Date posted: 16/03/2020

Joint Submission on Objectivity of EQRs

We support the IESBA’s objectives in these proposals but believe some enhancements are required.

On 16 March 2020, Chartered Accountants ANZ and ACCA lodged a joint submission on the IESBA’s exposure draft on the proposed amendments to the International Code of Ethics to address the objectivity of Engagement Quality Reviewers (EQRs).

We believe that any cooling-off periods put in place for EQRs should be principles-based, contained within the Code of Ethics and should not be more stringent than the existing requirements for partners involved in the audits of PIEs.

The key points of our submission:

  • We support the IESBA’s commitment to addressing these issues as we believe the objectivity of the EQR is critical to the effectiveness of an EQ review.
  • We believe that any cooling-off periods put in place for EQRs should be principles-based, contained within the Code of Ethics and should not be more stringent than the existing requirements for partners involved in the audits of PIEs.
  • We recommend that the IESBA create a new section of the Code of Ethics to contain the requirements for EQRs to ensure they have sufficient prominence.

IESBA’s exposure draft

The International Ethics Standards Board for Accountants (IESBA) Proposed Revision to the Code Addressing the Objectivity of Engagement Quality Reviewers.

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