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On 21 September 2023, the International Ethics Standards Board for Accountants (IESBA) released the 2023 Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the handbook). The handbook replaces the 2022 edition and incorporates the following revisions:

  • The revisions relating to the definition of ‘engagement team’ and ‘group audits’. These deal with the independence and other implications of changes made to the definition of ‘engagement team’, in order to align with the corresponding changes made in the International Auditing and Assurance Standards Board (IAASB’s) International Standards on Auditing (ISAs) and International Standards on Quality Management (ISQMs). The revised provisions relating to the definition of ‘engagement team’ and ‘group audits’ would be effective for audits of financial statements and group financial statements for periods beginning on or after 15 December 2023
  • The upcoming expiry of the ‘jurisdictional provision’, addressing long association of personnel with an audit client. The jurisdictional provision would expire and no longer be available for audits of financial statements for periods beginning on or after 15 December 2023.

To access the text of the handbook, please click here

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