SOCPA Approves Amendment on Non-Assurance Services for Audit Clients
The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Professional Ethics Committee, has approved an amendment made by the International Ethics Standards Board for Accountants (IESBA) to the sections related to the provision of non-assurance services to audit clients in the International Code of Ethics for Professional Accountants.
The primary aim of this amendment is to enhance the international independence standard by addressing public stakeholders' concerns about the noticeable decline in auditor independence when they provide other non-assurance services to an audit client. These amendments focus on aligning with the latest developments in various geographical and regulatory environments regarding the independence requirements, especially those related to providing non-assurance services to audit clients. The goal is to strengthen adherence to the independence standard by offering more consistent and rigorous requirements and application material to achieve the desired level of compliance with the independence standard. The amendments include rephrasing several paragraphs and application materials, adding new paragraphs and application materials, and deleting others to make the requirements clearer and more straightforward. This is done by outlining the application of the conceptual framework in identifying and evaluating threats arising from the provision of non-assurance services and developing appropriate safeguards to reduce these threats to an acceptable level.
To view this amendment, click here.