A New Take on Ethics and Independence

The online journal written by Allen presents an improved international code that underlines three critical objects for expert accountants. These objectives include: accountants are expected to comply either basic principles, accountants to be independent, and they are expected to apply a conceptual framework that is used to identify, measure, and address threat to compliance with their central principles (Allen, 2018). The IESBA (International Ethics Standards Board for Accountants) has established the global code of ethics for accountants, which include the global independence standards. The novel international code is seen to be more than a simple redesign and improvements to the existing code; they are compound, spanning the code’s applicability and structure. 

The proficient accountant’s under the new international code is are expected to follow basic principles of ethical conduct, these principles include objectivity; integrity; professional behavior; confidentiality; and professional competence; and due care (Allen, 2018). In addition to this, this code reminds professional accountants to use their professional judgment when executing review, audit, among another assurance service. Professional accountants are guided by the conceptual framework to overcome challenges within the profession (Allen, 2018). The IESBA (International Ethics Standards Board for Accountants) strives to offer improved clarity, which helps facilitate enforcement by professional regulators and other bodies. The IESBA also made a number of improvements in order to strengthen the code of independence provisions. The new code offers new guidance on professional skepticism and professional accountant in business. Overall, this IESBA may be seen to be an improvement on the previous international code as it offers tighter language, improved structure, and more accurate guidance which is now clearer to professional accountants on an international scale. 

Reference 

Allen, C, R. (2018). A new take on ethics and independence. Retrieved from https://www.journalofaccountancy.com/issues/2018/dec/accounting-code-of-ethics-and-independence.html