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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.

 

90 Results for

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > LOANS AND GUARANTEES

R911.7

A firm or an assurance team member, or any of that individual’s immediate family, shall not accept a loan from, or have a borrowing guaranteed by, an assurance client that is not a bank or similar institution, unless the loan or guarantee is immaterial to both: The firm, or the individual receiving the loan or guarantee, as applicable; and The client. ...

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > LOANS AND GUARANTEES

R911.7

A firm or an assurance team member, or any of that individual’s immediate family, shall not accept a loan from, or have a borrowing guaranteed by, an assurance client that is not a bank or similar institution, unless the loan or guarantee is immaterial to both: The firm, or the individual receiving the loan or guarantee, as applicable; and The client. ...

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > BUSINESS RELATIONSHIPS

R920.4

A firm or an assurance team member shall not have a close business relationship with an assurance client or its management unless any financial interest is immaterial and the business relationship is insignificant to the client or its management and the firm or the assurance team member, as applicable....

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > BUSINESS RELATIONSHIPS

R920.4

A firm or an assurance team member shall not have a close business relationship with an assurance client or its management unless any financial interest is immaterial and the business relationship is insignificant to the client or its management and the firm or the assurance team member, as applicable....

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > FAMILY AND PERSONAL RELATIONSHIPS

R921.5

An individual shall not participate as an assurance team member when any of that individual’s immediate family: Is a director or officer of the assurance client; In an attestation engagement, is an employee in a position to exert significant influence over the subject matter information of the assurance engagement; or Was in such a position during any period covered by the engagement or the subject matter information. ...

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > FAMILY AND PERSONAL RELATIONSHIPS

R921.5

An individual shall not participate as an assurance team member when any of that individual’s immediate family: Is a director or officer of the assurance client; In an attestation engagement, is an employee in a position to exert significant influence over the subject matter information of the assurance engagement; or Was in such a position during any period covered by the engagement or the subject matter information. ...

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > RECENT SERVICE WITH AN ASSURANCE CLIENT

R922.3

The assurance team shall not include an individual who, during the period covered by the assurance report: Had served as a director or officer of the assurance client; or Was an employee in a position to exert significant influence over the underlying subject matter or, in an attestation engagement, an employee in a position to exert significant influence over the subject matter information of the assurance engagement. ...

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > RECENT SERVICE WITH AN ASSURANCE CLIENT

R922.3

The assurance team shall not include an individual who, during the period covered by the assurance report: Had served as a director or officer of the assurance client; or Was an employee in a position to exert significant influence over the underlying subject matter or, in an attestation engagement, an employee in a position to exert significant influence over the subject matter information of the assurance engagement. ...

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > SERVING AS A DIRECTOR OR OFFICER OF AN ASSURANCE CLIENT

R923.3

A partner or employee of the firm shall not serve as a director or officer of an assurance client of the firm....

INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS > SERVING AS A DIRECTOR OR OFFICER OF AN ASSURANCE CLIENT

R923.3

A partner or employee of the firm shall not serve as a director or officer of an assurance client of the firm....

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