For a number of years, the Institute's Code of Ethics has consisted of 5 Parts. From 1 July 2026 'Part 5 - Insolvency Practitioners' is withdrawn. The remaining Parts 1-4, remain effective from 1 March 2020 until the next future revision (see note below). Institute members who are licensed insolvency practitioners in the UK continue to comply with the relevant ethical requirements of the Recognised Professional Body which grants their insolvency licence. Institute members who are insolvency practitioners in Ireland have regard to the recently published Institute’s Technical Alert 03 2026 Ethical considerations for Insolvency Practitioners.
All Institute members, including those involved in insolvency work, comply with the requirements of Parts 1 to 4 of the Institute’s Code of Ethics.
Planned revisions of the Institute's Code of Ethics - Parts 1-4
The Institute has commenced a project to update the Institute's Code of Ethics to ensure it remains in line with the International Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA). IESBA is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards.
The Institute's Code of Ethics, last updated in 2020, aligns with the IESBA Code of Ethics with some essential additional material relevant to Institute members. Since the Institute's Code of Ethics was last updated, IESBA has brought into effect updates to the IESBA Code to address the following topics:
- Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in International Standard on Assurance Engagements 3000 (Revised)
- Revisions to the Code to Promote the Role and Mindset Expected of Professional Accountants
- Revisions to the Code Addressing the Objectivity of an Engagement Quality Reviewer and Other Appropriate Reviewers
- Revisions to the Non- Assurance Services Provisions of the Code
- Revisions to the Fee-related Provisions of the Code
- Revisions to the Definitions of Listed Entity and Public Interest Entity in the Code
- Quality Management-related Conforming Amendments to the Code
- Revisions to the Code Relating to the Definition of Engagement Team and Group Audits
- Technology-related Revisions to the Code
- Revisions to the Code Addressing Tax Planning and Related Services
The Institute will include these revisions in the next edition of the Institute's Code of Ethics - expected in 2027. We will keep members informed in relation to this project. Institute members can read about the detail of the IESBA revisions on the IESBA website.
Institute members are reminded that the independence standards within Part 4 of the IESBA Code and, therefore the Institute Code of Ethics, do not apply in relation to audits performed pursuant to ISAs (Ireland) or ISAs (UK). In respect of those audit engagements, members comply with the IAASA Ethical Standard for Auditors and the FRC Ethical Standard for Auditors respectively.
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