The International Ethical Standards Committee for Accountants (IESBA) has released the 2021 Edition of the International Code of Professional Ethics Handbook for Professional Accountants (including international standards of independence). The new 2021 version includes recently approved revisions to the Code such as:
Amendments to Section 4B to adjust the terms and concepts used in the Code to consistent to the terms and concepts in the International Standard of Assurance Services (ISAE) 3000 (Reissue) issued by the International Audit and Assurance Services Standards Committee (IAASB). These amendments take effect from June 2021.
– The amendment of Sections 1 and 2 aims to promote the role and mindset of professional accountants. Those amendments will take effect in December 2021 and are encouraged to apply soon.
Amendments that have been approved but not yet in effect until December 2022 will be included in the back of this Handbook, including amendments to:
+ Principles on the objectivity of the quality reviewer of the service contract and other appropriate reviewers.
+ Non-guaranteed service terms.
+ Terms are related to fees.
You can see the full International Code of Professional Code handbook for professional accountants here!
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