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Dear Kim,
It should be a simple one.
Do I understand correctly that the ethical threat of an auditor assuming management responsibilities is only applicable for UK exam?
So I will not get any credit when sitting under international syllables for that point?Thanks in advance.
It is still true under the IESBA and ACCA Codes – it’s just not a separate category of threat. So yes it will be credited but there will always be something more specific to add.
Thanks for your reply.
Yes, indeed, I can see that it is part of the IESBA.
Although, the independence standards look like a separate category within the code of ethics (including International Independence Standards).
https://www.ifac.org/system/files/publications/files/IESBA-Handbook-Code-of-Ethics-2018.pdfJust to make it clear:
As an independent auditor I should comply with both:
1. ethical standards (part 1-3 of the code) – these contain fundamental ethical principles
2. independence standards (part 4A-B) – provide threats and safeguards for independent auditorDo I understand the code correctly?
Thanks
Yes as it says in the “How the Code is Structured” section, part 4 is additional material that only applies in certain roles such as audit.
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