SOCPA Approves Amendments on Engagement Team and Group Audits Definitions
The Saudi Organization for Chartered and Professional Accountants (SOCPA), represented by the Professional Ethics Committee, has approved amendments made by the International Ethics Standards Board for Accountants (IESBA) to the definitions of the Engagement Team and Group Audits in the International Code of Ethics for Professional Accountants.
These amendments are part of IESBA's efforts to enhance the alignment of the Code's requirements with updates to the International Standards on Auditing (ISAs). Based on the updates by the International Auditing and Assurance Standards Board (IAASB) to ISA 220 (Revised), ISA 600 (Revised), and ISQM 1 regarding the definitions of the Engagement Team and Group Audits, IESBA identified the need to reflect these updates and their implications in the Code, specifically in the Independence Standard requirements. The objective of these amendments is to align the definitions of the Engagement Team with the ISAs while ensuring that the Independence Standard requirements remain clear and applicable to those within the updated definition of the Engagement Team. Additionally, the Independence Standard requirements are updated to be robust, comprehensive, and clear when applied in the context of Group Audits, considering the updates to ISA 600 (Revised).