Code of Ethics 2019 Presented at ICAI, Ernakulam
Description: Code of Ethics 2019 Presented at ICAI, Ernakulam on 20th December 2019 SURI CO, QUALITY CONTROL WING History Date of Applicability First Edition November 1963 Twelfth Edition January 2019 Previous Edition January 2009 Code of
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slide1. Code of Ethics 2019 Presented at ICAI, Ernakulam on 20th December 2019
SURI & CO, QUALITY CONTROL WING<br>
slide2. History & Date of Applicability First Edition – November 1963
Twelfth Edition – January 2019
Previous Edition – January 2009
Code of Ethics – 2019 Applicable from 1st April 2020
Transitional arrangements are available in respect of specific sections of this Code.<br>
slide3. Things to Know International Ethics Standards Board for Accountants (IESBA) Code of Ethics, 2018 Issued by the International Federation of Accountants (IFAC)
Sets out fundamental principles of ethics for professional accountants, reflecting the professions recognition of its public interest responsibility.
integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour
Provides a conceptual framework that professional accountants are to apply in order to identify, evaluate and address threats to compliance with the fundamental principles.
Sets out Independence Standards<br>
slide4. Structure of the Code Part 1 - Complying with the Code, Fundamental Principles and Conceptual Framework -Section 100-199
Part 2 – Professional Accountants in Service - Section 200-299
Part 3 – Professional Accountants in Public Practice - Section 300-399
Part 4A – Independence for Audit and Review Engagements - Section 400-899
Part 4B – Independence for Assurance Engagements Other than Audit and Review Engagements - Section 900-999<br>
slide5. Structure of the Code - Part 1 COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK
100 COMPLYING WITH THE CODE
110 THE FUNDAMENTAL PRINCIPLES
111 INTEGRITY
112 OBJECTIVITY
113 PROFESSIONAL COMPETENCE AND DUE CARE
114 CONFIDENTIALITY
115 PROFESSIONAL BEHAVIOUR
120 THE CONCEPTUAL FRAMEWORK<br>
slide6. Structure of the Code - Part 2 PROFESSIONAL ACCOUNTANTS IN SERVICE
200 APPLYING THE CONCEPTUAL FRAMEWORK – PROFESSIONAL ACCOUNTANTS IN SERVICE
210 CONFLICTS OF INTEREST
220 PREPARATION AND PRESENTATION OF INFORMATION
230 ACTING WITH SUFFICIENT EXPERTISE
240 FINANCIAL INTERESTS, COMPENSATION AND INCENTIVES LINKED TO FINANCIAL REPORTING AND DECISION MAKING
250 INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY
260 RESPONDING TO NON-COMPLIANCE WITH LAWS AND REGULATIONS IN CASE OF EMPLOYMENT WITH LISTED ENTITIES
270 PRESSURE TO BREACH THE FUNDAMENTAL PRINCIPLES<br>
slide7. Structure of the Code - Part 3 PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE
300 APPLYING THE CONCEPTUAL FRAMEWORK – PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE
310 CONFLICTS OF INTEREST
320 PROFESSIONAL APPOINTMENTS
321 SECOND OPINIONS
330 FEES AND OTHER TYPES OF REMUNERATION
340 INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY
350 CUSTODY OF CLIENT ASSETS
360 RESPONDING TO NON-COMPLIANCE WITH LAWS AND REGULATIONS DURING THE COURSE OF AUDIT ENGAGEMENTS OF LISTED ENTITIES<br>
slide8. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
400 APPLYING THE CONCEPTUAL FRAMEWORK TO INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
410 FEES
411 COMPENSATION AND EVALUATION POLICIES
420 GIFTS AND HOSPITALITY
430 ACTUAL OR THREATENED LITIGATION
510 FINANCIAL INTERESTS
511 LOANS AND GUARANTEES
520 BUSINESS RELATIONSHIPS<br>
slide9. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
521 FAMILY AND PERSONAL RELATIONSHIPS
522 RECENT SERVICE WITH AN AUDIT CLIENT
523 SERVING AS A DIRECTOR OR OFFICER OF AN AUDIT CLIENT
524 EMPLOYMENT WITH AN AUDIT CLIENT
525 TEMPORARY PERSONNEL ASSIGNMENTS
540 LONG ASSOCIATION OF PERSONNEL (INCLUDING PARTNER ROTATION) WITH AN AUDIT CLIENT
550 AUDITOR ROTATION
600 PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT<br>
slide10. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
601 ACCOUNTING AND BOOKKEEPING SERVICES
602 ADMINISTRATIVE SERVICES
603 VALUATION SERVICES
604 TAX SERVICES
605 INTERNAL AUDIT SERVICES
606 INFORMATION TECHNOLOGY SYSTEMS SERVICES
607 LITIGATION SUPPORT SERVICES
608 LEGAL SERVICES<br>
slide11. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
609 RECRUITING SERVICES
610 CORPORATE FINANCE SERVICES
800 REPORTS ON SPECIAL PURPOSE FINANCIAL STATEMENTS THAT INCLUDE A RESTRICTION ON USE AND DISTRIBUTION (AUDIT AND REVIEW ENGAGEMENTS)<br>
slide12. Structure of the Code - Part 4B INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS
900 APPLYING THE CONCEPTUAL FRAMEWORK TO INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS
905 FEES
906 GIFTS AND HOSPITALITY
907 ACTUAL OR THREATENED LITIGATION
910 FINANCIAL INTERESTS
911 LOANS AND GUARANTEES
920 BUSINESS RELATIONSHIPS
921 FAMILY AND PERSONAL RELATIONSHIPS<br>
slide13. Structure of the Code - Part 4B INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS
922 RECENT SERVICE WITH AN ASSURANCE CLIENT
923 SERVING AS A DIRECTOR OR OFFICER OF AN ASSURANCE CLIENT
924 EMPLOYMENT WITH AN ASSURANCE CLIENT
940 LONG ASSOCIATION OF PERSONNEL WITH AN ASSURANCE CLIENT
950 PROVISION OF NON-ASSURANCE SERVICES TO ASSURANCE CLIENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENT CLIENTS
990 REPORTS THAT INCLUDE A RESTRICTION ON USE AND DISTRIBUTION (ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS)<br>
slide14. Thank You CA G Rengarajan
Partner
Suri & Co, Chartered Accountants
Kochi<br>
SURI & CO, QUALITY CONTROL WING<br>
slide2. History & Date of Applicability First Edition – November 1963
Twelfth Edition – January 2019
Previous Edition – January 2009
Code of Ethics – 2019 Applicable from 1st April 2020
Transitional arrangements are available in respect of specific sections of this Code.<br>
slide3. Things to Know International Ethics Standards Board for Accountants (IESBA) Code of Ethics, 2018 Issued by the International Federation of Accountants (IFAC)
Sets out fundamental principles of ethics for professional accountants, reflecting the professions recognition of its public interest responsibility.
integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour
Provides a conceptual framework that professional accountants are to apply in order to identify, evaluate and address threats to compliance with the fundamental principles.
Sets out Independence Standards<br>
slide4. Structure of the Code Part 1 - Complying with the Code, Fundamental Principles and Conceptual Framework -Section 100-199
Part 2 – Professional Accountants in Service - Section 200-299
Part 3 – Professional Accountants in Public Practice - Section 300-399
Part 4A – Independence for Audit and Review Engagements - Section 400-899
Part 4B – Independence for Assurance Engagements Other than Audit and Review Engagements - Section 900-999<br>
slide5. Structure of the Code - Part 1 COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK
100 COMPLYING WITH THE CODE
110 THE FUNDAMENTAL PRINCIPLES
111 INTEGRITY
112 OBJECTIVITY
113 PROFESSIONAL COMPETENCE AND DUE CARE
114 CONFIDENTIALITY
115 PROFESSIONAL BEHAVIOUR
120 THE CONCEPTUAL FRAMEWORK<br>
slide6. Structure of the Code - Part 2 PROFESSIONAL ACCOUNTANTS IN SERVICE
200 APPLYING THE CONCEPTUAL FRAMEWORK – PROFESSIONAL ACCOUNTANTS IN SERVICE
210 CONFLICTS OF INTEREST
220 PREPARATION AND PRESENTATION OF INFORMATION
230 ACTING WITH SUFFICIENT EXPERTISE
240 FINANCIAL INTERESTS, COMPENSATION AND INCENTIVES LINKED TO FINANCIAL REPORTING AND DECISION MAKING
250 INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY
260 RESPONDING TO NON-COMPLIANCE WITH LAWS AND REGULATIONS IN CASE OF EMPLOYMENT WITH LISTED ENTITIES
270 PRESSURE TO BREACH THE FUNDAMENTAL PRINCIPLES<br>
slide7. Structure of the Code - Part 3 PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE
300 APPLYING THE CONCEPTUAL FRAMEWORK – PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE
310 CONFLICTS OF INTEREST
320 PROFESSIONAL APPOINTMENTS
321 SECOND OPINIONS
330 FEES AND OTHER TYPES OF REMUNERATION
340 INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY
350 CUSTODY OF CLIENT ASSETS
360 RESPONDING TO NON-COMPLIANCE WITH LAWS AND REGULATIONS DURING THE COURSE OF AUDIT ENGAGEMENTS OF LISTED ENTITIES<br>
slide8. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
400 APPLYING THE CONCEPTUAL FRAMEWORK TO INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
410 FEES
411 COMPENSATION AND EVALUATION POLICIES
420 GIFTS AND HOSPITALITY
430 ACTUAL OR THREATENED LITIGATION
510 FINANCIAL INTERESTS
511 LOANS AND GUARANTEES
520 BUSINESS RELATIONSHIPS<br>
slide9. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
521 FAMILY AND PERSONAL RELATIONSHIPS
522 RECENT SERVICE WITH AN AUDIT CLIENT
523 SERVING AS A DIRECTOR OR OFFICER OF AN AUDIT CLIENT
524 EMPLOYMENT WITH AN AUDIT CLIENT
525 TEMPORARY PERSONNEL ASSIGNMENTS
540 LONG ASSOCIATION OF PERSONNEL (INCLUDING PARTNER ROTATION) WITH AN AUDIT CLIENT
550 AUDITOR ROTATION
600 PROVISION OF NON-ASSURANCE SERVICES TO AN AUDIT CLIENT<br>
slide10. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
601 ACCOUNTING AND BOOKKEEPING SERVICES
602 ADMINISTRATIVE SERVICES
603 VALUATION SERVICES
604 TAX SERVICES
605 INTERNAL AUDIT SERVICES
606 INFORMATION TECHNOLOGY SYSTEMS SERVICES
607 LITIGATION SUPPORT SERVICES
608 LEGAL SERVICES<br>
slide11. Structure of the Code - Part 4A INDEPENDENCE FOR AUDIT AND REVIEW ENGAGEMENTS
609 RECRUITING SERVICES
610 CORPORATE FINANCE SERVICES
800 REPORTS ON SPECIAL PURPOSE FINANCIAL STATEMENTS THAT INCLUDE A RESTRICTION ON USE AND DISTRIBUTION (AUDIT AND REVIEW ENGAGEMENTS)<br>
slide12. Structure of the Code - Part 4B INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS
900 APPLYING THE CONCEPTUAL FRAMEWORK TO INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS
905 FEES
906 GIFTS AND HOSPITALITY
907 ACTUAL OR THREATENED LITIGATION
910 FINANCIAL INTERESTS
911 LOANS AND GUARANTEES
920 BUSINESS RELATIONSHIPS
921 FAMILY AND PERSONAL RELATIONSHIPS<br>
slide13. Structure of the Code - Part 4B INDEPENDENCE FOR ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS
922 RECENT SERVICE WITH AN ASSURANCE CLIENT
923 SERVING AS A DIRECTOR OR OFFICER OF AN ASSURANCE CLIENT
924 EMPLOYMENT WITH AN ASSURANCE CLIENT
940 LONG ASSOCIATION OF PERSONNEL WITH AN ASSURANCE CLIENT
950 PROVISION OF NON-ASSURANCE SERVICES TO ASSURANCE CLIENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENT CLIENTS
990 REPORTS THAT INCLUDE A RESTRICTION ON USE AND DISTRIBUTION (ASSURANCE ENGAGEMENTS OTHER THAN AUDIT AND REVIEW ENGAGEMENTS)<br>
slide14. Thank You CA G Rengarajan
Partner
Suri & Co, Chartered Accountants
Kochi<br>