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South African auditors to receive new ethics rules

South Africa’s Independent Regulatory Board for Auditors (IRBA) has revised its ethics rules for auditors.

The revised code of professional conduct, set by committee for auditor ethics (CFAE), will apply to South African auditors at the beginning of 2011.

Significant changes to the code include:

- The incorporation of the conceptual framework for identifying threats to independence and possible safeguards when accepting and performing an audit, review or any other assurance engagement;

- The expansion of ‘professional services’ definition;

- More specific guidance on threats to independence frequently encountered by auditors in public practice; and,

- The removal of the liability section pending further research by the CFAE.

The IRBA is South Africa’s accounting and auditing regulator.

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