New ethics code for ICAEW

A new code of ethics for ICAEW PQs and members has come into force in January. The updated code includes additional discussion on conflicts of interest, breaches of the code, inducements, and material for professional accountants in business.

There are also some detailed amendments to the auditors independence provisions of section 290.

Finally, the ICAEW has added new sections on non-compliance with law and regulation (NOCLAR). NOCLAR, in essence, requires an accountant suspecting business-related illegal acts to consider whether it is likely to be inconsequential. If they are then it is an internal matter.