INSTITUTE OF CHARTERED ACCOUNTANTS OF BARBADOS
GUIDANCE DOCUMENT 2020 UPDATE TO AUDIT REPORT INDEX
The guidance documents below are effective for audits of financial statements for periods beginning on or after June 15, 2019.
The new IESBA Code of Ethics became effective 15 June 2019 and was renamed “The International Code of Ethics for Professional Accountants (including International Independence Standards)”. The following changes, applicable for periods commencing on or after 15 June 2019, have been made to the auditor’s report as a result of the forgoing and other changes to the Code
i. Amendments to the Independence section in order reflect the name change:
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the [consolidated] Financial Statements section of our report. We are independent of the [Company/Group] in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA) International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion
ii. Amendments to the Auditor’s Responsibilities for the Audit of the [Consolidated Financial Statements] section for listed entities only. The revised IESBA Code has required a further change when describing communications with Those Charged With Governance relating to independence:
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards actions taken to eliminate threats or safeguards applied.