SOCPA Approves Amendments on the Standard of Auditing, Review, Other Assurance, and Related Services
SOCPA, represented by its Audit Standards Committee, approved amendments to the standards of auditing, review, other assurance and related services as result of updates made to the International Code of Ethics for Professional Accountants.
These amendments are as follows:
1. Update bookmarks included in the standard; to reflect updated paragraphs and title of the code.
2. Update definition of terms to reflect the updated text in the code.
3. Update quoted texts to reflect the updated text in the code.
4. Rephrasing paragraphs relating to ethics and conduct (such as the requirement for independence) to reflect the updated text in the code. This includes:
· Use of the phrase "remove threatening conditions" instead of "eliminated threats"
· Replace the term "non-compliance" in "non-compliance with relevant behavioral requirements", wherever mentioned , with the term "violation" so as to be "violation of relevant behavioral requirements".
· Amend the phrase provided for in the auditor's report when discussing reporting requirements for those charge with governance of factors impacting independence. Prior to said amendment, the phrase stated "he shall also inform them, where appropriate, of relevant preventive measures". Following the amendment, the phrase shall state "he shall also inform them, where appropriate, of the actions taken to remove threats or applied preventive measures".