Revisions to the IESBA code of ethics - part 2

In this lesson

1. 0:00 Ethics code revisions and professional mindset
2. 1:51 Objectivity and professional behaviour principles
3. 3:49 Integrity and inquiring mind requirements
4. 4:23 Understanding cognitive biases and definitions
5. 7:30 Mitigating bias in decision making
6. 8:20 Engagement quality review threats
7. 10:09 Non-assurance services and audit ethics

About this lesson

The revisions emphasise a positive approach to objectivity, strengthen professional behaviour through public interest responsibility, and introduce key concepts like integrity, inquiring mind, and unconscious bias. You'll explore eight types of bias that can affect professional judgement—from anchoring and confirmation bias to groupthink and overconfidence—and discover practical safeguards to mitigate these risks. The lesson concludes with engagement quality review threats and a balanced evaluation of audit firms providing non-assurance services to clients, preparing you for exam scenarios that test your understanding of ethical principles in practice. This 12-minute session is essential for ACCA AA and ICAEW ACA students, as ethical competence is fundamental to audit and assurance work. You'll gain clarity on how the code guides accountants to act in the public interest while managing real-world pressures and cognitive biases. The practical examples and mitigation strategies equip you to apply these principles confidently in case studies and professional situations.

Duration: 12m