Summary of IFAC Code amendments for SMPs

20 August 2021
Accounting
South African Accounting Academy

IFAC is keeping up with Changes to the International Code of Ethics for Professional Accountants: A Primer for SMPs and SMEs.

The summary contains the key changes to the Code that have been approved since early 2020 as well as the effective dates so SMPs and small and medium-sized entities (SMEs) can be prepared.

The summary contains detail on the following:

Alignment of Part 4B to ISAE 3000 (Revised)
Role and Mindset Expected of Professional Accountants
Non-Assurance Services
Fees
Objectivity of an Engagement Quality Reviewer and other Appropriate Reviewers
Conclusion

It is critical that SMPs keep up with all of these upcoming changes to the Code. IFAC continues to support the adoption and implementation of international standards and develop resources to assist PAs as they navigate these changes.

Click here to access the summary:

https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/keeping-changes-international-code-ethics-professional-accountants-primer-smps-and-smes

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