UPDATE TO AIA CODE OF ETHICS

A new version of the Code has been released which has been approved by AIA’s Council on 17 June 2021 under the provisions of Article 17 of the AIA Constitution.

Existing disciplinary cases will be heard under the 2018 Code.

The Code sets out fundamental principles of ethics for professional accountants, reflecting the profession’s recognition of its public interest responsibility. These principles establish the standard of behaviour expected of a professional accountant.

The fundamental principles are: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.

The Code provides a conceptual framework that professional accountants are to apply to identify, evaluate, and address threats to compliance with the fundamental principles. The Code sets out requirements and application material on various topics to help accountants apply the conceptual framework to those topics.

In the case of audits, reviews and other assurance engagements, the Code sets out International Independence Standards, established by the application of the conceptual framework to threats to independence in relation to these engagements.

What's new?

• Revisions to Part 4B of the Code to reflect terms and concepts used in International Standard on Assurance Engagements (ISAE) 3000 (Revised). Conforming changes have been made to the Glossary of the Code. The changes were published on the IESBA website in January 2020.
• Revisions to promote the role and mindset expected of professional accountants. Among other matters, the revisions reinforce aspects of the principles of integrity, objectivity, and professional behaviour; raise behavioural expectations of all professional accountants through requiring them to have an inquiring mind as they undertake their professional activities; emphasise the need for accountants to be aware of the potential influence of bias in their judgements and decisions; and highlight the supportive role organisational culture can play in promoting ethical conduct and business. The changes were published on the IESBA website in October 2020.