APPLICATION OF ETHICS CODE TO SMPs

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APPLICATION OF ETHICS CODE TO SMPs

• David Chitty, IFAC SMP Committee member, ICAEW

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APPLICATION OF ETHICS CODE TO SMPs

• FOCUS CONTINUES ON AUDITOR INDEPENDENCE
• More rules, extension to reviews
• DIFFERENTIATION IN PUBLIC INTEREST
• Higher for Public Interest Entities

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APPLICATION OF ETHICS CODE TO SMPs

• RELEVANCE OF PRINCIPLES BASED THREATS AND
  SAFEGUARDS APPROACH
• Copes with varying circumstances of SMPs
• NEED TO ARGUE IN TERMS THAT FIT WITH THE IESBA
  REMIT
• Their task is to ensure independence

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APPLICATION OF ETHICS CODE TO SMPs

• NETWORK DEFINITION CHANGES
• Example of useful guidance
• IESBA CONSIDERING MATERIAL TO HELP SMPS IMPLEMENT
  S290
• Need to engage

5
APPLICATION OF ETHICS CODE TO SMPs

• David Chitty, IFAC SMP Committee member, ICAEW