The International Ethics Standards Board for Accountants (IESBA) released revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) to better promote the role and mindset expected of all professional accountants last October 5, 2020.
The revisions explicitly recognize that the accountancy profession is entrusted with public confidence in the wide-ranging roles it plays in society and that such confidence is based on the skills and values it brings to its professional activities. Importantly, they reaffirm the profession's responsibility to act in the public interest and the fundamental role of the Code in meeting that responsibility.
Among other matters, the revisions:
· Reinforce aspects of the principles of integrity, objectivity and professional behavior;
· Raise behavioral expectations of all professional accountants through requiring them to have an inquiring mind as they undertake their professional activities;
· Emphasize the importance of accountants being aware of the potential influence of bias in their judgments and decisions; and
· Highlight the supportive role the right organizational culture can play in promoting ethical conduct and business.
Prior to formal adoption by BOA of the revisions to the Code, we would like to expose this final pronouncement for public comments.
We appreciate receiving your comments on or before January 15, 2022, by replying to this email.