Search

Keyword Search

A summary list of the explicit prohibitions in the Code is provided below. This list details those provisions that contain a "shall not" statement and is a subset of the Requirements set out in the Code.  

A professional accountant is required to apply the principles-based provisions in the conceptual framework set out in Section 120 to identify, evaluate and address threats to compliance with the fundamental principles of ethics and, where applicable, to independence. These explicit prohibitions are the result of the IESBA applying that conceptual framework to certain situations and determining that threats to compliance with the fundamental principles are at a level at which actions or safeguards cannot be applied. Accordingly, the activity, interest or relationship is prohibited by the Code.  This list should not be viewed as all-inclusive because the application of the conceptual framework might result in the professional accountant concluding that the threats created by a particular situation can only be addressed by declining or ending the specific professional activity.

Some of these prohibitions apply to audits of entities that are public interest entities only.

 

90 Results for

PROFESSIONAL ACCOUNTANTS IN BUSINESS > PRESSURE TO BREACH THE FUNDAMENTAL PRINCIPLES

R270.3

A professional accountant shall not: Allow pressure from others to result in a breach of compliance with the fundamental principles; or Place pressure on others that the accountant knows, or has reason to believe, would result in the other individuals breaching the fundamental principles. ...

PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE > CONFLICTS OF INTEREST

R310.4

A professional accountant shall not allow a conflict of interest to compromise professional or business judgment....

PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE > INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY

R340.7

A professional accountant shall not offer, or encourage others to offer, any inducement that is made, or which the accountant considers a reasonable and informed third party would be likely to conclude is made, with the intent to improperly influence the behavior of the recipient or of another individual....

PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE > INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY

R340.8

A professional accountant shall not accept, or encourage others to accept, any inducement that the accountant concludes is made, or considers a reasonable and informed third party would be likely to conclude is made, with the intent to improperly influence the behavior of the recipient or of another individual....

PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE > CUSTODY OF CLIENT ASSETS

R350.3

A professional accountant shall not assume custody of client money or other assets unless permitted to do so by law and in accordance with any conditions under which such custody may be taken....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > Fees

R410.10

A firm shall not charge directly or indirectly a contingent fee for an audit engagement....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > Fees

R410.11

A firm or network firm shall not charge directly or indirectly a contingent fee for a non-assurance service provided to an audit client, if: The fee is charged by the firm expressing the opinion on the financial statements and the fee is material or expected to be material to that firm; The fee is charged by a network firm that participates in a significant part of the audit and the fee is material or expected to be material to that ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > COMPENSATION AND EVALUATION POLICIES

R411.4

A firm shall not evaluate or compensate a key audit partner based on that partner’s success in selling non-assurance services to the partner’s audit client. This requirement does not preclude normal profit-sharing arrangements between partners of a firm....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > GIFTS AND HOSPITALITY

R420.3

A firm, network firm or an audit team member shall not accept gifts and hospitality from an audit client, unless the value is trivial and inconsequential....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > FINANCIAL INTERESTS

R510.4

Subject to paragraph R510.5, a direct financial interest or a material indirect financial interest in the audit client shall not be held by: The firm or a network firm; An audit team member, or any of that individual’s immediate family; Any other partner in the office in which an engagement partner practices in connection with the audit engagement, or any of that other partner’s immediate family; or Any other partner or managerial employee who provides non-audit services to the ...

« First « Previous 1 2 3 4 5 6 7 8 9 Next » Last »

Did you find what you were looking for?

Yes No

Note About Available Versions

This version includes content that has been approved by the IESBA but is either not yet effective or has been superseded by a newer version. You are able to return to the extant version at any time by clicking on “Return to Extant Version” in the black bar at the top of any page.

I Understand

December 2021

You are now leaving the extant Code to view another version that contains passages that have either been superseded or that have been issued but are not yet effective.

This version of the eCode incorporates revisions to the Code to promote the role and mindset expected of professional accountants.

Revisions to the Code to promote the role and mindset expected of professional accountants will be effective as of December 31, 2021. Early adoption will be permitted



 

I Understand