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ACRA has today issued changes to the Code of Professional Conduct and Ethics (the Code) for public accountants and accounting entities relating to long association of personnel with an audit or assurance client.
The changes are intended to give effect to the Close-Off Document on Changes to the Code Addressing the Long Association of Personnel with an Audit or Assurance Client issued by the International Ethics Standards Board for Accountants (or IESBA).
The changes are set out in the Accountants (Public Accountants) (Amendment) Rules 2018 which can be accessed here (PDF, 58KB). Subject to the transitional provision, the revised provisions will take effect for audits of financial statements for periods beginning on or after 15 December 2018 and for other assurance engagements from 15 December 2018.
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