The staff of the International Ethics Standards Board for Accountants (IESBA) today released a set of frequently asked questions (FAQ) on the recently revised version tariff provisions of the International Code of Ethics for Professional Accountants (including International Independence Standards) (the code).

The FAQs were informed by extensive discussions and consultations with a wide range of stakeholder groups and by the IESBA’s own deliberations during the development and finalization of the standard.

The publication is designed to highlight, illustrate or explain aspects of the revised fee provisions in the Code and thus assist in their proper application. It is intended to complement the Basis for Conclusions for the final standard and to assist national standard setters, professional accountancy organizations and professional accountants in practice (including firms) in the adoption and/or implementation of the revised provisions.

The publication is also intended to help regulators and audit oversight bodies, the corporate governance community, investors, preparers, educational bodies or institutions and other stakeholders understand the standard. revised and its application.

The revised standard addresses a number of topics, including threats to independence created by fees paid by an audit client (including fees for non-audit services), fee dependency and transparency fee disclosures for those charged with governance and the public from an auditor independence perspective for public-interest entities.

The revised standard is effective for audits of financial statements for periods beginning on or after December 15, 2022. Read the provisions here.