International Ethics Standards Board for Accountants (IESBA) published a list of considerations for ethics and independence arising from Covid-19.
In the foreword, IESBA Chairman, Dr. Stavros Thomadakis, highlights “being honest, competent and objective are virtues heavily valued for all professionals, particularly in adversity. Professional accountants are advantaged by having a highly developed, clear and well-structured international Code of Ethics guiding their judgement and behaviour”.
The considerations, presented in a Q&A format in the document, include:
- Considerations for all professional accountants:
- Threats to the fundamental principles of the Code of Ethics – i.e. Objectivity, integrity, professional behaviour, professional competence and due care, and confidentiality.
- Safeguards against threats to the fundamental principles.
- Pressure arising from Covid-19 related issues.
- Preparing and presenting information.
- Non-compliance with laws and regulations (NOCLAR)
2. Considerations for auditors and other professional accountants in public
practice:
- Fee considerations, including overdue fees, in the Covid-19 environment.
- Provision of non-assurance services, including providing advice and assistance.
- Long association, including partner rotation.
- Communication with those charged with governance.