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Description
Ethics Pronouncement (EP) 100 Code of Professional Conduct and Ethics was updated in August 2018 to reflect the changes to the provisions on long association of senior personnel with an audit or assurance client. The provisions deal with familiarity and self-interest threats created when the firm uses the same senior personnel on an audit or assurance engagement over a long period of time. The updated EP 100 is effective from 15 December 2018. ACRA has also issued changes to the ACRA Code relating to long association of personnel with an audit or assurance client on 5 December 2018.
The International Ethics Standards Board for Accountants ( IESBA ) has released a completely rewritten Code of Ethics for Professional Accountants in 2018. The IESBA Code is effective from June 2019, and is applicable for both Accountants in Public Practice and Accountants in Businesses. The IESBA Code has brought together key ethics advances over the past four years.
Case studies will be used to illustrate the ethical threats faced by both Accountants in Public Practice and Accountants in Businesses, and how they may apply the fundamental ethical principles to resolve ethical dilemma in real life.
What you will learn
At the end of this workshop, you will:
- Have a practical understanding of the Key Updates in EP 100 and IESBA Code
- Learn how to apply the ethical guidelines so that you are more consistent in your approach to resolving ethical dilemma
- Understand the ethical threat situations in real life and know how best to manage them
Programme Outline
Five fundamental principles
- Confidentiality
- Integrity
- Objectivity
- Professional competence and due care
- Professional Behaviour
Five ethical threats
- Self-interest
- Intimidation
- Advocacy
- Familiarity threat
- Self-review
Key amendments in EP 100
- Increase in the cooling-off period for Key Audit Partners (KAP) for the audit of public interest entities
- Specific guidance on different cooling-off periods applicable different combinations of roles of KAP
- Additional and more stringent restrictions placed on a former key audit partner (KAP) during the cooling-off period
Highlights of the new IESBA Code
- Stronger independence provisions regarding long association of personnel with audit clients
- New and revised sections dedicated to professional accountants in business (PAIBs) relating to:
- Preparing and presenting information; and
- Pressure to breach the fundamental principles
- Clear guidance for accountants in public practice that relevant PAIB provisions are applicable to them
- New guidance to emphasize the importance of understanding facts and circumstances when exercising professional judgment
- New guidance to explain how compliance with the fundamental principles supports the exercise of professional skepticism in an audit or other assurance engagements
Actual cases will be used to illustrate the following:
- Effectiveness of Key Audit Partners Rotation and Cooling Off to reduce familiarity threat due to long association
- Application of professional judgment and professional skepticism in an audit of financial statements
This workshop qualifies for 7.0 CPE hours in Ethics and Professionalism (Category 2).
Expert Speaker
Chee Hay Kheong Daniel
Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.
Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).