Effective December 2022 Code of Ethics replaces the 2021 edition of the Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards). As such, the 2022 handbook is being applied for all monitoring visits undertaken.
This handbook replaces the 2021 edition of the Handbook of the International Code of Ethics for Professional Accountants (including International Independence Standards) and incorporates the following revisions that will become effective in December 2022:
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The revisions to the non-assurance services (NAS) and fee-related provisions of the Code.
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The revisions to address the objectivity of an engagement quality reviewer (EQR) and other appropriate reviewers.
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The quality management-related conforming amendments to the Code that were issued as a result of the finalization of the International Auditing and Assurance Standards Board's (IAASB) suite of quality management standards.
Approved Changes that are Not Yet Effective
The 2022 edition of the handbook contains the revised definition of a public interest entity (PIE) which, among other matters, specifies a broader list of PIE categories, including a new category "publicly traded entity" to replace the category of "listed entity."
The revised PIE definition and related provisions will be effective for audits of financial statements for periods beginning on or after December 15, 2024. Early adoption will be permitted.
The changes were published on the IESBA website in April 2022.