FEE published its comment letter regarding the IESBA ED on the “Proposed Changes to Certain Provisions of the Code Addressing Non-Assurance Services for Audit Clients”.
In its responses to the IESBA Consultation Paper on the Proposed Strategy and Work Plan 2014-20181, FEE stressed the importance of a pause in both ethics and independence standard setting. After a period of high-quality and high-volume standard-setting, it is time for the IESBA to focus on adoption and implementation. Further ad-hoc amendments to the IESBA Code of Ethics for Professional Accountants (the Code) cannot be justified without evidence of an urgent need for change.
FEE also thinks that an improved structure of the Code is needed to convince stakeholders to adopt and implement this Code. With regard to the structure itself, FEE reiterates its support to:
- Aiming to reduce the length of the Code and clarifying its language;
- Splitting off the independence section; and
- Dividing the whole Code into sections separating requirements and prohibitions from application guidance and examples.
Furthermore, the IESBA 2014-2016 Strategic Survey, as responded to by FEE in March 2013, consulted on the importance of the work stream addressed by this ED. Hereby, FEE classified the non-assurance services project as ‘very unimportant’. This classification is still valid.
Full comment letter
© FEE
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