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ACCA Strategic Professional · Advanced Audit and Assurance (International) · International regulatory frameworks for audit and assurance services

Marlowe LLP audits in a country whose national auditing standards were adopted from the ISAs. The partner asks who sets the Code of Ethics that underpins the ethical requirements of the profession internationally. Which body issues the International Code of Ethics for Professional Accountants (including International Independence Standards)?

The International Ethics Standards Board for Accountants, IESBA, issues the International Code of Ethics for Professional Accountants, including the International Independence Standards. The IAASB writes auditing standards, and the IASB writes financial reporting standards, so neither is responsible for the Code.

  1. AThe International Accounting Standards Board
  2. BThe International Ethics Standards Board for Accountants (IESBA)Correct
  3. CThe International Auditing and Assurance Standards Board
  4. DThe Forum of Firms

Explanation

IESBA is the independent standard-setting board under IFAC that issues the IESBA Code, including the International Independence Standards. The IAASB issues ISAs, which refer to the Code, but it does not write it. The IASB deals with financial reporting standards.

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