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Changes to ICAEW Code of Ethics - Non Compliance with Laws and Regulations

Additional information on the changes arising from inclusion of IESBA changes since the last ICAEW code update relating to the potential overriding of confidentiality when a suspected illegal act is discovered.

ICAEW’s revised code of ethics, applicable from 1 January 2020, incorporates new sections introduced by IESBA , which consider what to do when a member suspects non-compliance with law or regulation (‘NOCLAR’) by an employer or client. In essence, the new provisions require that members should report the matter within the employer or client and if appropriate, to the auditors. If the matter is not addressed internally in an appropriate manner, members should then assess if disclosure to a third party is necessary in the public interest. In such circumstances, members should make the disclosure.

Further resources

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This page considers specifically changes to auditor independence provisions resulting from UK legislation which will to be implemented immediately at the point the UK leaves the European Union, in the event of a no-deal Brexit. The changes impact only upon audits of Public Interest Entities (PIEs) but would apply without any transitional arrangements.

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Bribery Act 2010

Details of the Bribery Act 2010, including core offences of paying or receiving a bribe; bribery of a foreign public official; corporate offence of failure to prevent bribery; offences by senior officers and enforcement of the Act.

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FRC Ethical standards for auditors

The FRC’s Ethical Standard applies in the audit of financial statements and other public interest assurance engagements in both the private and public sectors. It is read in the context of the Statement “The Financial Reporting Council – Scope and Authority of Audit and Assurance Pronouncements” which sets out the application and authority of the FRC’s Ethical Standard.

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Trustee of trust with shares in an audit client

Technical helpsheet issued to help members to determine how relationships can impact audit independence, especially in regard to whether a firm can continue to act if a partner in the firm is a trustee of a trust that holds shares in an audit client.

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