EP 100 establishes ethical requirements for members of the Institute of Singapore Chartered Accountants (ISCA) and is modelled after the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA).
ISCA has issued EP100 (revised on 14 August 2020) to adopt the Final Pronouncements relating to the Restructured Code and Revisions to the Code Pertaining to the Offering and Accepting of Inducements issued by IESBA.
EP 100 (revised on 14 August 2020) is expected to be effective as of 1 March 2021. Early adoption is permitted.
EP 100 (revised on 14 August 2020) incorporates several substantive additions and revisions, including:
An enhanced and more prominently featured conceptual framework.
Clearer and more robust provisions pertaining to safeguards that are better aligned with threats to compliance with the fundamental principles and to independence.
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 professional accountants in public practice (PAPPs) that relevant PAIB provisions set out in Part 2 of the proposed EP 100 are applicable to them.
Strengthened provisions for PAIBs and PAPPs pertaining to the offering or accepting of inducements, including gifts and hospitality.
New application material to emphasize the importance of understanding facts and circumstances when exercising professional judgement.
New application material to explain how compliance with the fundamental principles supports the exercise of professional scepticism in an audit or other assurance engagement.
Please click here for the EP 100 (revised on 14 August 2020).