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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.

 

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INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > ACCOUNTING AND BOOKKEEPING SERVICES

R601.5

A firm or a network firm shall not provide to an audit client that is not a public interest entity accounting and bookkeeping services including preparing financial statements on which the firm will express an opinion or financial information which forms the basis of such financial statements, unless: The services are of a routine or mechanical nature; and The firm addresses any threats that are created by providing such services that are not at an acceptable level. ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > ACCOUNTING AND BOOKKEEPING SERVICES

R601.6

Subject to paragraph R601.7, a firm or a network firm shall not provide to an audit client that is a public interest entity accounting and bookkeeping services including preparing financial statements on which the firm will express an opinion or financial information which forms the basis of such financial statements....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > VALUATION SERVICES

R603.4

A firm or a network firm shall not provide a valuation service to an audit client that is not a public interest entity if: The valuation involves a significant degree of subjectivity; and The valuation will have a material effect on the financial statements on which the firm will express an opinion. ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > VALUATION SERVICES

R603.5

A firm or a network firm shall not provide a valuation service to an audit client that is a public interest entity if the valuation service would have a material effect, individually or in the aggregate, on the financial statements on which the firm will express an opinion....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > TAX SERVICES

R604.6

A firm or a network firm shall not prepare tax calculations of current and deferred tax liabilities (or assets) for an audit client that is a public interest entity for the purpose of preparing accounting entries that are material to the financial statements on which the firm will express an opinion....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > TAX SERVICES

R604.8

A firm or a network firm shall not provide tax planning and other tax advisory services to an audit client when the effectiveness of the tax advice depends on a particular accounting treatment or presentation in the financial statements and: The audit team has reasonable doubt as to the appropriateness of the related accounting treatment or presentation under the relevant financial reporting framework; and The outcome or consequences of the tax advice will have a material effect on the financial ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > TAX SERVICES

R604.11

A firm or a network firm shall not provide tax services that involve assisting in the resolution of tax disputes to an audit client if: The services involve acting as an advocate for the audit client before a public tribunal or court in the resolution of a tax matter; and The amounts involved are material to the financial statements on which the firm will express an opinion. ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > INTERNAL AUDIT SERVICES

R605.5

A firm or a network firm shall not provide internal audit services to an audit client that is a public interest entity, if the services relate to: A significant part of the internal controls over financial reporting; Financial accounting systems that generate information that is, individually or in the aggregate, material to the client’s accounting records or financial statements on which the firm will express an opinion; or Amounts or disclosures that are, individually or in the aggregate, material to ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > INFORMATION TECHNOLOGY SYSTEMS SERVICES

R606.5

A firm or a network firm shall not provide IT systems services to an audit client that is a public interest entity if the services involve designing or implementing IT systems that: Form a significant part of the internal control over financial reporting; or Generate information that is significant to the client’s accounting records or financial statements on which the firm will express an opinion. ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT > LITIGATION SUPPORT SERVICES

607.3 A4

If a firm or a network firm provides a litigation support service to an audit client and the service involves estimating damages or other amounts that affect the financial statements on which the firm will express an opinion, the requirements and application material set out in Subsection 603 related to valuation services apply....

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