IESBA on January 30, 2020 issued the Exposure Draft (ED) titled Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers for public comments.

The ED includes proposed guidance on the application of the conceptual framework in the International Code of Ethics for Professional Accountants to address the topic of the objectivity of an Engagement Quality Reviewer (EQR). In particular, the proposed guidance:

  • Explains the different types of threat to compliance with the fundamental principle of objectivity that might be created in circumstances where an individual is being considered for appointment as an EQR for a given engagement;
  • Sets out factors to consider in evaluating the level of the identified threats; and
  • Suggests actions that might be safeguards to address the threats.

The last date for submission of comments is March 16, 2020. The ED is can be accessed on the following link: https://www.ethicsboard.org/news-events/2020-01/ iesba-proposes-guidance-address-objectivity- engagement-quality-reviewers

Posted in IFRS