The International Auditing and Assurance Standards Board (IAASB) issued its Exposure Draft (ED) on conforming amendments to the International Standards as a result of the revised International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) that was effective from 15 June 2019.
The IAASB's International Standards (the International Standards) refer to the IESBA Code in various ways, ranging from simple references to the title of the IESBA Code to detailed references to specific paragraphs in the IESBA Code as it existed before April 2018. The purpose of making the revisions is solely to align the extant wording with the revised IESBA Code to ensure that the International Standards can continue to be applied effectively together with the revised code.
The ED includes those amendments that the IAASB has determined would be necessary to resolve actual or perceived inconsistencies between the IAASB’s International Standards and the changes made by IESBA in issuing the revised IESBA Code. All the changes are relatively minor or editorial in nature, or are changes only to reflect existing obligations under the revised IESBA Code.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above proposals.