IESBA publish Covid-19 Ethics and Independence Considerations:

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:

1. 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)

   

• 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.