(New York) The International Ethics Standards Board for Accountants (IESBA) announced on December 29, 2006 that it issued an exposure draft  it aims at updating and strengthening the independence requirements included in the IFAC Code of Ethics for Professional Accountants.

The code of ethics was revised in 2001 due to the environmental changes which has occurred in the past few years which lead the IESBA to consider revisions to auditor independence requirements might be needed.

The Chair of the IESBA Richard George pointed out, “We believe that the proposed changes to the Code contain important provisions that we consider are appropriate to protect the public interest."

Modifications to the Code include:

• Updating requirements related to the provision of non-assurance services, including setting out additional guidance on the provision of tax services to audit clients; and

• Extending the independence requirements to the audits of a wider range of entities of significant public interest.
Comments on the draft should be submitted by April 2007. Further, the exposure draft can by viewed by visiting the following website http://www.ifac.org/EDs.

IESBA develops ethical standards and guidance for use by professional accountants. It encourages member bodies of IFAC to adopt high standards of ethics for their members and promotes good ethical practices globally.

for more information please visit the following website: www.ifac.org