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

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

R608.5

A partner or employee of the firm or the network firm shall not serve as General Counsel for legal affairs of an audit client....

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

R608.6

A firm or a network firm shall not act in an advocacy role for an audit client in resolving a dispute or litigation when 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 > RECRUITING SERVICES

R609.6

When providing recruiting services to an audit client, the firm or the network firm shall not act as a negotiator on the client’s behalf....

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

R609.7

A firm or a network firm shall not provide a recruiting service to an audit client if the service relates to: Searching for or seeking out candidates; or Undertaking reference checks of prospective candidates, with respect to the following positions: A director or officer of the entity; or A member of senior management in a position to exert significant influence over the preparation of the client’s accounting records or 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 > CORPORATE FINANCE SERVICES

R610.4

A firm or a network firm shall not provide corporate finance services to an audit client that involve promoting, dealing in, or underwriting the audit client’s shares....

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

R610.5

A firm or a network firm shall not provide corporate finance advice to an audit client where the effectiveness of such advice depends on a particular accounting treatment or presentation in the financial statements on which the firm will express an opinion 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 corporate finance advice will have a material ...

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > REPORTS ON SPECIAL PURPOSE FINANCIAL STATEMENTS THAT INCLUDE A RESTRICTION ON USE AND DISTRIBUTION (AUDIT AND REVIEW ENGAGEMENTS)

R800.5

When the firm performs an eligible audit engagement, any modifications to Part 4A shall be limited to those set out in paragraphs R800.7 to R800.14. The firm shall not apply these modifications when an audit of financial statements is required by law or regulation....

INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS > REPORTS ON SPECIAL PURPOSE FINANCIAL STATEMENTS THAT INCLUDE A RESTRICTION ON USE AND DISTRIBUTION (AUDIT AND REVIEW ENGAGEMENTS)

R800.12

When the firm performs an eligible audit engagement, the firm, in applying the provisions set out in paragraphs R510.4(a), R510.6 and R510.7 to interests of the firm, shall not hold a material direct or a material indirect financial interest in the audit client....

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > FEES

R905.7

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

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > FEES

R905.8

A firm shall not charge directly or indirectly a contingent fee for a non-assurance service provided to an assurance client if the outcome of the non-assurance service, and therefore, the amount of the fee, is dependent on a future or contemporary judgment related to a matter that is material to the subject matter information of the assurance engagement....

« 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