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ISCA’s Code Of Professional Conduct And Ethics (EP 100 or the Code) is modelled after the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). EP 100 encourages regular communication between an audit firm (the firm) and those charged with governance (TCWG) of the audit client regarding relationships and other matters that might, in the firm’s opinion, reasonably bear on independence. Such communication aids TCWG in their evaluation of the firm’s independence, after considering the firm’s judgements in identifying and evaluating threats to independence and how the firm has addressed such threats through the use of safeguards or actions taken where appropriate.
When the audit client is a public interest entity (PIE), stakeholders have heightened expectations regarding the firm’s independence. Hence, EP 100 (Revised on 7 September 2022), effective 15 December 2022, introduces the requirement for firms with PIE audit clients to obtain concurrence of TCWG prior to the provision of non-assurance services (NAS) by the firm or a network firm to that PIE audit client, its downstream controlled entities and any entity that controls that PIE directly or indirectly (the Requirement).
This article clarifies and sets out the ISCA Ethics Committee’s views on the possible approaches to comply with the Requirement.
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