As part of ISCA’s efforts to streamline the ISCA Code of Professional Conduct and Ethics (ISCA Code) with the Code of Ethics for Professional Accountants (IESBA Code) issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC), pronouncements issued in relation to the IESBA Code would be incorporated into the ISCA Code in due course.
In view of the above ISCA would like to seek comments on two EDs, which have been recently issued by the IESBA.
The first ED, Improving the Structure of the Code of Ethics for Professional Accountants—Phase 1 (Structure ED) represents the first application of proposed new structure and drafting conventions for the IESBA Code, covering both a number of the provisions of the Code dealing with its general application and selected sections addressing professional accountants in public practice. In addition to the use of clearer language, key features in the Structure ED include:
Requirements clearly distinguished from application material;
Increased clarity of responsibility for compliance with the IESBA Code’s requirements;
A reorganization of the content of the IESBA Code; and