The International Ethics Standards Board for Accountants (IESBA) welcomed the International Auditing and Assurance Standards Board (IAASB) Member and Deputy Chair of the IAASB, Ms. Megan Zietsman, along with IAASB Members Ms. Karin French (Quality Control Task Force Chair) and Mr. Ron Salole (Agreed-Upon Procedures Task Force Chair) via Webcast to present highlights of certain projects of interest to the IESBA Members.
The updated projects, include, proposed Quality Control at a Firm Level (ISQC 1), Quality Control at the Engagement Level (ISA 220), the proposed new Engagement Quality Control Standard (ISQC 2) and the proposed revisions to the Agreed-Upon Procedures International Standard on Related Services (ISRS 4400).
This briefing note summarizes the non-assurance services issues that the IESBA has identified to-date, in particular, in relation to audit clients that are public interest entities. Some of the issues were raised by respondents to IESBA Exposure Drafts on Safeguards and the Structure of the Code and respondents to the IESBA’s November 2017 Fees Questionnaire. The paper is intended to facilitate a multi-stakeholder dialogue to explore possible solutions to the public interest issues that have been raised in relation to the provision of non-assurance services by audit firms.
Through this initiative, the IESBA also aims to reinforce the effective exercise of professional skepticism by auditors.
The consultation paper was developed following close coordination with the International Auditing and Assurance Standards Board (IAASB) and the International Accounting Education Standards Board (IAESB), and with advice from the IESBA Consultative Advisory Group.
The paper will form the basis for discussion with a wide range of stakeholders at a series of three global roundtables in Washington, DC, USA on June 11; Paris, France on June 15; and Tokyo, Japan on July 12.
To access the consultation paper and submit a comment by August 15th, please visit.
Public Comment Sought on Behaviors Associated with Exercise of Professional Skepticism
Advancing the Code’s relevance by keeping it fit-for-purpose for a rapidly changing world, and further strengthening ethical conduct and independence standards;
Deepening and expanding the Code’s impact and influence through increased global adoption and implementation; and
Enriching the IESBA’s perspectives and capacities through proactive stakeholder dialogue and co-operation.
The consultation paper was developed following extensive, wide-ranging engagement with stakeholders, including regulators, national standard setters and professional accounting organizations.
