IESBA Code of Ethics:
IESBA Consultation on collective Investment Vehicles and Pension Funds

Bild: © Papisut – stock.adobe.com

The International Ethics Standards Board for Accountants (IESBA) has launched a consultation on collective investment vehicles and pension funds (Consultation Paper Collective Investment Vehicles and Pension Funds). Comments are requested by 30 June 2025.

The aim is to clarify whether the independence requirements of the IESBA Code of Ethics (Code) are also robust and appropriate with regard to audits of collective investment vehicles and pension funds (investment projects).


The background to this research is that collective investment vehicles and pension funds allow investors to pool their funds and often rely on external parties (connected parties) for functions that are typically managed internally in conventional corporate structures. This structure gives rise to special relationships which are outlined and examined in the consultation paper to ensure that any threats to auditor independence are identified and appropriately addressed.

Focus of the Consultation

The key points of the consultation paper include

  • the definition of the term “related entity” in the Code and its applicability to audits of the above-mentioned investment projects,
  • the connected parties that should be taken into account when assessing the auditor's independence in relation to the audit of the above-mentioned investment projects,
  • the application of the Conceptual Framework of the Code in assessing threats to independence arising from interests, relationships or circumstances between the auditor of the above-mentioned investment projects and related parties.
en