Prüfung
Prüfung
11 May 2022

IESBA:
Revised definition of a “Public Interest Entity” (PIE) published

On 11 April 2022, the International Ethics Standards Board for Accountants (IESBA) published the revised definition of a “Public Interest Entity” (PIE) in the International Code of Ethics.

The IESBA is hereby expanding the list of company categories that in future should be considered to be PIEs and whose audits will therefore be subject to additional independence requirements. As a result, the increased expectations of the interest groups with respect to the independence of the auditor in PIE audits will be met.

The revisions include the following aspects:

  • Formulating an overarching target for additional independence requirements for auditing PIEs,
  • Providing guidelines on factors that must be considered when determining the extent of public interest in a company and
  • Replacing the term listed entity with the new term publicly traded entity.

The revised PIE definition and the associated provisions will enter into force for audits for periods starting on or after 15 December 2024. Application before then is permitted and is recommended.

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