ISCA Codes of Professional Conduct and Ethics

Members of ISCA must adhere to:

(a)     Ethics Pronouncement (EP) 100 Code of Professional Conduct and Ethics issued by ISCA (ISCA Code); and

(b)     EP 200 Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore.

Please refer to our section Ethics Pronouncements and  Implementation Guidances for more details on EP 200.

ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities

All public accountants in Singapore must adhere to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities issued by ACRA (ACRA Code). A breach of the ACRA Code constitutes grounds for disciplinary proceedings under the Accountants Act.

Please click here to access the ACRA Code.

IESBA Code of Ethics for Professional Accountants

The Code of Ethics for Professional Accountants issued by IESBA (IESBA Code) establishes ethical requirements for professional accountants. A member body or firm may not apply less stringent standards than those stated in the IESBA Code.

The objective of setting the IESBA Code is to harmonise ethical standards and practices on a global basis. Public trust in the accountancy profession can only be enhanced when it is made mandatory for professional accountants to observe and follow strict regulations and ethics codes throughout the world.

Please click here to access the IESBA Code of Ethics for Professional Accountants.

EP 100 Code of Professional Conduct and Ethics

All ISCA members must adhere to EP 100 Code of Professional Conduct and Ethics. EP 100 is modelled after the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). It also encompasses any SG provisions included in the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities issued by the Accounting and Corporate Regulatory Authority (ACRA). EP 100 contains four parts.

• Part 1 – Complying with the Code, Fundamental Principles and Conceptual Framework, which includes the fundamental principles and the conceptual framework and is applicable to all professional accountants.
• Part 2 – Professional Accountants in Business, which sets out additional material that applies to professional accountants in business when performing professional activities. Part 2 is also applicable to individuals who are professional accountants in public practice when performing professional activities pursuant to their relationship with the firm, whether as a contractor, employee or owner.
• Part 3 – Professional Accountants in Public Practice, which sets out additional material that applies to professional accountants in public practice when providing professional services.
• Part 4 – Independence Standards, which sets out additional material that applies to professional accountants in public practice when providing assurance services.

Notes:

1. EP 100 (revised on 14 August 2018)
   
   EP 100 was revised on 14 August 2018 to reflect the changes to the provisions on long association of senior personnel with an audit or assurance client. The provisions deal with familiarity and self-interest threats created when the firm uses the same senior personnel on an audit or assurance engagement over a long period of time.
   
   The revised EP 100 was effective from 15 December 2018. 
   
   
2. EP 100 (revised on 11 December 2019)
   
   ISCA has revised EP100 on 11 December 2019 to adopt the pronouncement of Responding to Non-Compliance with Laws and Regulations (the NOCLAR Pronouncement) based on the final pronouncement of Responding to NOCLAR issued by IESBA.
   
   The NOCLAR Pronouncement is effective as of 1 April 2020.  
   
   
3. ISCA issued a communique to inform that certain financial institutions (“FIs”) are not public interest entities (“PIEs”) for purpose of ISCA EP 100. Money changers and representative office are amongst the few FIs that are not PIEs. For more information, please click here.
   
   
4. EP 100 (revised on 28 July 2020)
   
   ISCA has revised EP 100 on 28 July 2020 to incorporate consequential amendments to the definition of financial institutions due to the implementation of the Payment Services Act 2019. Arising from this, changes have been made to the definition of financial institutions in EP 100.
   
   EP 100 (revised on 28 July 2020) is effective as of 1 April 2020.  
   
   
5. EP 100 (revised on 14 August 2020)
   
   ISCA has revised EP100 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. For more information, please refer to  EP 100 Local News.
   
   The revised EP 100 is effective as of 1 March 2021.
   
   
6. EP 100 (revised on 7 July 2021)
   
   ISCA has revised EP 100 on 7 July 2021 to adopt two IESBA’s Final Pronouncements, Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised) and Revisions to the Code to Promote the Role and Mindset Expected of Professional Accountants. For more information, please refer to EP 100 Local News.
   
   The revised EP 100 is effective 31 December 2021.
   
   
7. EP 100 (revised on 7 September 2022)
   
   ISCA has revised EP100 on 7 September 2022 to adopt four IESBA’s final pronouncements (FPs) and a revised SG provision:
• Revisions to the Code Addressing the Objectivity of an Engagement Quality Reviewer and Other Appropriate Reviewers (EQR FP);
• Revisions to the Fee-related Provisions of the Code (Fees FP);
• Revisions to the Non-Assurances Services Provisions of the Code (NAS FP);
• Quality Management-related Conforming Amendments to the Code (QM FP); and
• Revised SG provision, SG410.27A, applicable to audit clients that are listed entities.


The revised EP 100 is effective 15 December 2022. For more information, please refer to EP 100 Local News.

8. EP 100 (revised on 30 August 2023)
   
   ISCA has revised EP 100 on 30 August 2023 to adopt IESBA’s final pronouncement, Revisions to the Code Relating to the Definition of Engagement Team and Group Audits (“ET-GA FP”). 
   
   The revised EP 100 is effective 15 December 2023. For more information, please refer to EP 100 Local News.
   
   
9. EP 100 (revised on 8 August 2024)
   
   ISCA has revised EP 100 on 8 August 2024 to adopt two IESBA final pronouncements, Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code and Technology-related Revisions to the Code. For purposes of local adaptation, the SG definition of “public interest entity” (PIE) in the Glossary of EP 100 was revised to clarify on the entities that would be considered as PIEs locally. 
   
   The revised EP 100 is effective 15 December 2024. For more information, please refer to EP 100 Local News.