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Revisions to the Non-Assurance Services Provisions of the Code

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Revisions to the Non-Assurance Services Provisions of the Code IFAC Board Basis for Conclusions ExposurePrepared Draftby the Staff of the IESBA® April 2021 October 2011 International Ethics Standards Board for Accountants® Revisions to the Non-Assurance Services Provisions of the Code About the IESBA The International Ethics Standards Board for Accountants® (IESBA®) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting ethics standards, including auditor independence requirements, which seek to raise the bar for ethical conduct and practice for all professional accountants through a robust, globally operable International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code). The IESBA believes a single set of high-quality ethics standards enhances the quality and consistency of services provided by professional accountants, thus contributing to public trust and confidence in the accountancy profession. The IESBA sets its standards in the public interest with advice from the IESBA Consultative Advisory Group (CAG) and under the oversight of the Public Interest Oversight Board (PIOB). The structures and processes that support the operations of the IESBA are facilitated by the International Federation of Accountants® (IFAC®). Copyright © April 2021 by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please see page 37. BASIS FOR CONCLUSIONS: REVISIONS TO THE NON-ASSURANCE SERVICES (NAS) PROVISIONS OF THE CODE CONTENTS Page I. Introduction ...................................................................................................................................... 4 A. Highlights of Revised NAS Provisions .................................................................................... 4 II. Background ...................................................................................................................................... 5 A. Development of the Project Proposal ..................................................................................... 5 B. Objective of the Project .......................................................................................................... 6 C. Interaction with Other IESBA Work Streams and Coordination with IAASB .......................... 6 D. NAS Exposure Draft ............................................................................................................... 8 III. Key Issues Relating to the Revision of Section 600, Including Subsections ......................... 10 A. Self-review Threat Prohibition, Providing Advice and Recommendations and Materiality... 10 B. Firm Communications with TCWG, Including Audit Committees ......................................... 18 C. Appropriateness of NAS Safeguards ................................................................................... 22 D. Documentation ..................................................................................................................... 24 E. Revisions to the Specific Provisions in Subsections 601 to 610 .......................................... 24 IV. Conforming and Consequential Amendments ........................................................................... 33 A. Matters Relevant to Section 400 .......................................................................................... 33 B. Matters Relevant to Section 950 .......................................................................................... 34 V. Effective Date and Transitional Provision .................................................................................. 35 3 BASIS FOR CONCLUSIONS: REVISIONS TO THE NAS PROVISIONS OF THE CODE I. Introduction 1. At its December 2020 virtual meeting, the IESBA unanimously approved the revisions to the non- assurance services (NAS) provisions of the Code with the affirmative votes of 15 out of 15 IESBA members present. 2. This Basis for Conclusions is prepared by IESBA staff and explains how the IESBA has addressed the significant matters raised on exposure and in the course of finalizing the revisions. It relates to, but does not form part of, the revisions to the NAS provisions that are set out in the final pronouncement. 3. The revised NAS provisions will replace Section 6001 for audit and review engagements, and Section 950 2 for assurance engagements other than audit and review engagements. 3 Consequential and conforming amendments have been made to Sections 400,4 525,5 and 900.6 A staff-prepared supplemental document, Mapping Table: Non-Assurance Services – Comparison of Extant and Revised Provisions accompanies the final pronouncement and is intended to assist firms, professional accountancy organizations (PAOs), national standard setters (NSS) and other stakeholders understand the nature of the revisions to the extant Code. A. Highlights of Revised NAS Provisions 4. The revised NAS provisions contain substantive revisions that will enhance the International Independence Standards (IIS) by clarifying and addressing the circumstances in which firms and network firms may or may not provide a NAS to an audit or assurance client. The revised provisions include new requirements that expressly prohibit firms and network firms from providing certain types of NAS to their audit clients, especially when they are public interest entities (PIEs).7 Key changes to the extant IIS arising from the NAS project include: • A new general prohibition on the provision of a NAS to an audit client that is a PIE if the provision of that service might create a self-review threat to the firm’s independence (see 1 Part 4A – Independence for Audit and Review Engagements, Section 600, Provision of Non-assurance Services to an Audit Client 2 Revised Part 4B – Independence for Assurance Engagements Other than Audit and Review Engagements, Section 950, Provision of Non-assurance Services to Assurance Clients Other Than Audit and Review Engagement Clients 3 In January 2020, the IESBA released revisions to Part 4B, Alignment of Part 4B of the Code to ISAE 3000 (Revised), to align the independence provisions in Part 4B of the Code with the revised assurance terms and concepts in the International Auditing and Assurance Standards Board’s (IAASB’s) International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.. 4 Part 4A, Section 400, Applying the Conceptual Framework to Independence for Audit and Review Engagements 5 Part 4A, Section 525, Temporary Personnel Assignments. 6 Revised Part 4B, Section 900, Applying the Conceptual Framework to Independence for Assurance Engagements Other Than Audit and Review Engagements 7 The extant Code defines a PIE as: (a) A listed entity; or (b) An entity: (i) Defined by regulation or legislation as a PIE; or (ii) For which the audit is required by regulation or legislation to be conducted in compliance with the same independence requirements that apply to the audit of listed entities. Such regulation might be promulgated by any relevant regulator, including an audit regulator. As further discussed below, in January 2021, the IESBA released an Exposure Draft with proposals that include a revised definition of PIE. See section V for a discussion on the effective dates for the revised NAS provisions and the proposed PIE definition. 4 BASIS FOR CONCLUSIONS: REVISIONS TO THE NAS PROVISIONS OF THE CODE paragraph R600.16). • New provisions to assist firms and network firms in identifying and evaluating self-review threats that might be created by the provision of a NAS to an audit client (see paragraphs 600.13 A1 to R600.14). • New guidance indicating that the provision of advice and recommendations might create a self-review threat and which also explains the circumstances in which a firm or a network firm may provide advice and recommendations to an audit client (see paragraphs 600.11 A1 and R600.17 to 600.17 A1). • New provisions to strengthen and improve the quality of firm communication with those charged with governance (TCWG) about NAS-related matters, especially in the case of audit clients that are PIEs and entities within that PIE’s corporate structure (see paragraphs 600.20 A1 to R600.24). • Enhanced guidance to explain that the concept of materiality is not relevant in evaluating whether a self-review threat might be created by the provision of a NAS to an audit client that is a PIE (see paragraphs 47(c) and 59 of this document). • Strengthened provisions to assist firms in addressing threats to independence that are created by the provision of NAS to audit clients that are not PIEs, including new application material in relation to situations where a safeguard is not available (see 600.18 A1 to 600.18 A4). • New provisions and structural refinements to promote the consistent application of the NAS provisions. For example: o The revised NAS provisions identify certain situations where a self-review threat to independence is not created (see paragraphs R601.7, 604.12 A2 and 604.17 A3). o The provisions that prohibit firms and network firms from assuming a management responsibility are given more prominence by being repositioned to Section 400. o The provisions related to acting as a witness are revised and include application material to explain the circumstances in which the advocacy threat created by acting as an expert witness will be at an acceptable level (see paragraphs 607.7 A1 to R607.9). II. Background A. Development of the
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