The International Ethics Standards Board for Accountants’
(IESBA) Code of Ethics for Professional Accountants (including
International Independence Standards) (the IESBA Code) now
requires firms to publicly disclose when they have applied the
independence requirements for Public Interest Entities (PIEs) in
an audit of financial statements.
In order to action this new requirement, recently, the International
Auditing and Assurance Standards Board (IAASB) released
certain narrow scope amendments to the International Standard
on Auditing (ISA) 700 (Revised),
Forming an Opinion and
Reporting on Financial Statements
and ISA 260 (Revised),
Communication with Those Charged with Governance. These
amendments provide a clear and practical framework for
implementing the new requirement introduced by IESBA through
appropriate communication in the auditor’s report and with those
charged with governance.
To access the text of the IAASB amendments, please click here
