 2020
Institute of Certified Public Accountants of Uganda (109.59 KB)
(Uganda)

Jun 2, 2020
The Institute of Internal Auditors (414.76 KB)
(United States of America)

Jun 2, 2020
Irish Auditing & Accounting Supervisory Authority (69.61 KB)
(Ireland)

Jun 2, 2020
Malaysian Institute of Certified Public Accountants (212.91 KB)
(Malaysia)

Jun 2, 2020
South African Institute Of Professional Accountants (491.45 KB)
(South Africa)

Jun 3, 2020
The Institute of Chartered Accountants of India (ICAI) (449.02 KB)
(India)

Jun 3, 2020
Institute of Certified Public Accountants of Rwanda (1.97 MB)
(Rwanda)

Jun 3, 2020
Crowe Global (146.72 KB)
(United States of America)

Jun 3, 2020
KPMG IFRG Limited (107.71 KB)
(United Kingdom)

Jun 3, 2020
Deloitte Touche Tohmatsu Limited (DTTL) (213.45 KB)
(United States of America)

Jun 3, 2020
Malaysia Audit Oversight Board, Securities Commission (562.63 KB)
(Malaysia)

Jun 3, 2020
Hong Kong Institute of Certified Public Accountants (333.67 KB)
(Hong Kong, Special Administrative Region of China)

Jun 3, 2020
New Zealand Auditing and Assurance Standards Board (272.16 KB)
(New Zealand)

Jun 4, 2020
IOSCO (4.14 MB)
(Spain)

Jun 4, 2020
Korean Institute of Certified Public Accountants (KICPA) (222.11 KB)
(Korea)

Jun 4, 2020
Institute of Chartered Accountants of Scotland (ICAS) (306.44 KB)
(United Kingdom)

Jun 4, 2020
Chartered Accountants Australia and New Zealand and the Association of Chartered Certified Accountants (269.49 KB)
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Jun 4, 2020
Accountancy Europe (AE) (94.13 KB)
(Belgium)

Jun 4, 2020
FAR- Institute for the Accountancy Profession in Sweden (96 KB)
(Sweden)

Jun 4, 2020
Moore Global (181.63 KB)
(United Kingdom)

Jun 4, 2020
Malaysian Institute of Accountants (MIA) (212.9 KB)
(Malaysia)

Jun 4, 2020
Chartered Accountants Ireland (CAI) (323.56 KB)
(Ireland)

Jun 4, 2020
Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (725.6 KB)
(Germany)

Jun 4, 2020
Pricewaterhousecoopers International (PWC) (254.66 KB)
(United Kingdom)

Jun 4, 2020
BDO International Limited (BDO) (188.73 KB)
(United States of America)

Jun 4, 2020
Institute of Chartered Accountants of Bangladesh (445.03 KB)
(Bangladesh)

Jun 4, 2020
Botswana Institute of Chartered Accountants (289.23 KB)
(Botswana)

Jun 4, 2020
Ernst & Young Global Limited (84.45 KB)
(United Kingdom)

Jun 4, 2020
RSM International (323.22 KB)
(United Kingdom)

Jun 4, 2020