The document provides an overview of the prohibited services, interests, relationships and other actions that apply under the Code when a firm audits a public interest entity. The document is a high-level summary and is not a substitute for reading the Code, which provides details on the application of these prohibitions.

Ethical behavior in relation to tax advice is crucial. The work carried out by a professional accountancy organization (PAO) member needs to be trusted by society at large as well as by clients and other stakeholders. PAOs' and their members' conduct in this regard reflects not just on themselves but also on the accountancy profession. PAOs have a responsibility to ensure that their members who provide tax advice uphold the profession's reputation.

This communiqué is part of a series from the IAASB Professional Skepticism Working Group, providing updates on the IAASB’s efforts to appropriately reflect professional skepticism in its standards, together with other relevant news and information. The previous edition is available online.

This guidance serves as a companion document for the Implementation Support Material document entitled Designing Learning Outcomes for Curricula that Meet Public Sector Accountancy Needs. It is grounded in the Learning Outcomes approach that “embodies the idea that learning and development activities are most effective when based on what the individual needs to demonstrate”.

The imperative to create organizational value is enhancing the need for the professional accountant in business to assume the role of strategic business partner. This implementation guidance examines how accountants in business can meet this challenge by: