Effective from September 9, 2024, the 2024 IESBA Code of Ethics for Professional Accountants will be applied to all monitoring visits. This new handbook replaces the 2023 edition and introduces several key updates, including:
Revised Definition of Public Interest Entity (PIE)
A broader range of mandatory categories is now included in the definition of PIE, with a new "publicly traded entity" category replacing "listed entity." These changes will take effect for audits of financial statements for periods beginning on or after December 15, 2024.
Updated Definitions of “Audit Client” and “Group Audit Client”
Changes in the Glossary reflect the updated definitions of listed entities and PIEs. The updated definitions will apply to audits of financial and group financial statements for periods beginning on or after December 15, 2024.
Technology-Related Provisions
New revisions addressing the ethical implications of technology are included. Parts 1 to 3 of the Code will be effective as of December 15, 2024. Part 4A revisions will apply to audits and reviews of financial statements for periods beginning on or after December 15, 2024.
Additionally, the 2024 Handbook contains IESBA-approved revisions that will become effective after June 2025. These future revisions include updates on Tax Planning and Related Services.
All members are encouraged to thoroughly review the 2024 Code. Understanding these changes is crucial for maintaining adherence to ethical practices and fulfilling your professional responsibilities.
For more information, visit the International Code of Ethics for Professional Accountants | Ethics Board.
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