As a member of the International Federation of Accountants, ICAEW is obliged to incorporate changes made to the IESBA’s Code of Ethics into its own code. Key changes relate to role and mindset; technology; and professional behaviour of ICAEW members.

The role and mindset provisions highlight the importance of the profession’s duty to act in accordance with the public interest and re-enforce the need for all professional accountants to have an inquiring mind, to be mindful of bias, and to exercise professional scepticism when undertaking audit, assurance and review work.

The new technology provisions highlight the potential risks that new technologies pose for the profession and stress the fundamental principles of confidentiality and professional competence and due care, with supporting application material. They also clarify independence requirements and the circumstances in which firms and network firms may not provide a technology-related non-assurance service to an audit or assurance client.

The changes introduced by IESBA also include revisions relating to international audit independence standards which are set out in Part 4A of the ICAEW Code. These include provisions about the definition of a Public Interest Entity; fees; non-assurance services; and group audits. 

However, professional accountants who undertake audits in accordance with the International Standards on Auditing (ISAs UK) and other public interest assurance engagements in the UK are required to comply with the definition of a Public Interest Entity that is set out in the FRC Glossary, and with the FRC Ethical Standard. In such circumstances, it is important to note there is no requirement for them to comply with Part 4A of the ICAEW Code of Ethics.

Gareth Brett, ICAEW Interim Director of Trust and Ethics, said:

“These updates to our Code of Ethics include significant revisions across several key areas including technology, role and mindset, and professional behaviour. We encourage members to familiarise themselves with these important changes before they take effect at the beginning of July.

"Given IESBA's accelerated pace of standard development, we anticipate more frequent updates to our Code to ensure we maintain alignment while addressing the evolving needs of our profession."

ICAEW’s current code of ethics came into force on 1 January 2020.

Detailed guides to the changes are at: ICAEW Code of Ethics | Ethics | Technical | ICAEW

Registration is open for a webinar on 4 April: ICAEW Code of Ethics update 2025.

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