IESBA publish Covid-19 Ethics and Independence Considerations:

Jul 03, 2020

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)


 2.  Considerations for auditors and other professional accountants in public 

  • 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.