IESBA expands the definition of PIEs and the implications for SA

The IESBA released a revised definition of a Public Interest Entity (PIE), together with other revised provisions, in the International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) . They become effective for audits of financial statements for periods beginning on or after 15 December 2024. Early adoption is permitted and encouraged.

The revised provisions specify a broader list of categories of entities as PIEs, where the audits are subject to additional independence requirements, compared to the extant IESBA Code.

IRBA adopted the IESBA Code, issued during 2018. All amendments to the IRBA Code are in line with the IESBA Code. Following the revisions released by the IESBA, the IRBA is considering the proposed amendments to the IRBA Code and further communication on these changes will be released as they are developed.

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