APES 110 Code of Ethics for Professional Accountants (including Independence Standards) ("the Code") is issued by the Accounting Professional and Ethical Standards Board (APESB). The Code is based on the International Code of Ethics for Professional Accountants (including Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). Additional Australian definitions or paragraphs in the Code contain the prefix AUST. Members practicing in Australia or abroad must comply with the Code unless they are prevented from doing so by applicable laws or regulations. In applying the requirements outlined in the Code, members shall be guided not only by the words, but also by the spirit, of the Code. The IESBA 2022 edition contains recently approved revisions to the Code of Ethics for Professional Accountants. By Steph BrownThe International Ethics Standards Board for Accountants (IESBA) released the 2022 edition of the Handbook of the International Code of Ethics for Professional Accountants (Including International Independence Standards). The handbook replaces the 2021 edition and incorporates revisions that will become effective in December 2022. The code sets out fundamental principles of ethics for professional accountants and provides a conceptual framework to identify, evaluate, and address threats to compliance. The main updates to the code in the 2022 edition are: - The revisions to the nonassurance services (NAS) and fee-related provisions of the code.
- The revisions to address the objectivity of an engagement quality reviewer (EQR) and other appropriate reviewers.
- The quality management-related conforming amendments to the code that were issued as a result of the finalisation of the International Auditing and Assurance Standards Board's suite of quality management standards.
Early adoption of the above revisions is encouraged. The new code also includes an approved change that is not yet effective. The 2022 edition contains the IESBA-approved provisions related to the revised definition of a public interest entity (PIE). The revised provisions specify a broader list of PIE categories, including a new category "publicly traded entity" to replace the category "listed entity". Early adoption is permitted for the revised PIE provisions, which become effective for audits of financial statements for periods beginning on or after 15 December 2024. The 2022 handbook can be found on the IESBA website. Paper copies can be purchased or a digital copy downloaded. — To comment on this article or to suggest an idea for another article, contact Steph Brown at [email protected]. ISCA Codes of Professional Conduct and Ethics
Members of ISCA must adhere to: (a) Ethics Pronouncement (EP) 100 Code of Professional Conduct and Ethics issued by ISCA (ISCA Code); and (b) EP 200 Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore. Please refer to our section Ethics Pronouncements and Implementation Guidances for more details on EP 200.
ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting
All public accountants in Singapore must adhere to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities issued by ACRA (ACRA Code). The ACRA Code can be found in the Fourth Schedule of the Accountants (Public Accountants) Rules, a subsidiary legislation of the Accountants Act. Please click to access the ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities.
IESBA Code of Ethics for Professional Accountants
The Code of Ethics for Professional Accountants issued by IESBA (IESBA Code) establishes ethical requirements for professional accountants. A member body or firm may not apply less stringent standards than those stated in the IESBA Code. The objective of setting the IESBA Code is to harmonise ethical standards and practices on a global basis. Public trust in the accountancy profession can only be enhanced when it is made mandatory for professional accountants to observe and follow strict regulations and ethics codes throughout the world. Please click here to access the IESBA Code of Ethics for Professional Accountants.
EP 100 Code of Professional Conduct and Ethics
All ISCA members must adhere to EP 100 Code of Professional Conduct and Ethics. EP 100 is modelled after the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). It also encompasses any SG provisions included in the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities issued by the Accounting and Corporate Regulatory Authority (ACRA). EP 100 contains four parts. - Part 1 – Complying with the Code, Fundamental Principles and Conceptual Framework, which includes the fundamental principles and the conceptual framework and is applicable to all professional accountants.
- Part 2 – Professional Accountants in Business, which sets out additional material that applies to professional accountants in business when performing professional activities. Part 2 is also applicable to individuals who are professional accountants in public practice when performing professional activities pursuant to their relationship with the firm, whether as a contractor, employee or owner.
- Part 3 – Professional Accountants in Public Practice, which sets out additional material that applies to professional accountants in public practice when providing professional services.
- Part 4 – Independence Standards, which sets out additional material that applies to professional accountants in public practice when providing assurance services.
Ethics Pronouncements (EPs) Description Effective Date EP 100
(First issued on 25 November 2015) Code of Professional Conduct and Ethics Download 1 January 2016 EP 1001
(Revised on 14 August 2018)
Code of Professional Conduct and Ethics Download 15 December 2018 EP 1002, 3
(Revised on 11 December 2019)
Code of Professional Conduct and Ethics Download 1 April 2020
EP 1004
(Revised on 28 July 2020)
Code of Professional Conduct and Ethics Download 1 April 2020
EP 1005
(Revised on 14 August 2020)
Code of Professional Conduct and Ethics Download 1 March 2021
EP 1006
(Revised on 7 July 2021)
Code of Professional Conduct and Ethics Download 31 December 2021
EP 1007
(Revised on 7 September 2022)
Code of Professional Conduct and Ethics Download 15 December 2022 Notes: - EP 100 (revised on 14 August 2018)
EP 100 was revised on 14 August 2018 to reflect the changes to the provisions on long association of senior personnel with an audit or assurance client. The provisions deal with familiarity and self-interest threats created when the firm uses the same senior personnel on an audit or assurance engagement over a long period of time. The revised EP 100 was effective from 15 December 2018. - EP 100 (revised on 11 December 2019)
ISCA has revised EP100 on 11 December 2019 to adopt the pronouncement of Responding to Non-Compliance with Laws and Regulations (the NOCLAR Pronouncement) based on the final pronouncement of Responding to NOCLAR issued by IESBA. The NOCLAR Pronouncement is effective as of 1 April 2020. - ISCA issued a communique to inform that certain financial institutions (“FIs”) are not public interest entities (“PIEs”) for purpose of ISCA EP 100. Money changers and representative office are amongst the few FIs that are not PIEs. For more information, please click here.
- EP 100 (revised on 28 July 2020)
ISCA has revised EP 100 on 28 July 2020 to incorporate consequential amendments to the definition of financial institutions due to the implementation of the Payment Services Act 2019. Arising from this, changes have been made to the definition of financial institutions in EP 100. EP 100 (revised on 28 July 2020) is effective as of 1 April 2020. - EP 100 (revised on 14 August 2020)
ISCA has revised EP100 on 14 August 2020 to adopt the Final Pronouncements relating to the Restructured Code and Revisions to the Code Pertaining to the Offering and Accepting of Inducements issued by IESBA. For more information, please refer to EP 100 Local News. The revised EP 100 is effective as of 1 March 2021. - EP 100 (revised on 7 July 2021)
ISCA has revised EP 100 on 7 July 2021 to adopt two IESBA’s Final Pronouncements, Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised) and Revisions to the Code to Promote the Role and Mindset Expected of Professional Accountants. For more information, please refer to EP 100 Local News. The revised EP 100 is effective 31 December 2021. - EP 100 (revised on 7 September 2022)
ISCA has revised EP100 on 7 September 2022 to adopt four IESBA’s final pronouncements (FPs) and a revised SG provision:
Who developed the Code of Ethics for Professional Accountants?
Background. In June 2005, the IESBA (formerly the Ethics Committee) issued a revised Code of Ethics for Professional Accountants. The revised Code establishes a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics: Integrity.
What is the International Code of Ethics for Professional Accountants?
The International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) sets out fundamental principles of ethics for professional accountants, reflecting the profession's recognition of its public interest responsibility.
Who created IESBA?
The Exploring the IESBA Code series, developed by IFAC in collaboration with the International Ethics Standards Board for Accountants (IESBA), is intended to promote awareness, adoption and implementation of the International Code of Ethics for Professional Accountants (including International Independence Standards).
Who appointed the members of the IESBA Board?
The members of the IESBA, including the Chair and Deputy Chair, are appointed by the IFAC Board on the recommendation of the Nominating Committee and with the approval of the PIOB. The appointment as Deputy Chair does not imply that the individual concerned is the Chair-elect.
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