Proposed Revision of the Independence Standards relating to Other Assurance Engagements (Part 4B)

Accounting Professional & Ethical Standards Board Limited (APESB) proposes to amend APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (“the Code”) to incorporate changes to Part 4B of the Code made by the International Ethics Standards Board for Accountants (IESBA) to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the International Code). These changes make the provisions in Part 4B consistent with the revised assurance terms and concepts in Standard on Assurance Engagements (ASAE) 3000 (Revised) Assurance Engagements Other than Audits and Reviews of Historical Financial Information, which is the equivalent of ISAE 3000 (Revised), which is issued by the Auditing and Assurance Standards Board.

Key revisions to Part 4B of the Code include amendments to requirements and application paragraphs to reflect the two types of assurance engagements, attestation engagements and direct engagements, which are referred to in auditing and assurance standards. These amendments clarify the independence requirements for attestation engagements and amend the definition of an Assurance Engagement.

The project is now complete and the Amending Standard was issued on 30 September 2020 with an effective date of 1 July 2021.

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