The International Ethics Standards Board for Accountants released revisions Monday, Oct. 5, to the International Code of Ethics for Professional Accountants (including International Independence Standards) to place more emphasis on the role and mindset expected of all professional accountants.
Among other changes, the revisions reinforce aspects of the principles of integrity, objectivity and professional behavior expected of accountants. They also raise behavioral expectations of all professional accountants, requiring them to have an inquiring mind as they carry out their professional activities.
The revisions stress the importance of accountants being aware of the potential influence of bias in their judgments and decisions. They also highlight the supportive role the right organizational culture can play in promoting ethical conduct and business.