IESBA Staff Releases Q&As to Support Adoption and Implementation of International Independence Standard on Group Audits

The staff of the International Ethics Standards Board for Accountants (IESBA) recently released a questions and answers (Q&A) publication, available on:

The Q&A publication deals with the pronouncement, Revisions to the Code Relating to the Definition of Engagement Team and Group Audits, available on:

The Q&A publication is designed to highlight, illustrate, or explain aspects of the revisions in the Code and is intended to complement the Basis for Conclusions for the final pronouncement, available on:

The Q&As will assist firms, national standards setters, and professional accountancy organisations with adopting and/or implementing the revisions, as well as facilitating a better understanding of the revisions to the Code.

The pronouncement comes into effect for audits of financial statements and group financial statements for periods beginning on or after 15 December 2023, with early adoption permitted.