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.