The March/April issue of Directorship Magazine includes my article entitled, "Multinationals Are Facing Tougher Rules on Auditor Independence, and a June 15 Deadline". I wrote this article for the audit committee member; it describes the revised and restructured International Ethics Code for Professional Accountants, including International Independence Standards(the Code), and focuses on;
- the relevance of the Code to auditors of multinational companies;
- key messages in the new Code;
- ways in which the Code has been strengthened; and
- the application of the independence rules.
On the last point, the article illustrates the provisions and considerations the auditor should apply when an audit client requests that the auditor provide nonassurance services.