Audit Conduct

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Applying the new International Code of Ethics to a proposed nonaudit services engagement

2018 brought a new, revised and restructured International Code of Ethics for Professional Accountants, including International Independence Standards. This week, Accounting Today published my article, "Applying the new International Code of Ethics," which uses a case study to illustrate how a firm would analyze independence in a potential nonaudit services engagement. Specifically, it describes the general provisions in the Code, including the conceptual framework assessment of "threats" and "safeguards" in addition to specific provisions that may limit the scope of certain types of nonaudit services.