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Enhancing Independence Standards: Non-Assurance Services Review Proposal

This project aims to review and enhance non-assurance service provisions in the Code to uphold independence. Prioritizing audit clients, it considers matters like emergency exceptions and materiality. IESBA members are invited to contribute insights for the project's success.

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Enhancing Independence Standards: Non-Assurance Services Review Proposal

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  1. Non-Assurance Services: Project Proposal Caroline Gardner IESBA Member IESBA Meeting December 2012 New York, USA

  2. Context • Independence I • Independence II • International Developments • Public Interest Input • Comments from 2008-9 & 2010-12 strategy consultations • IOSCO recommends that the IESBA: • Makes use of its related study; and • Reconsider its provisions on non-assurance services 2

  3. About the project • Project • Objective • Review non-assurance services provisions in the Code to ensure they continue to support a rigorous approach to independence for assurance services • Scope • Main priority: Non-Assurance Services Audit Clients • Lesser priority: Non-Assurance Services Other Assurance Clients • Focus includes: 3

  4. Matters to Consider • Matters to consider include: • Whether the Code’s “emergency exception” will be retained • Whether “materiality” is an appropriate basis for prohibitions • Whether management responsibilities include routine and administrative items • Whether and to what extent the following non-assurance services will be permitted, for e.g.: 4

  5. OtherConsiderations • Process • 2 phases? • Timetable • ED Q2 2014, subject to decision re phased approach • Information/Relevant Sources • Existing NAS provisions in major jurisdictions • IOSCO survey • Firms • Academic research? 5

  6. Discussion IESBA members are requested to provide their views on the following matters related to the project: • Objectives • Scope • Major issues to be addressed • Approach to project • Resource constraints • Other items 6

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