In August 2014, the International Ethics Standards Board for Accountants (IESBA) issued an ED proposing changes to certain provisions of the Code of Ethics for Professional Accountants (IESBA Code) addressing the long association of personnel with an audit or assurance client. A limited re-ED was issued in February 2016 and is currently undergoing consultation (collectively referred to as the Long Association EDs).
ISCA Accompany Document
As the ACRA and ISCA Codes of Professional Conduct and Ethics are closely aligned to the IESBA Code, the proposed changes in the Long Association EDs may significantly impact rotation requirements for key audit partners (KAPs) of public interest entities (PIEs) in Singapore, if adopted. In view of the above, ISCA would like to obtain feedback on specific issues arising from the proposed changes in the Long Association EDs which may potentially affect the auditing profession in Singapore.
Questions of specific issues which may potentially affect the auditing profession in Singapore have been posed in the ISCA Accompany Document.
Please click here for the IESBA re-ED and ISCA Accompanying Document
Please note that for the purpose of the IESBA re-ED, the existing SG provisions in the extant ISCA Code have not been incorporated.
Members are encouraged to provide your comments on the IESBA re-ED and ISCA Accompanying Document, if any, by Friday, 8 April 2016.