Audit Conduct

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IESBA Code revised to align Part 4B to ISAE 3000

The International Ethics Standards Board for Accountants (IESBA) released Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised). Part 4B of the International Code of Ethics for Professional Accountants (including International Independence Standards) comprises the independence standards for assurance engagements other than audit and review engagements.

The main revisions include:

• Changes in key terminology, including a revised definition of the term “assurance client”

• Amendments to certain independence requirements in light of the revised assurance client definition

• Greater clarity as to the parties to an assurance engagement and their roles and responsibilities, and the related independence requirements that apply

• A clearer distinction between the types of assurance engagement covered in Parts 4A (addressing independence for audit and review engagements) and 4B of the Code