ICAG NEWSLETTER MAY 2022, Volume 5

ICAG

dc.contributor.author	ICAG
dc.date.accessioned	2022-06-16T13:48:35Z
dc.date.available	2022-06-16T13:48:35Z
dc.date.issued	2022-05
dc.identifier.uri	http://41.66.247.10:8080/xmlui/handle/123456789/415
dc.description	The proposed revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) establish provisions that comprehensively address independence considerations for firms and individuals involved in an engagement to perform an audit of group financial statements. The proposals also address the independence implications of the change in the definition of an engagement team a concept central to an audit of financial statements in the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements. Among other matters, the proposals: Establish new defined terms and revise a number of existing terms, including for application with respect to independence in a group audit context. Clarify and enhance the independence principles that apply to: Individuals involved in a group audit. Firms engaged in the group audit, including firms within and outside the group auditor firm’s network. More explicitly set out the process to address a breach of an independence provision at a component auditor firm, including reinforcing the need for appropriate communication between the relevant parties and with those charged with governance of the group. Align a number of provisions in the Code to conform to changes in the IAASB’s Quality Management standards. Comments requested by May 31, 2022. Source: www.eticsboard.org/publication/	en_US
dc.description.abstract	The proposed revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) establish provisions that comprehensively address independence considerations for firms and individuals involved in an engagement to perform an audit of group financial statements. The proposals also address the independence implications of the change in the definition of an engagement team a concept central to an audit of financial statements in the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements. Among other matters, the proposals: Establish new defined terms and revise a number of existing terms, including for application with respect to independence in a group audit context. Clarify and enhance the independence principles that apply to: Individuals involved in a group audit. Firms engaged in the group audit, including firms within and outside the group auditor firm’s network. More explicitly set out the process to address a breach of an independence provision at a component auditor firm, including reinforcing the need for appropriate communication between the relevant parties and with those charged with governance of the group. Align a number of provisions in the Code to conform to changes in the IAASB’s Quality Management standards. Comments requested by May 31, 2022. Source: www.eticsboard.org/publication/	en_US
dc.description.sponsorship	ICAG LIBRARY, TECHNICAL DEPARTMENT	en_US
dc.language.iso	en	en_US
dc.publisher	ICAG LIBRARY	en_US
dc.relation.ispartofseries	MAY 2022, Volume 5;
dc.subject	ICAG NEWSLETTER MAY 2022 Volume 5 ICAG LIBRARY NYARKO TWUM OSBORN ERNEST YAW DENKYIRA	en_US
dc.title	ICAG NEWSLETTER MAY 2022, Volume 5	en_US
dc.type	Article	en_US