n Professional Accountant - IFAC strengthens international code of ethics & clarifies guidance for network firms

Volume 2009 Number 1
  • ISSN : 1680-7537


Extracted from text ... \23 September 2006 (New York/July 31, 2006) - An important objective of the International Ethics Standards Board for Accountants (IESBA), an independent standard-setting board within the International Federation of Accountants (IFAC), is to provide auditors with clear guidance on matters of independence. In keeping with this commitment, the IESBA has revised the Code of Ethics for Professional Accountants by updating the definition of a network firm. Network firms are required to be independent of an audit client of another firm within the network. "The revised definition focuses on how networks operate and how they present themselves to third parties, " ..

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