International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) is the culmination of extensive research and global stakeholder consultation. The Code includes substantive revisions and is completely rewritten under a new structure and drafting convention. The Code brings together key ethics advances over the past four years, including

the NOCLAR and Long Association provisions and includes an enhanced conceptual framework. Key revisions include:

  • Revised “safeguards” provisions better aligned to threats to compliance with the fundamental principles;
  • Stronger independence provisions regarding long association of personnel with audit clients;
  • New and revised sections dedicated to professional accountants in business (PAIBs) relating to:
    • preparing and presenting information; and
    • pressure to breach the fundamental principles.
  • Clear guidance for accountants in public practice that relevant PAIB provisions are applicable to them;
  • New guidance to emphasize the importance of understanding facts and circumstances when exercising professional judgment; and
  • New guidance to explain how compliance with the fundamental principles supports the exercise of professional skepticism in an audit or other assurance engagements.

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